In a press release today, Hays said its Asia Salary Guide 2019, which drew insight from 3,000 employers representing six million employees in the region, found that salaries are the primary consideration of workers in Malaysia.
Some 68% of Malaysian employees cite salaries as the key reason for seeking out new roles. It is also the main reason why they would stay with their current employer.
Hays Malaysia managing director Tom Osborne said employees who do not feel their pay matches their worth should ask their bosses for salary hikes.
“More Malaysia employees are asking for raises with more than half (55%) of those who do proving successful, the highest number in Asia.”
In fact, the survey found that professionals in a wide range of industries in Malaysia are likely to receive salary increments above the regional average this year, with some 48% of employees possibly receiving increments of over 3% to 6%.
“With the economy growing, business activity increasing and hiring levels rising, employees may begin to wonder why this improvement is not being passed on to them in terms of compensation packages, perhaps leading them to rival organisations that could meet their salary expectations,” Osborne said.
He added that employers should be more upfront on how the management reviews and distributes pay raises.
Osborne said employees should consider the possibility of their request for increment being rejected and instead being offered non-monetary benefits, improved work-life balance or a salary review in the near future.
Some 19% of Malaysian employees saw their requests for a pay raise denied, the survey added.
“Failing that, employees could stand to benefit by becoming more active in the recruitment market, as the improving economy and optimistic business outlook are leading to greater hiring activity in Malaysia.”
On bonuses, the survey found that fewer staff are guaranteed bonuses compared to previous years with only 63% of employers giving their employees bonuses compared to 66% in 2017.
It noted that 87% of companies offer health and medical benefits as their main non-salary incentive.
It also noted that 85% of employers cite “individual performance” as the main reason for awarding bonuses, a trend also seen in Singapore, China, and Japan.
Some 51% of Malaysian companies also offer car allowances to their employees, ahead of other countries in Asia where only one in five companies provide this allowance.