Study Highlight: Prospect State of the Industry Review 2022-2023
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Study Highlight: Prospect State of the Industry Review 2022-2023

Prospect has published its Prospect State of the Industry Review 2022-2023. This is the 12th annual edition of the review and features responses from over 570 communications practitioners based in Singapore, Mainland China, Hong Kong and the UK.

Key findings for the Asian markets are as follows:
  • Employees in Asia remain happy with their current employment, reporting an average happiness rating of 3.7 out of 5.
  • Training, promotion opportunities and flexibility were the top determinants of employee happiness.
  • In 2022, 45 per cent respondents had worked in their current jobs for less than two years.
  • In 2023, 61 per cent will consider seeking a new job and 27 per cent plan to relocate to a new country.
To explore the report's findings, Telum caught up with Emma Dale, Co-founder and Managing Director, Prospect (Asia). 

With “redundancies, restructures and hiring freezes” predicted for 2023, how can employers in Asia balance employee retention and satisfaction with the current economic outlook?
We have seen redundancies, restructures and hiring freezes for the past three years, so there is no surprise that this is likely to continue in 2023. The pandemic has shown employers that keeping high potential employees engaged and retained is vital during turbulent times.

Finding new talent is so tough that employers have preferred to fight hard to keep staff, in some cases by throwing money and titles at them. We saw this happen post-COVID as companies were urgently hiring, but this is definitely not the situation now as the dynamics have shifted.

Despite this, the review reveals that many employees still plan on moving roles this year but training and development, promotion opportunities and flexibility may convince them to stay.

How can employees navigate the rest of 2023?
Job hunting is harder than you think. Many employers have rigid requirements, which makes finding and recruiting talent that meet their criteria a longer process. In this economic climate, employers are more careful about headcount and who they bring on board. Jobseekers must be able to clearly communicate their skills and the value they offer.

As markets in Asia continue to hone their post-pandemic game plans, what is your biggest advice for the region’s PR and comms industry?
Throughout our two-decades of partnership, the PR and comms industry has thrived during tough times, and we have every confidence that this will continue in the post-pandemic era. In our review, we heard from employees, and we have three takeaways for employers to meet this year’s challenges head-on:
  1. Develop your high potential talent by giving them mentors and coaches and allowing them time to acquire new skills.
  2. Continue to permit hybrid working: expecting staff to work in the office 100 per cent of the time is unreasonable.
  3. Build trust and transparency in your firm. Make sure people are aware of what’s expected of them, give feedback on performance and provide a roadmap for progression.

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