Recent study commissioned by Randstad found attractive salary and benefits as the most crucial things employees and jobseekers in Malaysia are looking for in ideal employer. Women ranked this compensation more important than men, the survey said. This phenomenon could be owing to the country’s efforts to boost the economy by ensuring that women are joining and re-entering the workforce.
Ryan Carroll, Randstad Malaysia country director noted that with current unemployment rate goes below four percent, the country is operating at full employment, indicating that companies are competing against each other to attract the best talent.
“This year’s results have also confirmed that Malaysians are increasingly placing more importance on ‘work-life balance’, indicating that employers should start offering progressive initiatives to help employees be healthier and more productive at work,” he said.
From 3,308 employees and jobseekers in Malaysia between the ages of 18 and 65 participating in the survey, almost seven in 10 said ‘attractive salary and benefits’ is the most important criteria an ideal employer should have. The study noted that this expectation of earning good compensation have increased by five percent this year (from 63 percent in 2017).
According to the report, this upward trend suggested that Malaysian employees and jobseekers might be prioritising salary to meet the increasing cost of living. A security buffer due to the potential uncertainties around the local economic and political landscape was also said to be among the reasons. Additionally, with gender pay gap is still prevalent in the country, the research noted that women are more likely to negotiate for an equal pay in order to close this gap, New Straits Times reports.
Also in the top three must-have criteria of ideal employer are ‘work-life balance’ (49 percent), which have increased steadily since 2016, and ‘career progression’ (40 percent).. Employers also start recognising and investing in work-life balance initiatives and policies to attract job hunters who seek more than financial remuneration when choosing a potential employer.
Interestingly, while attractive salary and benefits are number one consideration when looking for ideal employer, the report found that lack of career progression opportunities was the most common reason employees choose to leave their current company. Of the 37 percent respondents saying that they plan to leave their current jobs, about 44 percent cited ‘limited career path’ as the main reason, followed by ‘insufficient compensation’ (41 percent) and ‘work-life balance issues’ (31 percent).
Further, the research also suggested that most employees and jobseekers understand the need to stay competitive to maintain their employment status, as companies continue to undergo digital transformation and business restructuring.
“Six in 10 employees are ‘open and flexible to change’ at work to ensure their employability and this indicates that they are adaptable to changes in job responsibilities and are willing to embrace new technology to help them be more productive. This is followed by upskilling (49 percent) and ‘working flexible hours’ (45 percent),” it said in the report.