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If you thought offering senior professionals in Malaysia a competitive pay package was enough to keep them loyal, you might want to consider again.
A new report by Michael Page found senior employees want, instead, novel professional challenges and chances for progressing within their roles.
Polling 869 employees in Malaysia, the report highlighted 45% of directors and senior managers stated they would quit their jobs in search of a fresh challenge.
Almost four out of 10 (38%) stated lack of career progression opportunities would make them leave their current companies.
In fact, lack of career progression was highlighted as a concern across job levels, among 62% of junior executives, as well as 56% of managers.
“The fact that we are seeing more employees seeking new professional challenges indicates that financial incentives are not enough for employers to retain their top talent,” said Paul Cooper, managing director, Michael Page Malaysia.
“Rather than offering an increased salary, Malaysian employers could be focusing on learning and development and more targeted retention strategies to avoid high attrition.”
However, when it came to the decision of finding their next employer, 53% of senior managers and directors cited the presence of a regional and global role as the highest priority.
An increase in salary came in next at 41%, followed by the scope for career progression at 38%.
“It is interesting to note that more professionals would be satisfied with a better job title or more work remits rather than an increased salary,” the report stated.
Flexible working hours was found to be another alternative to help in retaining senior staff.
More than three out of 10 (32%) of employees at the managerial and director level stated they will be attracted to a new position that offers workplace flexibility – 5% more than the number of employees at the executive level.
“With the growing importance of workplace flexibility, many organisations are implementing flexible work arrangements and Talentcorp Malaysia has included grants and tax incentives for employers who implement or enhance flexible work arrangements.”