The latest Randstad Workforce Monitor reveals comparative differences in how employees in Asia Pacific view their working lives. Employees in Asia Pacific countries are more likely to stay with their employer because they feel obligated, respected and needed. Around 21% of Asia Pacific employees said they would put off their retirement if they felt their employer needed them, in comparison to a global figure of 12%.
The region also reflected positive experiences from employees on flexibility in working hours and workplace location; scoring the highest of all geographic regions in this regard.
However, a weakening global economy and higher than expected inflation is having an impact on the employee experience in Asia Pacific. The region scored highest on employees expecting and receiving financial support from their employer to subsidise the cost of energy, travel, and other daily expenses.
The economic outlook has also had a significant impact on the ‘great resignation’, which was strongly influenced by employees taking earlier retirement. Globally, the anticipation of retiring by age 65 has dropped 10% year on year, with around 70% of employees reporting their financial position is now impacting their ability to retire.
Outlook for Employers: The report indicates that employees in Asia Pacific have a strong attachment to their employer when they feel valued for their contribution; indeed, employees in Asia Pacific express a greater need for purposeful work in their lives. This is particularly so for younger employees, who seek out employers who align with their values. This is an important regional difference for companies tailoring their Total Value Proposition for the global employee population. The full report is available for download.
Published on: February 8, 2023
Authors: Michelle Swinden
Topics: China, Japan & Asia-Pacific, India
Executive Director, Asia-Pacific, HR Policy GlobalContact Michelle Swinden LinkedIn