Employment Hero, leading people, payroll and benefits software provider, today released its global Talent Insights Report, examining the current state of employment.
The survey, which included more than 1,000 Malaysian employees, found a whopping 92% of Malaysian employees are career cushioning, where employees seek to future-proof their careers should they want to (or be forced to) leave their current roles.Of all countries surveyed, Malaysia has the most ‘cushioners’, followed by Singapore (84%), New Zealand (70%), Australia (66%) and the United Kingdom (63%).
One factor contributing to this high number of ‘career cushioners’ could be that 45% of employees feel their salaries are not catching up to the rate of inflation. However, 60% of Malaysians say they do still feel secure in their jobs, and 44% feel optimistic about their business growth in 2023.
Interestingly, the desire to move away from Malaysia for other job opportunities has decreased, as travel has resumed. Only 59% of Malaysians stated that they’d like to take a role overseas – a drop from 72% during the peak of the pandemic in 2021. More employees are looking to move internally for their next role instead, with this number jumping from 35% to 48% over the last two years.
Although the trend of lateral move ambitions is positive for employers, they should also be aware of those looking further afield. 46% of respondents still want their next role to be in a new organisation. The top reason for seeking a new role in a different organisation is poor company culture (43%), followed by a dislike for their boss (38%) and lack of appreciation or recognition (34%).
All things considered, cash is still king when it comes to recruitment and retention. Survey data from job switchers shows that pay rises continue to attract people, with 53% of employees saying they would move jobs for a salary increase in 2023, compared to 52% in 2021. 43% of employees would also stay on in their current role if given a salary increase.
“While many Malaysian employees seem to feel the need to cushion their careers, employers shouldn’t be discouraged by this, and instead use this opportunity to be more transparent with employees around their job security. Additionally, making employees feel valued and recognised for their hard work can play a big and important part in retaining staff, and strengthening loyalty and advocacy,” said Kevin Fitzgerald, Managing Director Asia at Employment Hero.
About The Report
Employment Hero’s 2023 Talent Insights Report is based on an analysis of over 1,000 Malaysian employees. The survey was conducted in January 2023 and aimed to better understand current talent trends and how these changed since late 2021.
