Sparked by the global pandemic, the Great Resignation has been happening in Vietnam for the past two years and will only intensify in 2022.
There has been a wave of resignations in Vietnam with almost half (42%) of employees who have been at their current jobs for not more than two years and a significant 79% of employees looking for new career prospects over the next six months.
Professional recruitment services firm, Michael Page Vietnam, launched the ‘Talent Trends 2022 Report’, titled ‘The Great X’, earlier this year. It features insights and market sentiment on prominent employment topics.
While salaries, bonuses, and rewards are still top motivators for candidates, the survey shows a big swing towards non-monetary benefits. A significant 68% of respondents in Vietnam are willing to forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.
Mark Donnelly, Country Head of Michael Page Vietnam, says, “Investing in employees is a key retention strategy. Adopting technology means employees need to fill in skills gaps. And with small talent pools in a highly competitive environment, upskilling and reskilling the employees you already know is critical. Those who are ill-equipped may feel unmotivated and could consider leaving the company.”
As economies improve, these trends are likely to continue:
- We cannot underestimate the psychological effect that merging “work” and “personal” life has had over the past two years. 66% of respondents want a hybrid work arrangement between working from home and the office.
- 68% of Vietnamese will consider asking about a company’s DE&I policy at interviews and 32% say the lack of clear DE&I commitment would stop them from actively pursuing a job opportunity.
- The pandemic has shifted priorities, with 68% of candidates value well-being over money. Companies must create positive workplace cultures in which employees at all levels feel appreciated, or risk losing high performing talent to their competitors.
- A significant number of employees do not feel supported by their employers. 50% of respondents say that their workload has increased compared to before COVID-19. 85% believe that their company does not take active steps to ensure work-life balance. Companies need to change things and help employees work more efficiently.