TALENT ACQUISITION AND RETENTION
New Hires
Globally, the Group had 4,089 new hires in 2023, a decrease in the number of new hires from 2022 by 9.8%. Out of the new hires, 80% were replacements for existing positions and 20% were for newly created positions. 6% of open positions were filled by internal candidates (internal hires).
Employee Retention
Our Group employee turnover rate is 54.0%, with a breakdown of a voluntary turnover rate of 42.0% and an involuntary turnover rate of about 16.2%.
EMPLOYEE PERFORMANCE MANAGEMENT SYSTEM
The Company uses a well-structured and open annual performance appraisal system, which is reviewed and enhanced periodically to encourage two-way feedback between employees and their reporting officers. The Company’s Balanced Scorecard System – built on the four perspectives of financial, customer, internal controls, learning and growth — measures and aligns cross-functional and individual employee performance to support the organisation’s business strategies and corporate objectives.
The Company utilises a performance-based appraisal that measures performance through: (1) the Balanced Scorecard, using measurable targets and key performance indicators (KPI) to drive strategy, business actions and behaviour of employees, (2) Leadership and Functional competencies through different levels of proficiency and (3) Formal comparative ranking of employees within each employee category. Appraisals are conducted on a yearly basis.
Employee Well-being
Employee engagement and well-being surveys are crucial to assess employee satisfaction and identify areas of improvement to and attract, retain and develop the best employees. The Company and CBM Pte Ltd conduct an employee engagement survey biennially. Last held in 2022, the Company’s engagement score was 84%, which is 8% above the Singapore norm. At CBM Pte Ltd, the last engagement survey was held in 2023, achieving an engagement score of 85%. Survey questions cover areas such as well-being of employees, job motivation and satisfaction, and work productivity.
| Engagement measure | FY2020 | FY2021 | FY2022 | FY2023 |
| % of employees with top level of engagement, satisfaction, well-being | Corporate Office: 79% | Corporate Office: NA | Corporate Office: 84% | Corporate Office: NA |
| CBM: NA | CBM: 86% | CBM: NA | CBM: 85% | |
| % of employees who responded to the survey | Corporate Office: 84% | Corporate Office: NA | Corporate Office: 88% | Corporate Office: NA |
| CBM: NA | CBM: 90% | CBM: NA | CBM: 89% |