Want a pay bump? Here's what Malaysian marketers should expect

Employees in Malaysia can expect a planned annual salary increase of at least 3% this year, according to Michael Page Malaysia's The Great X report. Meanwhile, 24% of hiring managers and HR personnel said there is a planned salary increase of more than 5% in 2022.

On the bonus front, 18% of hiring managers and HR personnel indicated that there is a planned annual bonus of 5% to 10% this year. While competitive salaries and career progression are crucial drivers in employee retention, Michael Page said it is also as important to pay attention to soft factors such as gratitude, recognition and appreciation (53%) and work-life balance (34%).

The majority of employees in Malaysia (82%) plan to resign in the next six months, Michael Page Malaysia's The Great X report said. This is more than the averages in Southeast Asia (81%) and Asia Pacific (74%). Most of them who plan to resign are in specialist (85%), executive (84%) and manager (84%) roles. Also, the majority of them are from the property (94%), insurance (92%), retail (89%), industrial and manufacturing (88%), and travel and tourism (87%) sectors.

Many cited career change (68%) as the top reason for resigning, followed by career progression (44%), unhappiness with salary (37%), unhappiness with strategy and company direction (22%), and company culture not being a fit (16%). According to Michael Page, 64% of respondents in Malaysia are willing to accept a lower salary or forgo a pay rise or promotion for better work-life balance, overall well-being and happiness.

If you're expecting a pay bump or are switching jobs, find out how much you should be earning this year.

Meanwhile, the lack of required skills has emerged as the top recruitment challenge in Malaysia this year. Other challenges include competing for talent and salary expectations, finding applicants who find company culture and fit, matching salary expectations, and the lack of applicants.

Without a doubt, there will be attraction motivators to draw talent and according to Michael Page, employers tend to overvalue the company brand (227%) and salary/bonus/rewards (21%) as motivators. This results in them undervaluing other crucial aspects such as leadership (43%), a greater sense of purpose (31%), and company culture and values (29%).

While bonuses and benefits are great, employees want to feel valued and heard by their employers. To do so, companies should open up to newer talent pools and groom new leaders. They should also rethink the type of talent they need, especially with digital transformation playing a key role in the progression of many key industries.

At the same time, companies should also have approach hiring and managing talent from a broader lens in terms of employee locations. For remote working to continue, for example, companies must think about how they can integrate this in their current structure.

Photo courtesy: 123RF

Related articles:
It's bonus season: How much can marketing folks make this year in your job?
Find out if your industry is projecting a salary bump in 2022 (before you stuff those red packets)