PETALING JAYA: Malaysia’s workforce are expected to experience salary increments between three to 20 per cent, depending on the industry, especially when it comes to technology and manufacturing highly likely to see major income upgrades.
NST reported that leading human resource provider Randstad’s 2023 Job Market and Salary Trends Report stated that the increasing cost of living and inflation in this country has challenged the nation’s ability to comfortably provide for themselves.
The report also mentioned the Covid-19 pandemic causing salaries and job markets to stagnate in which many companies crippled hiring, salary raises and bonus payments to employees in 2020.
Randstad’s report also said companies had reevaluated and rechecked salary scales to maintain existing talent and bring in new ones, in response to the increment of interest rates.
The report added that skills and talent building were vital in the technology, manufacturing and construction industry.
The manufacturing industry was expected to continue its demand for technical and commercial talent due to companies’ efforts in increasing automation and digitalisation in the Industry 4.0 digital transformation.
Meanwhile, in the contruction industry, real estate and infrastructure development was anticipated to create more high-skilled job opportunities for local employment however it could stir up issues if the skills gap continued.
Randstad Malaysia country director Fahad Naeem said many international companies had minimised hiring more staff due to inflation and leaned to budget cuts.
Fahad estimated that companies might gravitate to Malaysia as part of restructuring and tranforming their business thus creating job opprtunities for local talent.
“Change is crucial to thriving in Asia’s rapidly evolving business landscape. With people serving as the backbone of any organisation’s success, business leaders learn to address employee expectations for more effective talent attraction and management efforts,” Fahad said.
One of the main challenges employers undergo is the lack of skilled employees in the workforce.
Another case study by Workmonitor Randstad discovered that 85 per cent of respondents replied that training programmes and educational development provided by the employer was vital to employees, however, only 36 per cent of respondents said that they only received new training the previous year.
Source: https://www.thesundaily.my/local/malaysian-employees-income-expected-to-increase-up-to-20-in-2023-report-OF10515380