Economic Development

The great resignation in Asia-Pacific: is data the answer for companies?

September 05, 2022

Global

The great resignation in Asia-Pacific: is data the answer for companies?

September 05, 2022

Global
Charles Ross

Asia editorial director

Charles Ross is Principal of Policy and Insights in Asia-Pacific and leads the region's technology and society practice. Prior to this role, he was editorial director for The Economist Intelligence Unit overseeing all thought leadership research in Asia. Charles combines a deep understanding of how technology trends are reshaping business and society with excellent research and editorial skills, to create impactful and award-winning research programmes for clients. Charles is currently based in Australia and has led many projects analysing the implications for business of new technology trends such as blockchain, fintech, smart cities, cloud computing, sustainability and the internet of things, for Google, Stripe, SAP, Telstra, Microsoft, Prudential, Westpac and the Singapore government. He is a contributing industry expert to the UN Science Policy and Business Forum on the Environment and a frequent speaker at finance and technology events across the region. Charles holds a master of business administration, focusing on strategy and organisational change, from the University of Oxford and a certificate in public policy analysis from the London School of Economics and Political Science.

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Debates surrounding the future of work must factor in the ongoing "Great Resignation"—or "Great Realignment" as it's coming to be known. Mindsets around work are shifting in Asia-Pacific, and companies are reassessing how they approach the issues of talent attraction and retention when they consider the Future of Work.

Economist Impact found in a recent programme sponsored by , the push to remote and hybrid work models has led employees to re-evaluate their lives and jobs, prioritising what is most important to them. It has resulted in the balance of choice shifting in favour of employees, as they feel empowered to ask about—and demand—the kind of flexibility they want.

Companies recognise this, and acknowledge that the use of data is important in understanding employees’ aspirations and preferences. Businesses in the region are using analytical methods to attract, hire and retain talent. They’re taking a data-driven approach to empower their employees with the precise information needed to make strategic shifts in their hiring processes and employee-engagement programmes. For instance, data can be used to analyse the likelihood of employees recommending their firm to new hires, or to track employee sentiment over time. By creating a constant flow of data, companies can take tangible steps that directly address existing cultural and performance issues rather than past ones. 

The proliferation of hybrid work models makes this essential. Indeed, recent research from Economist Impact and shows that 58% of knowledge workers in Asia-Pacific say their companies need to improve performance evaluation approaches to implement a sustainable hybrid work model. This points to a blurring of the lines between employee satisfaction, employee retention and evolving work models. 

The pandemic has changed the way organisations are looking at the nature of work and what it takes to attract and retain talent. Some form of flexible work is here to stay, and aided by data-driven insights organisations continue to find new ways of work that provide them with solutions that are flexible, collaborative, and productive and secure. But in the end, to retain the best talent, firms need to create a place where people want to do great work, feel they can be themselves, and be rewarded or recognised for that.

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