The diminishing global workforce will be a good thing for the Philippines, but according to Towers Watson regional managing director Bob Charles, strategies such as giving incentives, deferment of early retirement, and establishing a strong leader-team member relationship must be implemented by top managers to retain employees.
Young talent in the country must remain engaged in their work for retention and to prevent them from moving abroad to work. "The primary drivers of engagement for ‘Generation Y’ is career advancement, genuine concern that the company is making a difference, and opportunity to give input," Charles added.
He added that outsourcing work to Asian countries with young talent will be an “increasing trend”. The Philippines, having more births than other countries, can take advantage of the changing face of demographics, with the decreasing birth rates seen in different parts of the world.
