The Mid-year Talent Trend Report 2023 By Talentnet Corporation
The report shared a variety of impressive data about the recruitment trend, talent retention strategies, and allocation of human resources budgets of business in Vietnam in the first half of 2023.
The prolonged wave of mass layoffs has caused a significant shortage of high-quality labor. To provide readers with insights into how businesses have been dealing with the mentioned trend, Talentnet has conducted the Mid-year talent trend report based on the 2023 Asia Pacific Market Pulse Survey – Vietnam market of Talentnet – Mercer. The survey encompassed the participation of 143 diverse organizations across various sectors in March 2023.
Recruitment trends
83% of organizations faced challenges in recruiting professional level, 18% at the executive levels and 60% at the management levels.
The primary factor contributing to recruitment challenges is the evolving skill requirements set forth by organizations. 74% of companies said they were unable to find people with the right skills at the right price. While 64% of organizations find it difficult to hire due to the lack of qualified employees' availability.
According to Talentnet’s experts, the following industries might have great recruitment potential:
The loss in purchasing power in some industries, including Logistics, Technology, and Manufacturing, as a result of global macroeconomic swings, has increased the hiring need for sales people who can assist these companies in finding new clients.
Rewards trends
66% of organizations are currently implementing sign-on bonuses as a part of their benefit package to attract talent.
Accordingly, executives receive substantial sign-on bonuses, with an average of up to VND 500 million, though it could go up to VND 900 million. The median amount of sign-on bonus managers can get is around VND 200 million while specialists can get VND 80 million.
The report also states that, due to a scarcity of talent and intense competition, businesses are willing to offer such generous bonuses, such as the retention bonus which 47% of organizations are applying for.
Brain drains’ issue
The report referred to a “brain drain” suffered by businesses, with 89% of organizations reporting loss of employees to rival organizations. Main reasons are the lack of growth opportunities and clear career path and non-competitive salary structures.
The report also provides valuable information on HR budget allocation and the hybrid working model. Check out our Mid-year Talent Trends Report 2023 for the full data.
Source: Vietnam News