It doesn't matter how great your product is if staff retention and the resultant loss of know-how is a challenge. Because of this, some of the biggest names in business are tackling the threat posed by staff on the move by taking a bold and creative approach to how they engage all their employees.
According to Shu Khoo, the regional manager for human resources at AXA Asia Life, high staff turnover is a challenge being faced by every industry in every sector.
'Asia has been enjoying very strong growth in the past few years and, as companies grow and expand, it's no surprise the demand for talent is so pressing and the competition for talented staff so keen,' Ms Khoo said. 'Talent retention is a continuing challenge that is not unique to the financial [sector] nor to our company.'
The focus at AXA is to engage each employee and enhance their sense of belonging and pride in the company. It achieves this by offering employees the unique AXA Employee Value Proposition, which comprises the key elements of empowerment, reward and recognition, learning and development, and respect and values.
'Each year we conduct a global employee engagement survey called Scope, during which employees provide their feedback,' Ms Khoo explained. After reviewing the results to identify the core issues related to employees' motivation and concerns, AXA sets up rigorous plans that involve employees - and then implements them.
This scheme pays back, according to Ms Khoo, in that a highly engaged employee goes the extra mile for AXA's customers, which in turn is good for the firm's business and good for its employees.