RP has 2nd-highest employee turnover rate in Asia-Pacific - study
http://www.gmanews.tv/story/85275/RP...acific---study

The Philippines has the second-highest employee turnover rate in the Asia-Pacific Region, a study by global consulting firm Watson Wyatt Worldwide showed.

James Matti, Watson Wyatt Philippines Inc. managing consultant, said with the average of 11 percent turnover, Philippines was second to India in the region in the highest number of employees leaving a company.

The WorkAsia research, which was conducted in 2007, has a margin error of 1.2 percent and that results were used to generalize the Asia workforce. The study polled more than 6,500 full-time employees covering all major employment sectors in Australia, China, Hong Kong, India, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand.

The high turnover rate was highlighted by more Filipinos seeking employment abroad and better standards of living.

“Employers in the Philippines are facing a real war for talents and are keen to offer cost-effective benefits that employees really value," said Andrew Heard, Watson Wyatt benefits regional practice director.

In the Philippines, Filipino employees give their employers low scores in compensation and benefits, communication, and strategic direction and leadership.

“A 21 year-old employee would be more interested in owning a new laptop or a new cellphone than hospitalization benefits, “ Matti said.

“These results should concern employers in Philippines because two of the three -strategic direction and leadership and compensation and benefits- are also key drivers of engagement. Filipinos value information and two-way dialogues. Their employers, unfortunately, have to do better not only disseminating information but also in educating and engaging workforce in meaningful discussions about their concerns," the study said.

Participants were employed at organizations with at least 250 employees. One quarter of employees work at organizations with annual revenues of less than $25 million, 17 percent at organizations with revenues between $100 million to $500 million and 38 percent at organizations with revenues exceeding $500 million.

In the Philippines 4,200 respondents employed in 44 companies were polled.