Global talent exodus on the horizon as economic growth returns
Global firms face a rising talent exodus as economic and labor market conditions improve, according to a new study from global management consultancy Hay Group, conducted in association with the Centre for Economics and Business Research (Cebr).
The Thai economy is on the rise and the labor market is getting more competitive. One of the reasons is due to the government’s policy of increasing the minimum wage. As implementation takes place, many organizations are not just following the policy but also increasing more than the minimum rate so they will be able to retain their best people and compete in the labor market. AEC is another reason that increases competition in the labor market competition as employment is no longer limited to Thailand only.
For global situations, as growth builds and employment opportunities increase, worldwide employee turnover is set to accelerate in 2014, after broadly flat levels in recent years. The number of workers taking flight is expected to reach 161.7 million in 2014