CHRO’s innovative management overcome productivity challenges

Vietnam's workforce productivity is still relatively low compared to other countries in the region. According to the World Bank, Vietnam's workforce productivity in 2021 was only about 20% of that of Singapore and 30% of that of Malaysia. This low workforce productivity is a major constraint on Vietnam's economic growth.?

Why? There are 3 main reasons that lead to the productivity challenges and ways to overcome them:

1. HIRING AND RETAINING TALENT IS DIFFICULT

According to the Vietnam's Ministry of workforce, War Invalids and Social Affairs, businesses will increase recruitment needs by more than 40% in the fourth quarter of 2023, based on the gradually improving economic situation. Therefore, employee retention strategy, which is impacted much by employees’ psychological needs will become a new method for Vietnamese businesses.

According to our research results in the second quarter of 2023, to meet the psychological factors of employees, the following factors were chosen by about 25% of enterprise employees: "Opportunity for development", "Value and respect of work" and "The right leadership".

The right leadership leads to the right workforce development!?

Now the second point is, Does your company leaders’ level have a positive effect on employees' performance? What tool are does your team used to measure that?

Here is one tool for you which can help you to assess that, help you to get the industry benchmarks and advices to forward forward. So take the scorecard and get your result after 5 - 7 minutes!?

You can use this for your direct reports or for yourself or even for your whole leadership team as well. Just Answer this accordingly.?

2. UNDEFINED PATHS FOR GROWTH

As the survey results above show, "Opportunity for career development" is very important. However, according to survey results of more than 300 businesses, the number of businesses that do not organize training sessions for executive staff, middle managers, and senior managers is 30% - 30% - 40% respectively. Moreover, the survey results from Humu in 2022 showed that when employees do not have a line of sight to growth opportunities, they’re 7.9x more likely to leave their company.

3. LACKING CONFIDENCE AND SKILL

Gartner’s HR Top Priorities 2023 report explains: “Today’s work environment requires leaders to be more authentic, empathetic and adaptive. These three imperatives represent a new call for leadership - ‘human” leadership." That's why 60% of HR leaders should prioritize leader development to help their managers gain the human leadership competencies they need.

When finding out the aspects that need to be trained, businesses need to survey and understand thoroughly the development needs of employees. According to the research results of VSHR Pro Academy, when more than 50 business employees answered the survey question "Important skills to help businesses improve work efficiency", 43% selected "Ability to develop deep focus" , 29% chose "Ability to build a vision".

Which innovative strategies should CHRO apply for Vietnamese businesses?

• Flexible work arrangements: Remote work and compressed workweeks, which help to improve work-life balance and employee engagement, which can lead to increased productivity.
• Performance management systems: Focusing on results and continuous improvement, which can motivate employees to be more productive and to achieve their goals.
• Compensation and benefits packages: Which are competitive and that reward employees for their performance. Not only help to attract and retain top talent, but also lead to improved productivity.
• Talent management programs: To identify, develop, and promote high-performing employees, which ensure that the organization has the talent it needs to achieve its goals.
• Employee engagement initiatives: Create a more positive and productive work environment. This can include employee recognition programs, social events, and wellness programs.

To build innovative management strategies, and empower companies to become more productive, effective and profitable, VSHR Pro Academy provides the workforce transformation solution for people, expertise and strategy.?

Connect with us! Our HR business consultants will show you the most effective solution!