By Xieli Lee, Singapore
Published 7 October 2008 in marketing-interactive.com
Singapore - CPF Board might sound like a stuffy and boring workplace to some, yet it has one of the highest retention and job satisfaction rates among companies here.
Before a change in organisational culture, the Central Provident Fund Board had an overall attrition rate of 16% and a staggering attrition rate of 12.5% for middle management and high-potential staff. However, a successful turnaround was complete after the organisation acted on feedback taken from an internal employee survey. Currently, general attrition rates are at 10% and key employees who chose to move on are at a low 3.7%.
Published 7 October 2008 in marketing-interactive.com
Singapore - CPF Board might sound like a stuffy and boring workplace to some, yet it has one of the highest retention and job satisfaction rates among companies here.Before a change in organisational culture, the Central Provident Fund Board had an overall attrition rate of 16% and a staggering attrition rate of 12.5% for middle management and high-potential staff. However, a successful turnaround was complete after the organisation acted on feedback taken from an internal employee survey. Currently, general attrition rates are at 10% and key employees who chose to move on are at a low 3.7%.
Assistant CEO of the Policy & Strategic Resources Group, Don Yeo, attributes the high retention rates to simply listening to employees' needs clearly and providing transparency in all internal communications. He personally recommends holding regular face-to-face meetings with employees, instead of sending memos through the intranet. "I've put in the effort of doing the briefing myself and answering directly questions from people seeking clarifications."
Uncompetitive salary packages, previously a source of discontentment for employees, were also improved gradually while flexibility was introduced in its enhanced benefit scheme. Employees can now claim up to $400 for medical insurance, work-life, health and personal development programmes, on top of holiday expenses. However, Yeo stresses, "While pay is definitely an important factor, we shouldn't over-focus on it. We don't set out to compete with other employers for good people based solely on pay."
Other retention factors include implementing dress down Fridays and using informal communication tools such as podcasts and vodcasts on its intranet to promote employee involvement of all ages. Yeo says, "The staff feel they've been listened to and we're now a competitive employer."
With the anticipation of more Gen-Ys entering the organisation, Yeo acknowledges that the traditionally conservative corporate environment would have to evolve as the profile of the staff changes. "In the public sector, things tend to be more hierarchical; people do what they're told. I think that's something that will not quite sit well with the newer entrants in the workforce. We need to be more open, more receptive to ideas and promote a lot more employee involvement," he concludes.
