Employers in Malaysia focus on fair rewards to keep talent
Up to 92% of employees in Malaysia are seeking potential new employment opportunities, with almost half (44%) rating their current describing their work rate as average, with 6% considering it low.
Employees also felt that their employers are not giving them any incentives to thrive. Low levels of reward, coupled with personal stress levels due to the current economic situation, are reasons cited by employees for their lack of productivity at the workplace.
According to Employment Hero’s 2023 Talent Insights Report, a biannual survey that tracks employee sentiment, 65% of Malaysian respondents said they feel secure with their current job, nearly half (45%) felt they were receiving inadequate pay.
Furthermore, only 38% of respondents said their salary kept up with the inflation rate, which reached record highs throughout 2022. In 2021, 41% of respondents said they were open to changing jobs for pay on par with their current role, dropping to just 8% in 2023. Salaries were still cited as the main reason why anyone would stay with their current organisations or move to another, reported Malay Mail.
Employment Hero suggested that organisations should consider investing more in recognising and rewarding employees as most respondents felt undervalued. “Everybody likes to be recognised for a job well done, yet many employees feel like they aren’t being appreciated,” it suggested. “Not only was a lack of reward and recognition a top reason for seeking a new role in another business, 21% of employees would be encouraged to stay in their role should their business established a better reward and recognition programme.”