KUALA LUMPUR: A survey on salary prospects for this year showed that Malaysia’s employment sector in Asia has emerged as second in terms of salary increase and related benefits.
The 2015 Hays Salary Guide showed that Malaysia’s salary increases was second only to China in the global recruitment agency’s Asia Salary Guide.
The Hays Asia Salary Guide includes salary and recruiting trends for over 1,200 roles in Malaysia, Singapore, Hong Kong, China and Japan. It is based on a survey of 2,361 employers, representing over four million (4,017,026) employees.
“Steady hiring demand will continue in Malaysia across most sectors and industries this year, which is fuelling positive salary increase expectations amongst employers,” said the survey.
The 2015 Hays Salary Guide, released today showed that 43 per cent of employees in Malaysia can expect a salary increase of six per cent or more in their next review.
“Our Guide shows that hiring expectations remain steady across Asia, despite the talent shortage,” says Managing Director of Hays in Asia, Christine Wright.
“Employers in all five of our surveyed countries are seeing a gap – some more significant than others – between the skills that they are looking for and the skills available in the local labour market, “ she adds.
Wright said that salary increases in Malaysia are the second most generous of the countries surveyed.
Interestingly, employers are also offering extra benefits to help secure their preferred candidate. Performance-related bonuses are also used to reward top performers, she said.
“For candidates, there are great opportunities presented by the current market. Savvy job seekers are taking advantage of Asia’s tight talent market to secure roles offering career progression, which long-term will ultimately lead to a higher salary,” Wright added.
The Hays Asia Salary Guide shows that Malaysia saw some impressive salary increases last year, with 31 per cent of employers increasing salaries in their last review by six to 10 per cent.
A further nine per cent gave increases above 10 per cent.
Meanwhile 48 per cent increased salaries by three to six per cent. Just nine per cent of employers gave increases of less than three per cent, and only three per cent of employers gave no increases.
A slightly higher percentage (33 per cent) of Malaysia’s employers will increase salaries by six to 10 per cent in the year ahead, while 10 per cent will increase above that level, the survey added.
“47 per cent will increase between three and six per cent. Only nine per cent of employers will offer increases of less than three per cent and just one per cent of employers will give no increases at all,” the survey revealed.
The majority of employers (83 per cent) continue to give their staff benefits.
“Popular benefits in Malaysia are health (64 per cent), car or car allowance (58 per cent) and life assurance (47 per cent),” the survey said.