Salary To Increase For Malaysians In 2014

Feb 07, 2014 1 Min Read
Alt

With good economic growth prospects for Malaysian businesses going forward, the overall salary increase in the general industry in Malaysia is expected to grow from 5.3% in 2013 to 5.7% in 2014, according to Towers Watson’s 2013 General Industry Total Rewards Survey.

Over 350 organisations from across industries in Malaysia participated in the annual survey.

Consequently, employee turnover rate in the general industry in Malaysia has increased from 12.3% in 2012 to 13.2% in 2013.

Manufacturing, conglomerates and financial services industries were experiencing high staff turnover, with manufacturing experiencing 24% employee churn, conglomerates at 14%, BPO at 19% and financial services at 13.3% in 2013.

One of the key reasons for the higher turnover rate in the Malaysian general industry was employees felt that the Malaysian economy would remain stable despite the uncertain global economy.

“Organisations in Malaysia are also actively taking steps to improve their employee value proposition to attract top talent besides offering higher salaries and faster growth opportunities” says Sean Darilay, practice leader, Global Data Services, South-East Asia, Towers Watson.

Interestingly, Towers Watson’s 2012 Global Workforce Study suggests that 51% of Malaysian employees felt that they have to switch to another organisation to advance in their career or to achieve higher job level, with an alarming 83% of them willing to relocate to achieve this.

Sean Darilay comments, “It is unsurprising that career development is a priority for employees in Malaysia where growth prospects are brighter. As the working class population expands, many young workers are demonstrating a strong desire to build a successful career in line with their aspirations to achieve a better quality of life.”

“Employers should also recognise that while pay is still an important element in the equation, the key is to be able to design a comprehensive employee value proposition that balances different drivers and motivators of performance.”

Entry level salaries for fresh graduates increased by 8% in 2013 and ranges between RM2,400 and RM2,800 per month. In comparison to this, entry level salaries for MBA graduates range between RM2,600 and RM3,000 per month.

Positions in sales, information technology, finance, marketing and customer services/technical support remain as hot jobs.

This is due to the continuous need for organisations to strengthen their brand, improve sales leading to improved ROI and reduce operations costs by improving technology efficiency and productivity.

Click here for more articles like this.

Share This

Leadership

Alt

This article is published by the editors of Leaderonomics.com with the consent of the guest author. 

Alt

You May Also Like

Be decisive !

How to Be More Decisive in Your Life and Leadership

By Gregg Vanourek. We make many decisions every day. Many are trivial, but some are consequential and taxing. On the leadership front, do we want leaders who wallow and waffle? Or leaders who move forward despite uncertainty; home in quickly on the key issues? Read here how we can be more decisive.

Sep 05, 2022 8 Min Read

Alt

Raise Your Game: Leadership With Integrity

Using real life examples, we will look at the crucial role a leader’s integrity plays in inspiring people to follow them, work together, and make it through successfully.

Feb 22, 2016 22 Min Podcast

our beliefs

Leadership Nuggets: Living Up to Our Own Expectations

In this Leadership Nuggets video, Roshan Thiran shares how our beliefs resident in our minds, can sometimes derail us from success. Managing and removing these myths is critical for our growth and future.

Apr 27, 2021 2 Min Video

Be a Leader's Digest Reader