ASIAN employers saw a shift towards more conservative estimates, with more companies either looking to give raises of between 3% and 6%, according to a regional salary guide. The just released 2024 Hays Asia Salary Guide said that 43.0% said they intended to increase salaries by 3% to 6% while another 22.2% reflected plans to increase salaries by up to 3%.
The survey found that 12.6% employers said they expected salaries to remain the same, which was lower than the 15.9% reported for the previous year. The same survey said 64.9% of employers also indicated plans to give bonuses in 2024, compared to 66.7% in 2023. The survey by the British multinational company providing recruitment and human resources services involved 2,014 skilled professionals and 832 employers from Malaysia. The guide compiled salary and sector overviews based on real data and a survey of skilled professionals across Malaysia, Singapore, Thailand, China, Hong Kong SAR and Japan.
On the hiring front, it said most employers in Malaysia expect permanent staff levels to stay the same, with 30.4% anticipating an increase. 15.7% plan to hire more contract staff in 2024.
