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Market Bytes - February 26, 2024

Recharging your Employer Brand for 2024

๐Ÿ›œKinetik Hiringย | Market Bytes | Recharging your Employer Brand for 2024 ๐Ÿ›œ

In the aftermath of a challenging 2023, emerging economies in Southeast Asia (SEA) are experiencing a positive shift in job market dynamics, especially in emerging markets such as ๐Ÿ‡ฒ๐Ÿ‡พ Malaysia, with parallels in ๐Ÿ‡น๐Ÿ‡ญ Thailand, ๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia, and ๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia:

Malaysia’s Resilience and Transformation:

Emerging as a ๐ŸŒŸ Center of Excellence, ๐Ÿ‡ฒ๐Ÿ‡พ Malaysia’s focus on niche skills, local talent, and accelerated foreign investment propels it forward, with a robust consistent annual 7% GDP growth.

Thailand’s Remarkable Growth and Regional Dynamics:

๐Ÿ‡น๐Ÿ‡ญ Thailand’s job market grew by 15% in 2023, showcasing resilience. Positive trends in ๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia and ๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia echo regional optimism as hiring initiatives resurface.

Refining Employer Strategies Across SEA:

To navigate this transformation, employers must refocus on employer value propositions, emphasizing company narrative, such as PURPOSE, VISION & VALUES ๐Ÿ‘€

Positive Narratives and Cultural Alignment:

Reconnecting with values and fostering a culture of recognition builds positive narratives and shared excitement among teams. This is likely needed as a counter to some of the more conservative, โ€˜formation holdingโ€™ agendas that got us through 2023! ๐Ÿ“ฃ

Cross-Company Communication Strategies:

Now is the time for SEA businesses to reconnect transparently, aligning purpose and values with teams as the job market undergoes a potential significant shift to growth. This is to ensure risk are managed around potential flight risks and red flags across the business that could lead to retention issues!๐Ÿ“ข

Key message: As ๐Ÿ‡ฒ๐Ÿ‡พ Malaysia and other SEA economies, including ๐Ÿ‡น๐Ÿ‡ญ Thailand’s remarkable 15% job market growth in 2023, enter a more dynamic Q1 2024, businesses prioritizing EVP refinement, positive narratives, and open communication within their existing teams will be the winners. ๐ŸŒˆ