Employers in Malaysia who tend to underpay their employees should pay close attention to a recent HR report that sheds light on employee expectations.
Photo via Legal Advice
The 2023 Salary and Bonus Expectations report by recruitment firm Randstad reveals that a significant 91 percent of Malaysian employees would be willing to switch companies solely for the purpose of securing a higher salary. The remaining nine percent cited factors such as workplace culture, work-life balance, workload, and career advancement opportunities as reasons for considering a job change.
The report also highlights the increasing expectations among employees regarding salaries and bonuses. Approximately 54 percent of respondents believe that they are not being adequately compensated for their skills, experience, and contributions to their respective companies.
Interestingly, despite their aspirations for better compensation, 49 percent of survey participants reported receiving salary increments of no less than five percent. Conversely, 39 percent anticipate no positive salary adjustments for the year 2023, while 31 percent do not expect to receive annual bonuses for the 2022 period.
On a positive note, 30 percent of employees who switched to a new company within the past year reported receiving higher wages. Among them, half experienced salary increases of over 20 percent after making the job transition.
Photo via Malay Mail
These statistics clearly indicate that many Malaysian employees feel they are being underpaid. It is crucial for local employers to address the needs and expectations of their workforce to prevent the loss of valuable talent to competitors.
In conclusion, the report emphasizes the importance of fair compensation and highlights the significance of meeting employee expectations in terms of salaries and bonuses.
Malaysian employers must take proactive measures to ensure they provide competitive remuneration packages and create an environment that values and rewards the contributions of their employees.