Talent Management Asia: Asia's leading HR strategy conference returns for its seventh year.
Unmissable opportunity to attend the go-to conference for HR leaders - debate key talent management challenges and share insights on future people strategy. Register now »
It seems like Malaysian employees are getting more demanding. According to Randstad Malaysia’s annual Bonus Survey, the bulk of Malaysian staff (77%) are expecting a bonus payout this year for their efforts in 2017 – up from 66% last year.
In fact, the survey of more than 700 professionals in Malaysia revealed that 37% are likely to start looking for a new job if they do not receive a bonus payout this year. Randstad noted that the increasing expectation towards bonuses from employees indicates a positive sentiment around economic and organisational performances.
About a fifth of respondents (26%) expected a bonus of between three and five months, with the construction, property and engineering and manufacturing, banking and financial services sectors standing out at 47% and 26% respectively.
Intriguingly, while slightly more than six in 10 (62%) said getting a bonus is important, it is not the most important factor for their overall engagement within an organisation; meaning that bonuses are not the sole factor in determining employees decisions on changing jobs.
Ryan Carroll, country director of Randstad Malaysia, said, “Malaysians are starting to place a greater value on what were previously considered “softer” factors. Good work-life balance was the second most important employer brand factor in 2017, a two-rank increase from 2016. It is important for employers to understand what contributes to an engaged, productive workforce to attract talent and retain its employees.”
Additionally, according to the latest global Randstad Workmonitor report, 78.1% of Malaysian employees are hoping for a wage raise in 2018, with experienced professionals (78.6%) more likely to demand a higher wage than their younger counterparts (77.5%). Randstad noted that this demand for higher financial remuneration stems from the low supply of in-demand experienced professionals in Malaysia.
Aligned with the bonus survey, the Randstad Workmonitor report also pointed out that about eight out of 10 Malaysians expect a bonus at the end of this fiscal year – the highest sentiment across the region.
In contrast to the optimism in Malaysia, employees in Singapore are the least optimistic about a wage growth in 2018, with only 63.9% of employees expecting an increase.
Interestingly, in Singapore, it is the younger generation who are more demanding – those between the ages of 18 and 34 are 16.5% more likely to demand a higher pay from their employers as compared to seasoned professionals. This increment is expected to help them better manage the high cost of living in Singapore.
When it comes to bonuses, seven out of 10 Singapore staff are expecting to receive a bonus payout for the fiscal year, with more male employees expecting a bonus (71.5%) than female employees (68.3%).
Over in Hong Kong, 71.2% of employees expected a pay raise this year, but only 57% are hoping for a bonus. Similar to Singapore, male employees are much more optimistic about a wage increase and employee performance bonus (62.1%), while only one in two female employees hopes for a higher salary (52.5%) and bonus (52.5%) this year.
Infographics / Randstad
Lead photo / 123RF