This article is a part of our research with YouGov Vietnam, What the Vietnamese workforce wants on their employee journey, which you can download in full here:
COVID-19 has led to many upheavals in various business processes in Vietnam. In fact, many businesses have only just begun recovery following the disruption caused by the pandemic and the accompanying restrictive legislation.
Though many leaders have focused on enhancing business processes, the emphasis should really be on the people who will handle the operations. And like every other aspect, even the needs of the workforce are changing.
Employees are the pillars of successful businesses. Therefore, employers must strive to optimize the employee journey and experience for more effectiveness and productivity.
Candidates prioritize job security over financial benefits
Job seekers are now most motivated by the guarantee of keeping their job with limited risk of losing it. This goes hand in hand with the offer of valuable benefits and perks on the job. Other factors such as flexible time, employer brand, company culture, etc. come way behind.
The business shocks of COVID-19 forced many businesses to lay off workers and/or reduce worker benefits in order to survive. Going forward, job seekers will increasingly assess the response of employers to the crisis and whether they prioritized employee wellbeing and welfare in their handling of the crisis.
Frequent layoffs, at the least, are a sign of poor change-response structure. In essence, it negatively affects the public perception of the brand and people’s willingness to work with the company.
Weak leadership makes employees lose their morale
Apparently, nothing demotivates employees like weak leadership and poor compensation do. However, employees could be demotivated by personal reasons too, such as an unclear career path.
Many of the other problems that lower the motivation of employees are tied to weak leadership actually, including frequent team conflicts and unstable company culture.
Key takeaways for employers in Vietnam
- Certain layoffs are inevitable. When you have to let go of an employee, you must pay attention to the communication of such decisions, the provision of severance packages, and the strategy (choosing whom to lay off/retain). Establishing an offboarding checklist is a good way to make this process easy and compassionate.
- Provide job advancement opportunities that align with company goals. This includes sponsoring training for employees to improve their skills and adapt to the rapidly changing digital world.
- Regularly recognize (and compensate) outstanding employees. When employees feel that their work is valued and appreciated, they won’t feel worried about possibly losing their jobs.
- Ensure continuous communication between employees and the leadership. Make employees feel valued by involving them in the core decision-making processes of the organization. Being transparent about the company’s issues goes a long way.
This article is a part of our research with YouGov Vietnam, What the Vietnamese workforce wants on their employee journey, which you can download in full here.