In Malaysia, as the softening economy is laden with global-wide business restructuring, increasing operating costs, and high-interest rates, employees are expressing their concerns about their financial and job stability. Randstad, the world’s largest talent agency, has released the results of its 2023 Workmonitor in Malaysia, highlighting the latest sentiments and perceptions of the local job market.
Worries about Job and Income Stability
The survey reveals that more than half (60%) of the respondents expressed their concerns about losing their jobs. Close to 60% respondents said that they would not accept a job if they were not legally contracted to the organisation as an employee. Despite the fact that 80% of respondents are concerned about how economic uncertainty will affect their ability to support themselves, 86% remain very confident in their employers’ ability to do so.
Job Seekers Prioritise Salary Above Everything Else
The worry about job and income stability in Malaysia is growing as more reports of corporate restructuring and layoffs around the world are released. According to the survey, 65% of respondents said they would decline a new job offer if it did not include a sizeable pay raise. In order to maintain their ability to pay for necessary services and pursue their desired lifestyles, people are actively looking for jobs rather than delaying their career decisions until the economy stabilises.
The Impact of Low Wages
38% of respondents said they had left their jobs because of low pay, and 34% said they were considering leaving in order to take a position that would pay more in order to keep up with the rising cost of living.
Employer Support
Fahad Naeem, Country Director at Randstad Malaysia, stated, “Employers who take steps to support and understand their employees are more valuable and attractive to job seekers than ever.” Measures such as providing temporary subsidies for daily work expenses or financial literacy courses can make a big difference, allowing employees to budget responsibly and maintain a level of security and stability in their lives.”
Delay in Retirement Plans
According to the survey, 80% of respondents said that their financial situation prevents them from retiring as early as they would like. 39% of those polled predicted that, given their current circumstances, they would have to continue working past Malaysia’s legal retirement age of 60. To help with the rising cost of living, about one-third of respondents (32%) said they are delaying retirement.
Expectations from Employers during Business Restructuring
In the unfortunate event of a layoff, 41% of respondents said they want severance pay in addition to a temporary extension of company-paid corporate benefits (medical, etc.). Another 26% stated that they would like to have access to outside outplacement services. For businesses and employees worldwide, Randstad Risesmart offers talent management and transition services like work-life coaching, redeployment, outplacement, and retirement support.
Also read: 5 Ways To Deal With Back To Work Place Anxiety
The 750 respondents who participated in the 2023 Randstad Malaysia Workmonitor survey ranged in age from 18 to 67. The survey was conducted in October 2022. Employers must place a high priority on the financial security and well-being of their employees as the economy continues to weaken. Companies that establish a reputation for being fair and competitive paymasters during this time frame show that they have financial stability, which is a desirable quality in today’s job market.
