Kuala Lumpur, Malaysia – A recent labour market study revealed that 35% of Malaysian workers did not receive any financial support from their employers to help manage the rising cost of living and inflation. Gen Xers, despite being among the largest contributors to expenditures, were the least likely to receive such compensation.
Randstad, the world’s largest talent company, has shared preliminary findings from its 9th annual Employer Brand Research in Malaysia. Conducted by Kantar TNS in January 2024, this comprehensive study surveyed 173,000 respondents globally, including 2,500 in Malaysia. The research stands out as the world’s most extensive employer branding study, reflecting general audience perceptions.
The data shows that employees who did not receive inflation compensation are almost 40% more likely to seek new jobs, underscoring the need for employers to align with talent expectations regarding inflation adjustments. Fahad Naeem, Country Director at Randstad Malaysia, highlighted, “With nine years’ worth of talent expectations and employer brand data collected in Malaysia, we can analyse how workforce priorities have shifted, what talent are most worried about, and what employers can do to effectively attract and retain talent. While the pandemic brought about solidarity, employers must now understand that talent has new and higher expectations that require them to be more proactive when engaging talent.”
The research also identified work-life balance and limited career growth as the top reasons why Malaysian talent resigns. A significant 48% of respondents expressed a desire to improve their work-life balance as their primary motivation for considering a job change. This was followed by aspirations for career growth, with 37% seeking roles that offer greater responsibilities and promotion opportunities. Notably, this trend is more pronounced among younger demographics, with 40% of Gen Z respondents prioritising career progression, compared to 33% of their older counterparts.
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Salary concerns also weigh heavily on Malaysian talent, with 34% of respondents citing low pay coupled with rising living costs as their reason for seeking new employment opportunities. Naeem commented, “An employee’s work-life balance depends significantly on the organisational culture. Managers play a key role in this by maintaining productivity in hybrid work settings, ensuring workloads are fairly distributed to keep daily work engaging while promoting skill development. To retain and attract top talent seeking the right environment, companies must proactively understand and support their workforce’s needs. It’s about fostering an environment where employees feel valued, empowered, and motivated to thrive.”
The survey further highlights the evolving job change dynamics among digital natives, with 29% of Gen Z respondents inclined to switch roles upon losing interest in their current positions. This aligns with the broader trend of 43% of Gen Zers planning to change jobs in 2024.
Digital channels are increasingly popular among job seekers in Malaysia. Of the 34% of respondents looking for a job this year, 68% plan to use job boards or search engines, and close to half (47%) will use social media platforms like Facebook and WhatsApp. Naeem noted, “Malaysian job seekers leverage online platforms not just to browse and apply for jobs, but also to research company culture and evaluate if the organisation’s initiatives, policies, and opportunities align with their career aspirations. This talent attraction approach puts the onus on job seekers. In a talent-scarce market, it’s important for companies to invest in people development to improve their retention rate. These people’s initiatives can also help strengthen their employer brand and attract a wider pool of qualified candidates.”
Naeem further added, “While social media platforms like Facebook, Telegram, and WhatsApp are cost-effective digital platforms to reach out to a big talent pool, it is essential for employers to promote job openings through trustworthy channels like company websites or reliable job search platforms due to the high risks of fraudulent digital job advertisements. Companies have the opportunity to use these channels to educate job seekers on their typical job search process, which requires job seekers to apply directly through official job boards or company websites instead of social media or text messaging platforms.”
The full research report, which includes data on employee value proposition and attitudes towards AI developments and equity, will be released by Randstad Malaysia in July 2024.
About Randstad Employer Brand Research
The Randstad Employer Brand Research is the most comprehensive, independent, and in-depth study of employer branding among working-age adults worldwide. This research explores talent insights, delving into the perceptions and drivers that influence workers, and identifying the most attractive employers. Initiated in 2000, the research is independently conducted by Kantar, Randstad’s international research partner. The latest survey respondents were polled in January 2024.
About Randstad
Randstad is a global leader in talent solutions, committed to being the world’s most equitable and specialised talent company. As a partner for talent, we excel in four specialisations: Operational, Professional, Digital, and Enterprise. We provide clients with high-quality, diverse, and agile workforces essential for thriving in a talent-scarce world. We assist individuals in securing meaningful roles, developing relevant skills, and finding purpose and belonging in their workplaces. Through our value creation, we are dedicated to fostering a better and more sustainable future for all.
Headquartered in the Netherlands, Randstad operates in 39 markets and employs approximately 40,000 people. In 2023, we supported 2 million talents in finding work and generated a revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam.
For more information, visit Randstad Malaysia.
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