71% of Malaysians Expect Malaysia’s Economy to Improve in 2020

February 19, 202011:02 am496 views
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According to Randstad’s Workmonitor 2019 Q4 results, 71 percent of Malaysia-based respondents expect the economic situation to improve in 2020. More than four in five respondents (82 percent) also expect their employers to perform better financially in 2020, than in 2019.

Ms Jaya Dass, Managing Director of Randstad Singapore and Malaysia, said, “Many local businesses are hoping to see the diversion from the global trade war and increase in consumer confidence to continue through to 2020. In addition, many government initiatives to improve infrastructure and develop cities around Kuala Lumpur are also expected to be set in motion this year. These factors boost the confidence of the local workers, who are hoping to see more new, challenging and rewarding jobs in the market. However, local businesses will still keep a watchful eye on the economic impact of a weakening global trade growth and the COVID-19 outbreak.”

Pay raise and bonuses still expected for work done in 2019

There is a high expectation for pay raise and bonus in Malaysia. More than eight in 10 respondents expect a pay raise (81 percent) or a one-time bonus (84 percent) at the end of their employer’s fiscal year.

Ms Dass explains, “Aligned with the results from our other surveys, Malaysian workers have always ranked salary and financial rewards as important factors that would determine their loyalty towards their employers. As the quality of life in Malaysia improves, local employees will aspire to earn a higher income not just to pay for necessities, but also live a more comfortable life.”

Work mobility and job satisfaction in Malaysia

One in three respondents (33 percent) have changed employers in the past six months. Thirty-seven per cent of respondents have expressed that they are looking for a new job.

“Many people tend to start searching for a new job after they have received their year-end bonus, especially if they have no opportunity to be promoted or receive a pay raise in 2020. Talent mobility is always the highest during the start of the year, but it also presents a good opportunity for employers to review their skills gaps and talent needs to optimise workforce productivity,” Ms Dass concludes.

The 2019 Randstad Workmonitor Q4 survey was conducted from 22 October until 6 November 2019.

Read also: Ageism a Key Barrier to Work Opportunities for Malaysians: LinkedIn Opportunity Index 2020