65% of Malaysia’s employees willing to forgo higher salaries or job promotions for work-life balance: Michael Page
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KUALA LUMPUR, Malaysia, June 23, 2022 /PRNewswire/ — Sparked by the global pandemic, the Great Resignation has been happening in Malaysia for the past two years and will only intensify in 2022. There has been a wave of resignations in Malaysia with almost half (45%) of employees who have been at their current jobs for not more than two years and a significant 82% of employees looking for new career prospects over the next six months.
Nic Chambers, Managing Director of Michael Page Malaysia
Professional recruitment services firm, Michael Page Malaysia, launched the ‘Talent Trends 2022 Report’, titled ‘The Great X’ which features prominent employment insights.
While salaries and bonuses are still top motivators for candidates, the survey shows a swing towards non-monetary benefits. A significant 65% of respondents in Malaysia are willing to forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.
Nic Chambers, Managing Director of Michael Page Malaysia, says, “More than ever, the adoption of technology and ways of working have only increased the importance of investing in employees. Investing in staff by upskilling them can help fill existing skills gaps. This would also reduce attrition and future-proof the organisation. Opening up to newer talent pools means accepting different cultures because the nature of the leadership is transformational.”
As economies improve, companies cannot underestimate the psychological effect that merging “work” and “personal” life has had over the past two years. 66% of respondents want a hybrid work arrangement between working from home and the office.
In addition, 67% of professionals in Malaysia have asked or will consider asking about a company’s DE&I policy at interviews and 36% say the lack of clear DE&I commitment would stop them from actively pursuing a job opportunity.
The pandemic has also shifted priorities, 76% of candidates believe that mental health and well-being should play a part in employee performance and appraisals. Companies must create a positive culture in which employees at all levels feel appreciated.
A significant number of employees has been found to not feel supported at work. 55% of respondents say that their workload has increased compared to before COVID-19. 82% believe that their company does not take active steps to ensure work-life balance. Companies need to change things and help employees work more efficiently.
