104MarketplaceLogo
Log in
TOP
Labor Laws and Regulations
Recruitment and Selection
Digital HR
Employer Branding
Compensation Management
Performance Management
Training and Development
In-Depth Insights
Watch Videos
Find Events
fb
link
line
【HR Q&A】Constantly losing talent to large companies—how can small companies retain their employees?
2022-08-11 932 views
Content source: 《When You Can’t Find People, Retaining Them Matters Even More》 event. Speaker: Dr. Lin Juan, HR expert/consultant/lecturer specializing in cross-strait relations. Compiled by: 104 HR Marketplace
Q: The company is small and has relatively few resources. Whether in terms of talent appeal or compensation, it cannot compete with large companies. Even employees who have been painstakingly trained and become proficient are attracted or poached by large companies, resulting in talent loss.
Faced with the difficulties of small and medium-sized enterprises, what can they do to retain talent?
Lin Juan:
Most companies in Taiwan are small and medium-sized enterprises. Some SME owners or HR professionals believe that, compared with large companies, they lack name recognition, offer lower salaries, and do not have attractive job opportunities. Therefore, retaining talent is also very difficult.
I believe the key is still to understand what employees need most from the company.
Some people choose SMEs because of their emotional culture. They feel that the boss is “very good to us,” “treats us like family,” and is even “very close to us.” In contrast, because large companies are bigger, their management relies on systems and they are less likely to place particular emphasis on personal relationships.
Supporting New Employees
Emotional bonds alone are not enough. SMEs can also consider whether profit sharing could improve their talent retention rate.
For example, there is a very famous steakhouse in Taichung whose owner sets aside 50% of the gross profit and distributes it proportionally among the manager, head chef, front- and back-of-house staff, and others. This makes employees feel that although it is only a small company, they can earn more working here than elsewhere and have greater room for salary growth.
In terms of external equity, other businesses in the same industry may not be able to offer salaries at the same level as this steakhouse. The owner is willing to share profits, allowing employees to see themselves as owners and to work for themselves.
104MarketplaceLogo
Log in
TOP
Labor Laws and Regulations
Recruitment and Selection
Digital HR
Employer Branding
Compensation Management
Performance Management
Training and Development
In-Depth Insights
Watch Videos
Find Events
fb
link
line
【HR Q&A】Constantly losing talent to large companies—how can small companies retain their employees?
2022-08-11 932 views
Content source: 《When You Can’t Find People, Retaining Them Matters Even More》 event. Speaker: Dr. Lin Juan, HR expert/consultant/lecturer specializing in cross-strait relations. Compiled by: 104 HR Marketplace
Q: The company is small and has relatively few resources. Whether in terms of talent appeal or compensation, it cannot compete with large companies. Even employees who have been painstakingly trained and become proficient are attracted or poached by large companies, resulting in talent loss.
Faced with the difficulties of small and medium-sized enterprises, what can they do to retain talent?
Lin Juan:
Most companies in Taiwan are small and medium-sized enterprises. Some SME owners or HR professionals believe that, compared with large companies, they lack name recognition, offer lower salaries, and do not have attractive job opportunities. Therefore, retaining talent is also very difficult.
I believe the key is still to understand what employees need most from the company.
Some people choose SMEs because of their emotional culture. They feel that the boss is “very good to us,” “treats us like family,” and is even “very close to us.” In contrast, because large companies are bigger, their management relies on systems and they are less likely to place particular emphasis on personal relationships.
Supporting New Employees
Emotional bonds alone are not enough. SMEs can also consider whether profit sharing could improve their talent retention rate.
For example, there is a very famous steakhouse in Taichung whose owner sets aside 50% of the gross profit and distributes it proportionally among the manager, head chef, front- and back-of-house staff, and others. This makes employees feel that although it is only a small company, they can earn more working here than elsewhere and have greater room for salary growth.
In terms of external equity, other businesses in the same industry may not be able to offer salaries at the same level as this steakhouse. The owner is willing to share profits, allowing employees to see themselves as owners and to work for themselves.