This article is a good reminder for corporations sending their employees abroad, that competition for talent remains high. Employees who are on assignment in their new location are contributing to the wider pool of talent available in that region.
The employee may not initially be looking for a new opportunity, however with the competition for talent, organisations will need to ensure that they are supporting their employee’s needs in their new location and ensuring that their concerns are being addressed.
Relocating an employee to a new location comes with a large expense for the business. In addition to the expense of relocating, it also comes with risk. Businesses need to continue supporting employees on assignment so that they're not tempted to leave for another organisation considering the tight talent market.
For small and midsize businesses in Asia, this war for talent is quite challenging. On one end of the field, they are fighting deep-pocketed enterprises operating with vast recruiting networks and offering top salaries and benefits. And on the other side, exciting startups are waving their battle flag of enticing lucrative stock options and cutting-edge work. Small and medium businesses generate immense economic growth and innovation in the Asia-Pacific Economic Cooperation (APEC) region. In fact, they account for approximately 97% of all companies in this area, employing over half of today’s workforce and contributing 20%–50% of their national GDP. But despite exhibiting such economic power, they struggle with providing job stability, mature processes, and desired remuneration to potential candidates.