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Workers in Malaysia will receive above-average salary increases in 2019: Hays
Malaysian employees can expect to receive higher salary increments and sustained benefits this year, according to a report released on March 7 at an event in Kuala Lumpur.
Even with the concern of the shortage of job skills, employers are remaining positive about the growth of their businesses. 72 per cent of employers surveyed said they predict a continuation of heightened business activities this year.
According to the Hays Asia Salary Guide 2019, 48 per cent of Malaysian employers predicted their staff salaries will increase by above three per cent, but less than or equal to six per cent.
This is 10 per cent more than the Asia-wide average.
Tom Osborne, managing director of Hays Malaysia, said: “With more and more employees leaving mostly due to the allure of better salary or benefit packages, companies looking to retain valuable employees should work on improving satisfaction rates where remuneration is concerned.”
There will also be a continuation of benefits being granted to the staff.
Despite a slight dip in the percentage of guaranteed bonuses (65 per cent to 63 per cent) and additional financial incentives (93 per cent to 87 per cent) respectively, these numbers still remain high.
However, there were concerns raised about the shortage of skills of employees.
94 per cent of the employers who were interviewed expect a shortage of required skills and talents needed to grow their company in 2019, and expressed despondency in the ability to recruit employees with skills that meet organisational needs.
Hard skills were reportedly valued over soft skills (60 per cent to 40 per cent respectively), with skills like statistical analysis, data mining and project management being highest in demand.
The areas reported to face the most difficulty in recruiting are middle management in accountancy and finance, and entry level to middle management in sales- identified by 26 per cent and 24 per cent of employers respectively.
Source: https://www.businessinsider.sg/workers-in-malaysia-will-receive-above-average-salary-increases-in-2019-hays/