Seeing the bigger picture - Putting workforce metrics into context
Workforce metrics can be very informative in it of themselves. However, organizations compete for human capital in the market; likewise, human capital have alternatives in other employers. Hence it is important to consider internal workforce metrics in the context of the labor market in order to make more informed people decisions.
A recent FYT client in the FMCG sector in Myanmar was suffering from high turnover; which was hurting their operating costs and sales growth. Internal workforce analytics revealed much; but would have missed the crux of the issue if the external market was not considered.
Myanmar is one of the hottest emerging market in recent days; GDP is projected to grow at a robust 7-8% in the foreseeable future. Such growth potential attracts significant investments and creates even more career opportunities. But after 30+ years of isolation, Myanmar's labor productivity and limited available talent is probably one of the larger market challenges; and with economic growth and resulting demand for talent, the education system and current workforce is unlikely able to cope in the near term.
Given the relatively porous flow of talent and investment across the region, it is important to understand Myanmar in the ASEAN context. Leveraging FYTs data assets and proprietary data visualizations, FYT was able to quantify the talent supply issues in Myanmar and present them in relation to regional markets. This allowed the client to better understand the nuances in the talent market; and recognize that turnover is not just an internal organizational issue, but a national one as well. The issue turned out to be more of an talent attraction issue rather than simply an issue of turnover.
For more information about the project or to find out more about what FYT can do for you, please contact FYT consulting.