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Malaysian Employees Threatened by Job Loss in the Rising Digital EconomyPeople Development RETAIN July 10, 2018
About two in five Malaysians fear that the increasingly digital economy would put their jobs at risk, recent study revealed. According to a study commissioned by Workday and market intelligence firm IDC, 43 percent Malaysian employees are feeling the threat brought by the changing economy.
More than 1,400 employees in eight countries across Asia Pacific participated in the survey, namely Malaysia, Singapore, Thailand, Hong Kong, New Zealand, Australia, Japan and South Korea. The findings were in line with an overwhelming trend towards digitalisation in the region, with at least 60 percent of its GDP (excluding Japan) being digitalised by 2021.
Among key findings of the study entitled The Drive for the Digitally-enabled Workforce is that most Malaysians already have a high awareness of digitalisation in the workplace. However, while majority (73 percent) respondents expect greater use of technology to ease their work, less than a half (37 percent) feel they do not have the right skills to compete in an increasingly digitalised market.
In a statement released on Thursday (Jul 5), it noted that nearly half (44 percent) Malaysian staffs feel their managers are not proactively engaging them about digitalisation to help them future-proof their career, The Edge Markets reports.
Regarding the findings, managing director of Workday Southeast Asia, Jasie Fon suggested that the research showed there will be growth in every industry driven by digitally enhanced offerings, operations, and relationships.
“This wave of digitalization brings both new opportunities and threats. Businesses in Malaysia must invest in training and reskilling initiatives to ensure their employees are prepared for the challenges ahead,” he added.
Additionally, the survey also found that the country has among the highest turnover rates in the region, as about one in three (38 percent) employees surveyed saying they are likely to switch jobs in the next 12 months.
“The main pull factors for switching jobs in Malaysia include better pay and career prospects while a positive work/life balance is the main driver for happy and engaged employees,” the report concluded.
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