HEARD IT THROUGH THE GRIPE-VINE
Employee movement and recurring migration is a growing trend. For a good number in the workforce, gone are the days of putting a premium of longevity in one’s CV. Speaking to a number of HR practitioners responsible for the hiring at real estate companies, and in the hospitality sector, they were one in bewailing this situation - reflecting the views of the business owners.
They recounted going through job applications that show how so many are ready to move on after only six months to a year – citing better salary or working conditions (allowing work from home is a big factor), as main reasons for the constant movement. And I can personally attest to this trend; as I’m constantly encountering individuals who I had met working for a particular developer or hotel, resurface, but now representing a competitor – and do so again a few months later, but now offering me the calling card of a third brand.
So it’s not surprising to find that companies of all sizes are looking for measures that will help in fostering quality employee retention, and encourage employees to have a stronger attachment to their place of employment. From the SME’s to the middle market, and on to large corporates, this issue of retention is a pressing concern. And it goes without saying, that they’re looking for ways that don’t have to entail increase in salaries, or cash enticements.
A few weeks ago, I wrote about BDO’s Cash Management Services (CMS), and how it forms part of the unibank’s commitment to help commercial growth, offering a gamut of services that seek to streamline operations of their corporate clients, especially when it comes to the finance aspect of the business. Some entrepreneurs saw the piece, and when I bumped into them at events, they would mention that it piqued their interest, asking what are some of the concrete examples of services offered.
So I had a chat with SVP Carlo Nazareno, and he mentioned how the BDO Payroll service offered by BDO-CMS, is one attractive program that several company accounts have been positively talking about. And the nice thing about it is how employees recognize the value and advantage of the service, and clamor for it as well – becoming a viable mechanism to foster employee retention and loyalty.
For the employer and the corporate client, the BDO Payroll service means payroll payments and reporting via BDO’s Business Online Banking (BOB), the convenience of online filing and settlement of taxes and government contributions, enhanced employee benefits through other BDO products and services, plus access to the widest ATM and branch network nationwide. That’s 1,600 branches all over the Philippines, and 7,500 ATMs. For any employer, no matter the size of the company, that translates to unrivaled accessibility, convenience, and strong physical presence.
Regular employees look to BDO Payroll as a window to opportunity. Through BDO Pay and BDO Personal Online Banking, the employee is assured to receive her or his salary on time; and depending on whether the employer opts to avail, gets free BDO Life and Non-Life insurance. And the opportunity comes via the access to other BDO Financial Services, including but not limited to, home loans, auto loans, installment cards and credit cards. There are promos and benefits linked to the BDO debit card and BDO Pay accounts that extend to the SM Group’s ecosystem, still another potential benefit to the employees.
The prestigious awards received by BDO-CMS in 2024 stand as testament to the recognition that third parties have bestowed on the quality of the BDO-CMS brand of service. There was the Best Cash Management Bank in the Philippines, as given by Alpha Southeast Asia – Financial Institution Awards, the 9th consecutive year getting this award. And then, in the same year, BDO-CMS was cited as Best Service Provider – Cash Management in the Philippines, by The Asset Triple A: Treasury, Trade, Sustainable Supply Chain and Risk Management Awards – a sixth consecutive win. And it was indeed a stellar year, as the bank also copped an Asian Banking and Finance (ABF) Wholesale Banking Award as The Philippines Domestic Cash Management Bank of the Year 2024.
Established in 2006, Alpha Southeast Asia is the first and only institutional investment magazine focused on Southeast Asia, covering Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The Asset Triple A Awards are industry excellence recognitions awarded annually to companies and financial institutions; and this has been going on for over two decades now. The ABF recognizes the best in the wholesale banking and finance industry, and is considered a prestige win. BDO-CMS can be very proud of these awards – as they point to their high standards of service and innovation, and proven track records.