The state of employee engagement in Thailand

Stocks and Financial Services Press Releases Monday February 3, 2020 17:10
Bangkok--3 Feb--Precious Communications
  • Employee engagement in Thailand (72%) is above the global average (53%)
  • Acting on feedback substantially drives employee engagement (85%)
  • Less than one in ten (8%) of Thai workers will change jobs within a year
New research released today by Qualtrics, the creator of the experience management category, revealed the extent to which businesses in Thailand can boost employee engagement by acting on employee feedback.

The Qualtrics study, 2020 employee experience trends: Thailand, reveals that companies in Thailand benefit from the lowest levels of attrition globally. Only 8% of workers in Thailand intend to stay with their current employer for less than a year. The number of employees looking to change jobs doubles (16%) when the period is extended to two years.

Globally, 18% of workers intend to remain with their current employer for less than a year. Other regions that experienced low levels of attrition risk include Japan (11%) and Germany (13%). In contrast, Australia & New Zealand (23%) and the United Kingdom (23%) faced the highest levels of attrition.

When it comes to employee engagement, the average employee engagement score across Thailand is 72%. This is far ahead of the global average of 53%, and second globally, with India scoring higher at 79% and Hong Kong coming behind at 63%.

Employee engagement rises significantly to 85% when employee feedback is well-received and acted on. It falls significantly to 55% when feedback is not acted on.

The frequency at which feedback is collected and acted on also impacts employee engagement. Qualtrics found employee engagement is 79% when feedback is collected and acted on at least quarterly. When the frequency is 1-2 times a year engagement drops slightly to 74%

"Our study shows that asking for employee feedback and the frequency with which organisations ask have a direct impact on employee engagement scores. However, what really moves the needle is whether employees feel the company turns their feedback into tangible actions," said Stephen Choo, EX Senior Solutions Strategist APJ, Qualtrics.

Research from Qualtrics partner Korn Ferry shows highly engaged employees are more likely to exceed performance expectations, and their employers benefit from 2.5 times more revenue growth and 40% less churn.

"The positive impact of high employee engagement cannot be overlooked. Modern employee experience programmes make it easier and faster than ever for businesses to consistently listen and act on employee feedback, ensuring decisions are always made with people in front of mind," added Choo.

The drivers of great employee experience in Thailand

Almost two-thirds (64%) of workers in Thailand believe that it is very important that employers listen to their feedback. Businesses providing a feedback programme achieve an engagement score of 77%, as compared to 55% for those who do not.

Among the top drivers of employee engagement in Thailand are recognition for good work, a clear link between the work and the company's strategic objectives, opportunities for learning and development, managers who help employees with career development and confidence in senior leadership to make the right decisions.

"This latest Qualtrics study outlines key focus areas for businesses to improve their employee experience, and the actions required to provide every employee with a voice, especially during times of transformation. It's critical for businesses to regularly ask feedback, listen, and most importantly act on it," added Choo.

Sustaining employee tenure

Employee engagement tends to increase the longer an employee remains at the company in Thailand, peaking in their fifth year of employment. However, engagement drivers change over time, reflecting the need to continually understand and act on important issues.

The key engagement driver for employees with less than two years tenure is confidence in senior leadership. Engagement for employees with 4+ years of tenure is mostly driven by a link between work and the company's objectives.

"Thailand is evolving into a digital economy while facing and faces the challenge of an ageing population. Employees' expectations are expected to change and businesses must prepare themselves in delivering superior employee experiences. Leaders and managers must invest in their employees' career development, quickly resolve workplace issues and understand what matters most to teams at different stages of the employee lifecycle. This helps companies to retain exceptional talent and reduce employee churn, making it a win-win situation for everyone," said Choo.

Qualtrics EmployeeXM

Qualtrics EmployeeXM, built on the Qualtrics XM Platform, identifies experience gaps across an employee's journey, from recruiting to onboarding to performance management, to drive experience breakthroughs. It enables managers and leaders to understand and improve the experience of their employees so organisations can attract, develop, engage, and retain a world-class workforce.

With Qualtrics EmployeeXM, HR managers and leaders can also analyse their employee engagement results against global, country and industry benchmarks.
About Qualtrics

Qualtrics, the leader in customer experience and creator of the Experience Management (XM) category, is changing the way organisations manage and improve the four core experiences of business––customer, employee, product, and brand. Over 11,000 organisations around the world are using Qualtrics to listen, understand, and take action on experience data (X-data(TM))––the beliefs, emotions, and intentions that tell you why things are happening, and what to do about it. The Qualtrics XM Platform(TM) is a system of action that helps businesses attract customers who stay longer and buy more, engage employees who build a positive culture, develop breakthrough products people love, and build a brand people are passionate about.

Methodology
The study was conducted over a span of 18 days and included 350 respondents, 18 years of age or older, who were currently employed in full or part-time work.

Latest Press Release

PwC named a Leader in the IDC MarketScape for Worldwide Risk Consulting Services

According to client feedback and IDC MarketScape evaluation, PwC is seen to excel at adapting to changing requirements to the risk consulting business model. PwC has been named as a Leader in the IDC MarketScape: Worldwide Risk Consulting Services 2019...

Labuan IBFC's Financial Services Community Band Together to Contribute to the Relief Efforts in Combating COVID-19

Labuan International Business and Financial Centre, Labuan IBFC's financial services and intermediation community have come together to assist local authorities in relief efforts via the pooling of resources. Labuan IBFC's Cross-Industry Group...

TMB has released a support scheme providing liquidity to mutual fund investors with an aim to help customers in every segment from Covid-19 impact

TMB Bank Public Company Limited or TMB announced a liquidity support scheme available to the unit holders of two TMBAM Eastspring’s funds, namely TMB Ultra – Short Bond Fund (TMBUSB) and TMB Aggregate Bond Fund (TMBABF). The aim is to help...

Fitch Rates ICBCTL's Senior Notes 'AAA(tha)'

Bangkok--26 Mar--Fitch Ratings Fitch Ratings (Thailand) has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes a National Long-Term Rating of 'AAA(tha)'. The notes will be issued...

Thai Banking System is ready to provide continuing financial services during the COVID-19 Outbreak.

Pursuant to the Prime Minister's announcement yesterday of the Cabinet's resolution to exercise the Royal Decree regarding Public Administration during Emergencies B.E. 2548 (Royal Decree) to enhance the measures to control the spread of COVID-19...

Related Topics