Employee-centric strategies that make the Philippines the leading and most trusted employers

The success of companies is now measured not only by financial performance, but also by reputation as an employer. Leading organizations differentiate themselves by excelling in their industries, while prioritizing employee well-being and fostering a culture of trust and support.

The focus on being a trusted employer has become a crucial factor in attracting and retaining top talent, driving innovation and ultimately ensuring long-term and sustainable success. As companies and employees adapt to these changes, several key trends are emerging that are redefining the way work is conceptualized, structured and experienced.

As shown by Statista Philippines’ Best Employers 2024 rankings, the country’s top companies have successfully implemented strategies to attract and retain employees. These companies have demonstrated their commitment to creating a positive work environment, fostering employee growth and building a strong company culture.

Importance of work life balance

Achieving a harmonious work-life balance is crucial to maintaining employee well-being and productivity in today’s work culture. It has a significant impact on mental and physical health, job satisfaction and overall quality of life across industries.

The McKinsey & Company report highlights that work-life balance and compensation are key factors influencing the employee experience. Executives prioritize caring leaders, meaningful work and a safe work environment, emphasizing the importance of a holistic approach to employee satisfaction.

Top employers in the Philippines recognize the importance of work-life balance and implement policies and initiatives that support the well-being of their employees. Companies like Google, Unilever and Microsoft have implemented flexible work arrangements, generous leave policies and wellbeing programs to support the physical and mental health of their employees.

Deloitte’s Gen Z and Millennial Survey also highlights that maintaining a positive work-life balance is a top consideration when choosing an employer for these generations. The research shows that flexible work options, such as part-time jobs and job sharing, are highly valued by younger workers. It also addresses the impact of work-life balance on employees’ mental health and stress levels.

A path to career growth

According to employee platform Zavvy, replacing a trained employee can cost up to 200% of their annual salary, highlighting the need for ongoing training and development to retain valuable talent. Offering e-learning training options can increase retention rates by 60% because employees value the flexibility and autonomy to learn at their own pace.

However, 59% of employees claim to be self-taught, highlighting a lack of formal training in many organizations. Only about a third of employees are satisfied with their job-specific training, and one in three employees believe their company’s training processes are outdated.

Millennials, who now make up the majority of the active workforce, are eager for leadership training, with 60% of millennials surveyed expressing a desire for such opportunities. According to the Global Leadership Forecast, effective leadership development programs as an inclusive approach to career development are 4.2 times more likely to outperform restrictive practices.

Despite this, less than 5% of companies implement leadership development universally, which presents a significant opportunity for improvement. The University of Phoenix Career Optimism Report highlights a major concern about the lack of optimism about career advancement opportunities. According to the findings, 29% of employees indicate that they do not have access to further training or training.

To address low employee engagement scores and growing disengagement, organizations must prioritize scalable and actionable employee development strategies, according to McKinsey. This includes having regular career development conversations, developing a short-term action plan and ensuring transparent interactions.

Additionally, redefining career development to emphasize growth within current roles, rather than solely on promotions, can also help broaden development opportunities and meet employee aspirations.

Redefine experience of employees

Strong corporate culture and values ​​are usually associated with significant benefits for companies. Companies that prioritize these aspects often have a competitive advantage, not only in terms of market performance, but also in employee satisfaction, retention and overall workplace harmony.

When employees feel connected to their company’s values ​​and culture, they are more engaged and motivated to perform at their best. Engagement drives productivity because employees are more likely to go the extra mile in their roles, leading to higher efficiency and innovation.

According to data from Workhuman iQ, the higher an employee rates their company culture, the less likely they are to leave the organization. When organizations implement company policies that improve an employee’s experience, employees feel safe and supported in their roles. This highlights the widespread recognition among employees of the critical role that corporate culture plays in organizational performance.

Respect, honesty, trust, integrity and teamwork are the most important characteristics of a strong corporate culture, according to a study by employee app Speakap. Sharing the mission, vision and values ​​of the organization has the greatest impact on employee alignment with the company culture. In addition, the ongoing guidance and support ensures that employees feel more connected to the company.

According to the latest Philippine Best Employers, the Bureau of Fire Protection (BFP), the Supreme Court and Maersk have built a culture that prioritizes teamwork, collaboration and a sense of purpose. These companies create a sense of belonging and a shared mission that drives employee satisfaction and retention.

Additionally, companies known for their strong culture and values ​​attract top talent. Potential employees are often attracted to organizations where they believe they will fit in and thrive. Additionally, a positive culture reduces employee turnover because employees are more likely to stay with a company where they feel valued and understood. This stability is beneficial for maintaining institutional knowledge and continuity within the organization.

In contrast, toxic workplace behavior is the biggest predictor of burnout symptoms and employees’ intent to leave, according to McKinsey. More than 60% of negative workplace outcomes are due to toxic workplace behavior.

According to a separate survey by the aforementioned professional services firm, nearly two-thirds of employees said the COVID-19 pandemic prompted them to think about their life’s purpose, prioritize what matters most to them, and reflect about what is worth prioritizing. While work plays an important role in people’s lives, today’s workers are no longer willing to hold unfulfilling jobs or work for employers who do not treat employees, people or the planet well. — Micole A. Moraal