In 2021, a new variant of COVID-19 emerged just as the world was trying to adapt to the changes implemented in 2020. In Vietnam, companies and businesses had to downsize and allow their employees to work from home.
Moving to 2022, business and recruitment are ramping up again, but everything hardly stays the same. And this research aims to inform Vietnamese business owners and leaders of the changes in our labor market demand.
The research also covers a wide range of trends asides from what job candidates are looking for, from the job switching intention to the introduction of hybrid workplaces.
A shift in labor market demand – Top 4 factors
Since the situation has changed in 2022, it’s not surprising that the results of the 2021 research are different from that of 2022. In 2021, what employees wanted from their employers was job security, employee brand, and work-life balance - which could be a result of weariness caused by the raging pandemic.
But in 2022, the top needs were Work-life balance, Benefits package, Job security, and Company culture, correspondingly. As a hiring manager, it's important to improve these four factors to successfully attract top talents for your team, also to retain current ones.
Balance work & life with adequate OT compensation
Work-life balance has become a trend nowadays, as most Vietnamese candidates don’t want a life-disrupting job and 95% of them are concerned more about personal health after the pandemic.
If they end up working overtime, 7 out of 10 employees in Vietnamese won't mind as long as they get adequately compensated. It's essential to promote the importance of getting the job done and note the benefits for those who work overtime.
...But still, it is in their best interest not to OT so frequently.
Additionally, 60% of participants see flexible work hours as a part of work-life balance. Therefore, young businesses should move away from the traditional 9-to-5 time-sheet unless their nature of work required it.
Impress candidates with a hefty benefits package
One of the best parts of having a full-time job is a benefits package, and in 2022, this is one of the top factors that employees want from employers in Vietnam. Most people, about 69% of responders, are looking out for a year-end bonus or 13th-month salary from their company.
After this, it's unsurprising that having a health insurance package is also needed, as 60% of participants stated this as part of their preferred benefits. Other benefits that businesses should include in their employee package according to 51% and 53% of responders include flexible working time and extra paid leave, respectively.
At the same time, not many employees are interested in having company events, trips, team-building events, and weekly parties in the office. So, job postings or investments in HR should focus more on the abundant health and salary bonuses employees can benefit from if they get the job at your company.
Ensure candidates of job security
During the COVID-19 pandemic, the job security of many office workers was threatened and Vietnamese employees have learned from this ordeal, as another top factor affecting labor demand is the search for job security.
Thus, companies should continually ensure their prospective and applied candidates of job security during the recruitment process, so they know their job is always safe in case of an international or national crisis. The best way for candidates to know about a company's job security level is its length of existence and financial stability (82%).
In comparison with the 2021’s report, job security move down from the 1st priority to the 3rd position, which signifies the reduction in fears of job loss. However, there was a 10% increase in the need for a company to offer a high retention rate, full-time position, and indefinite-term labor contract.
The job market is becoming more competitive regardless of the changes brought by COVID-19. If a company wants to attract suitable candidates, it becomes essential to know what they are looking for. Companies in Vietnam can use this research as an indispensable lesson for customizing their recruitment, onboarding process, and their employees’ work lives.
This article is a part of our research with YouGov Vietnam, What Vietnamese candidates want in 2022, which you can download in full below.