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MY salaries expected to jump 5.3% in 2020, specialist roles earn top dollar

MY salaries expected to jump 5.3% in 2020, specialist roles earn top dollar

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Salaries in Malaysia are expected to increase by 5.3% next year, after rising 5.1% in 2019. According to Aon's Malaysia 2019 Salary Increase and Total Compenstation Measurement Survey, wages in Malaysia are increasing faster than those in Singapore (3.8%) and Thailand (4.9%). However, it is still lagging behind Indonesia (7.4%).

The survey added that median pay for software engineers and application developers jumped by 17% from 2018 across various levels of seniority, demonstrating the continuing commitment of Malaysian employers to prepare for Industry 4.0.

Across all industries, senior legal managers earned 20% more than the market average, whereas compensation for senior business development managers and strategic planners was 22% higher than the market average. Aon said this illustrated the premium employers place on professionals with specialist skill sets.

Meanwhile, median pay for jobs in engineering and technology are relatively higher than all other job roles across Malaysia. Those in engineering roles earn, on average, 14% higher and those in technology such as cyber security and information technology, earn 12% more than other job functions within the Malaysia market as a whole. According to Aon's survey, fresh graduates in high-tech and engineering jobs enjoyed a 16% higher starting median salary compared to fresh graduates in other functions.

According to Rahul Chawla, director and head, rewards solutions, Malaysia, the rewards landscape in Malaysia was very active this year.

A volatile macroeconomic and geopolitical environment coupled with a pressing need to deliver efficiencies compelled businesses to revamp their rewards programmes. In the last 12 months, organisations have implemented incentive plans aimed at catalysing transformation and delivering shareholder value," Chawla said, adding:

Value creation for all stakeholders and value sharing amongst key contributors seems to be the mantra for the coming year.

The survey is Aon's?nationwide measure on how organisations are addressing projected salary budgets, variable pay, cost saving initiatives, and more. It contains data on key changes in employee compensation in 2019 and projections for 2020. Data was collected from 320 employers across Malaysia.

(Photo courtesy: 123RF)

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