Putrajaya has abandoned plans to ensure employees’ wages are raised so that they make up 40% of Malaysia’s gross domestic product (GDP), Institut Rakyat said…
4 in 5 Employees in Malaysia Plan to Switch Jobs This YearGENERAL May 9, 2018
Malaysian employers need to improve their employee engagement strategy, because recent study entitled 2018 Hays Asia Salary Guide revealed that about 4 in 5 employees are keen to change jobs this year.
According to the study, over one-third of workers (35 percent) admitted that they plan to leave their current jobs within six months, with 48 percent were already active on the hunt for a new job. The report suggested a staggering fact that over half of all candidates in Malaysia intend to change employers this year, while the remaining 43 percent say they are currently open to an offer.
The report noticed that there is a generational change amongst Malaysia’s workforce. While compensation and perks offered by company continue to be the main driver for job hunters, nowadays more candidates place greater value on non-financial benefits too, such as career progression opportunity.
Regional Director of Hays in Malaysia, Tom Osborne said, “A total of 69 percent of candidates told us that ‘salary and benefits’ was the top reason for accepting a new role. A ‘lack of career progression’ was the second most common reason (44 percent) followed by ‘a desire to seek new challenges’ (42 percent).”
Employees increasingly consider professional development as a way to future proof their careers, the study found. Unfortunately, some 32 percent said they see no career progression opportunity with their current employer and another 31 percent respondents were unsure about what is available for them in the future. Owing to this, employers should communicate career pathway options more clearly as well as what responsibilities lie with employees themselves.
Salary and compensation continue to be among the factors that define employee’s satisfaction at work. Of the candidates surveyed, more than half (62 percent) were unhappy with their compensation and benefits package, while the remaining 38 percent were happy. Despite being unsatisfied with their paycheck, 58 percent respondents did not ask for a pay rise in the last year. Meanwhile, 20 percent actually asked but were not granted, and 22 percent asked then received a pay bump.
This year, majority of employees (55 percent) expect a salary rise of over six percent, while 27 percent expect an increase from between 3-6 percent. Another 14 percent expect an increase of up to 3 percent, while 4 percent expect no salary increase over the coming year. On the employer’s side, nearly half (49 percent) plans to award increases of between 3-6 percent, while 39 percent expects to give over six percent of salary increase. The remaining 9 percent will provide 3 percent of rise, while 3 percent plan to offer no salary bump, The Sun Daily reports.
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