Singapore, 7 September 2015 – –The most recent research conducted in Singapore and Asia by Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON) reveals that Singapore CEOs continue to identify people issues as the most critical “business” challenge for their organisations.

As part of the Aon Hewitt Best Employers 2015 programme, the consulting firm interviewed more than 400 CEOs in Asia to understand key talent issues that are posing a risk to their organisations’ ability to succeed and how they intend to mitigate them. Consistent with the rest of Asia, Singapore organisations identified shortage in critical skills and rising salaries as the top people issues.  

In the midst of the on-going talent war Best Employers, as identified in Aon Hewitt’s study, are able to outperform the market by achieving 29 percent higher income than market average, enjoy a 25 percent lower attrition rate and have filled 42 percent more job openings internally compared to market average. The “formula” for a Best Employer is dependent on its ability to generate high scores in employee engagement, a compelling employer brand, effective leadership and a high performance culture measured through 3 data sources: an employee opinion survey, evaluation of the company’s people practices and a CEO interview. In comparison to Best Employers, Singapore organisations are struggling to cover the distance between rhetoric and reality in these areas.

The gap between Rhetoric and Reality in Singapore organisations is manifested in all 4 pillars of the Best Employers study:

- High Employee Engagement: Career opportunities is the top driver of engagement across all generations.  But only 54% of employees think they have good career  opportunities at their organisations
- Compelling Employer Brand: 65% of organisations said they have a clearly defined employer brand.  But only 15% have complete alignment between the CEO and HR definition of their employer brand
- Effective Leadership: Leaders say “our employees are our greatest assets” .  But only 58%of employees believe their leaders treat them as their most valued asset
- High Performance Culture: 71% of CEOs say people managers have tools and resources to manage.  But only 55% of people managers feel they are fully productive.

Examining the best and most innovative talent management practices of Best Employers provides key learnings for business leaders in Singapore today.

Best Employers display the following behaviors and practices:

- Tailor talent management practices to engage specific employee groups
- Put emphasis on total rewards, transparently linked to performance systems, to drive a high performance culture
- Meet talent supply with early identification of high potentials as well as people management and capability development programs
- Recognise high performers in relevant and memorable ways
- Understand that mature people practices improve employee perception and enable better delivery on the ground
- Define and deliver a unique and compelling Employee Value Proposition that is clearly delivering on its values and promise.

Details of the gaps in talent practices in regards to market best practices and employees’ expectations are outlined in the recently published Aon Hewitt Best Employers – Singapore 2015 Country Report. The full report is first available to Best Employers programme participants as part of the programme’s exclusive benefits and deliverables before being released more widely.

“For organisations that don’t make it to the Best Employers list, but are aspiring to become Best Employers, we want to reinforce that this is a journey. Becoming a Best Employer doesn’t happen overnight, said Gitansh Malik, Regional Manager, Best Employers Asia with Aon Hewitt. “It is possible for everyone to become a Best Employer, if you have articulated the destination you want to head to and have planned your journey wisely.”

The Aon Hewitt Best Employers Asia 2016 Study, is open for registration, please visit http://www.bestemployersasia.com  

About Aon Best Employers Asia Pacific 
Aon Hewitt’s 15 years of Best Employers research in Asia Pacific, incorporating insights from over 4,500 registered organisations, supports the striking evidence that a committed and productive workforce delivers stronger business results. Our research shows that Best Employers sustainably demonstrate a high level of Employee Engagement, a compelling Employer Brand, Effective Leadership and a High Performance Culture. For more information, please visit http://bestemployersasia.com/

About Aon
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 69,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further infor­mation on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.

ENDS

Media Contacts:
Elisa Bakri, Singapore, Tel: +65.6239.7540, Email: elisa.bakri@aonhewitt.com
Romy Serfaty, Asia, Tel: +852.2917.7952, Email: romy.serfaty@aonhewitt.com

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