The advice you need to hear to keep your best people — Leonard Canitrot of Lincoln Group shares his best tips in this exclusive interview
The advice you need to hear to keep your best people — Leonard Canitrot of Lincoln Group shares his best tips in this exclusive interview
EDB: Let’s talk about recruitment. As a new-to-market firm looking to establish their business in this part of the world, what should companies be aware of?
Leonard: For foreign companies, you need to remember that your company’s brand awareness is obviously not the same as in your own country.
If you are in B2C sectors such as travel and FMCG, you may benefit from some form of brand recognition. Those in the B2B line however, may be at a disadvantage if you do not have an inspiring enough description of your business.
Do not be alarmed – or offended – if candidates do not have prior knowledge of your company. Employer branding might help, as well as working with Talent agents who can leverage the trust they’ve built with local talent communities.
Companies will also need to be really clear in job descriptions and what they expect from candidates, from experience, technical skills, to soft skills. Lack of alignment between stakeholders and unclear expectations on technical requirements often create unnecessary confusion for candidates – an impression that one should avoid giving in a competitive and fluid job market.
Speaking of competitiveness, do not underestimate the importance of being fast – speed is of the essence when it comes to hiring.
In industries like tech where talent is highly sought after yet far and few between, it should hardly come as a surprise that your choice candidate may be involved in several recruitment processes concurrent to yours.
Your best candidate is unlikely to wait around for your offer if there are others lined up. Some of the best-in-class multinationals are able to give an offer a couple of days after the last interview. You must be able to move fast to compete and attract the best people.
Also, companies which are hiring foreign talent to kick-start their activities in Southeast Asia should be aware of the lead time needed for visa processing and company registration, so as to avoid overpromising your candidate and raising expectations.
EDB: You’ve been operating in Singapore for four years and must have helped your fair share of companies in staffing. What makes Southeast Asia and Singapore unique, and its implications on recruitment?
Leonard: International – more especially non-Asian – firms have to adapt and overcome challenges related to intercultural differences, especially when it comes to interviewing candidates from different parts of the world.
In Asia, people may express themselves quite differently from candidates in the Western part of the world. One of my clients, for instance, a Group Human Resources Director based in Europe, was always bothered by the lack of emotional response displayed by the candidates that he interviewed, which he interpreted as a lack of interest for the position. Which was absolutely wrong – most of them were very good and interested in the role! It is just that for many Asian candidates, being professional usually means a more neutral way of expression.
In Singapore, competition is stiff. All of the best international companies are in Singapore: 46% of the top 100 global companies have set up their regional headquarters in Singapore.
However, this strong vibrancy also results in intense competition for talent. The job market in Singapore is highly fluid – 34% of employees here are considering leaving their current company in less than a year, which is much higher than global average.
In tech specifically, young tech talent often feel that they are becoming outdated if they do not start to look for new opportunities after one year in the same role. And this is a possibility that comes from being highly qualified, which many of them are.
According to a human capital report by Mercer and the World Economic Forum, more than 54% of the population is highly skilled, making it the highest proportion in Asia Pacific. Hence, it’s very easy for these talents to move from one job to another if they are not perfectly happy with the current one.
To me, Singapore’s greatest value is that its work culture is rather unique with its blend of Eastern and Western influences. This makes Singapore a safe gateway for companies to test their human resource practices before venturing further into the region.
EDB: Talent retention is a key area of concern for many businesses. How can employers take steps to prevent their best people from leaving?
Leonard: It starts from the beginning: managers and firms should invest in onboarding – define a path for your new hire, even before he/she reports to work. Their needs are not always the same. Active listening, empathy, and creating a safe zone will be key in order to get the signals and make sure you do not miss anything.
In Asia especially when candidates may not be as outspoken about unhappiness compared to their Western counterparts, always be on the lookout for subtle signs: leaving for higher salary is often a reason but not the main one, or at least the only one. Managers must be very empathetic and work on career path for all teammates.
If your employee is suddenly requesting for “performance chats” or feedback, do take heed: it may be a cry for help, and/or disguised as a platform to hint at dissatisfaction with the status quo and changes expected, be it in terms of compensation, job scope, recognition, etc.
EDB: Is it always about the money though? Are there other ways to keep them engaged?
Leonard: Companies with a smaller footprint in Singapore or another Southeast Asian country will have to find other means to motivate staff, such as developing overseas career pathways, due to the perceived “glass ceiling” or limited career mobility. Transparency and genuine interest in their career developments is key to fostering a sense of belonging.
If you are a startup founder, do not forget that your company is not your employees’ one. You should not expect the same level of motivation from them if you do not put in place the right incentives.
While monetary reward is one strategy, other forms of empowerment, such as new product ownership or new markets development can be also very appealing for energetic and high potential talents.
And in view with evolution perspectives, take the notion of “meaning” seriously. The relationship between your people and the firm has to be a win-win. Not only do your business benefit from your employees’ hard work, they too, will need to feel valued, and that their well-being and career development are duly considered.
Every year spent with your firm should be a step up in their resume and that it’s worth staying for learning. This is another key retention strategy for startups which may not be able to match salaries from MNCs, and especially true for tech talent, where learning opportunities and purpose rank high among their motivations.
To find out more about Singapore’s talent landscape and how to meet your hiring needs, download our Guide to Hiring Your Dream Tech Team in Singapore.
And while you are at it, why not check out our guide on Singapore’s Tech Ecosystem?