However, there is room for Singapore companies to improve their employee recognition and development according to Kincentric research
SINGAPORE, May 2, 2023 /PRNewswire/ -- An outperformance in all four critical pillars has led global HR advisory firm Kincentric to recognise DBS Bank Ltd (DBS) as a Best Employer in Singapore for the year 2022 – the seventh time it has received this award. Kincentric is also recognising employers including Singtel and Great Eastern in their inaugural 'Most Engaged Workplaces' list.
DBS stands out for exceptional Engagement, Agility, Engaging Leadership and Talent Focus
The bank outperformed its local peers in Employee Engagement (15%*), Organisational Agility (15%*) and Talent Focus (15%*), which is exemplified by its employees' intention to stay (17%*), as well as its agility in investing in new ideas (19%*) and in attracting the right talent (19%*). The research also demonstrated that the bank's senior leadership remains committed to providing clear direction (20%*), putting a spotlight on the importance of purpose-driven leadership while also enabling the infrastructure needed for talent retention as companies navigated the Covid-19 pandemic.
Lee Yan Hong, Group Head of Human Resources, DBS said, "Being named as a Best Employer in Singapore re-affirms our commitment to nurturing an engaged and future-ready workforce. DBS will double down on our efforts to continue to empower our people to be the best versions of themselves as we groom talent who can shape the future of banking for a better world."
Kincentric honours 'Most Engaged Workplaces' in Singapore
The global HR consulting company has also released its list of top quartile organisations in Singapore based on their Employee Engagement scores. The list includes prominent names such as DBS, Singtel, and Great Eastern, as well as National Service Resort & Country Club (NSRCC), NIPSEA, and Squarepoint. These organisations achieved an employee engagement score of 68% or more, compared to the Singapore average of 57%, reflecting their commitment to creating a positive work environment while fostering employee loyalty. A shining example is Singtel. The company exemplifies exceptional leadership, with a vast majority of its employees finding the organisation's purpose meaningful. It has also outperformed the local average on wellbeing, inclusion and belonging.
Aileen Tan, Group Chief People and Sustainability Officer, Singtel said, "For a corporation our size, we are heartened to be recognised as one of Singapore's most engaged companies. Our purpose – Empower Every Generation – inspires our 25,000-strong workforce across the Group to strive for excellence in all that we do. We've built our own distinctive B.I.G. culture where our people feel a strong sense of Belonging, make a positive Impact daily, and Grow personally and professionally. We will keep investing to develop our people, strengthen our work culture and transform our workforce to be future-ready."
James Lee, Managing Director Group Human Capital at Great Eastern, said, "Great Eastern believes in investing in our employees' development and consistently provides resources and opportunities to help our employees to be future-ready. Our efforts to recognise and reward employees who demonstrate outstanding performance has helped to foster a sense of belonging and pride, and further encourage employees to continue to excel."
Andrew How, Market Leader at Kincentric Singapore, congratulated companies recognised as Kincentric Best Employers and 'Most Engaged Workplaces'. He stressed the importance of creating a resilient workforce for the post-pandemic world and praised their commitment to enhancing talent management strategies while promoting employee career growth.
Mixed results on talent management competencies among Singapore businesses
The research also reveals that there is room for Singapore businesses to improve their employee recognition and development. Only 49% of respondents felt they received appropriate recognition and 54% agreed that their employer did well in identifying their strengths. Meanwhile, only 48% believed their employer was promoting people with the right skills, though a slightly larger proportion agreed their organisation attracted the right people needed (50%) and were retaining the right talent (49%). This coincides with companies' underperformance in career development, as less than half (49%) said that their employer offered excellent career opportunities to strong performers. In addition, only one in two respondents felt their work processes allowed them to be productive. This reflects the fact that organisations find it a challenge to provide supporting and enabling infrastructure in a hybrid work environment.
In stark contrast, Kincentric Best Employers fared better in all these areas (27-29%*). By connecting purpose to employees' daily work to better serve their customers, these companies also did better in exceeding the expectations of clients (7%*) and in treating them fairly (1%*). These findings shed light on the importance of establishing strong performance management infrastructure as well as process and managerial practices, and in supporting the growth of high performers by providing them with tangible opportunities.
* Indicates % higher than their peers
About Kincentric
Kincentric, a Spencer Stuart company, helps organisations unlock the power of people and teams to ignite change and drive better business results. With decades of experience and specialist expertise in areas such as culture, employee engagement, leadership assessment and development, HR and talent advisory, and diversity, equity and inclusion, we use data-driven insights to architect solutions that add value, enhance agility and increase organisational effectiveness. For more information, visit kincentric.com.
