In today’s fast-paced business environment, attracting and retaining top talent is no longer just about offering a competitive salary. Paycheques, while important, don’t buy sustained loyalty and engagement; people seek purpose in their work and are animated by endeavours that reflect their own values and social priorities. In short, people want their work to matter.
They also want to join companies where loyalty is a two-way street. A meaningful corporate mission, after all, will have only a limited motivational effect if the personnel who execute that mission are in fear of being replaced by robots at the next opportunity.
Nor is it helpful to shun AI and the digital age altogether. As in so many other realms, a sensible middle ground is worth pursuing here. Personnel in all sectors are at their best and most effective when given advanced tools to work with. By recruiting diverse teams and training them to make the most of advanced AI software and other modern digital technologies, businesses can
maximise their human potential in every respect.
Such teams stay together longer, work more synergistically, and are better equipped to address new challenges and opportunities whenever they may appear.
Team-building in the digital age
Case Study
Siam Commercial Bank, one of Thailand’s oldest banks, has struck an impressive balance in these areas. The bank shook up its rigid hierarchical structure in recent years, opting instead for a more fluid and socially mobile operational paradigm. A key initiative first launched in 2019, SCB 10X, serves as a tech incubator that brings in younger talent and invites them to work side by side with more experienced bankers.
During the same period, the company also rolled out its in-house digital academy to thousands of company employees. By 2023, SCB 10X had staff working on cutting-edge projects like AI-driven wealth management and decentralised finance. SCB would go on to launch Thailand’s first cross-border payment system using stablecoins with full regulatory approval in 2024.
SCB’s cultural goals were no less ambitious, with the bank publicly announcing its plan to increase the representation of women on its management team to 50% by 2023. SCB’s board reinforced this goal with strong oversight, ensuring that it would be actively pursued rather than left on the back burner. By 2021, they had already exceeded their mark, following the bank’s proactive effort to recruit and mentor female graduates of STEM programmes.
Another worker-friendly policy at the bank involved worker flexibility. SCB did more than just allow their non-branch employees to work from anywhere; they invested in secure hardware and work collaboration tools to increase productivity among those working from home. Internal surveys in 2023 showed a notable jump in employee satisfaction.
“Paycheques, while important don’t buy sustained loyalty and engagement.”
The common thread here is that each major goal was announced in public, and then supported by
meaningful initiatives which were backed energetically by company leadership. In Thailand, where community and harmony resonate throughout the business culture, companies that invest in their employees’ success and accommodate their needs will build stronger teams for the challenges ahead.
