Employers need to review salaries, 97.3% of job listings offer similar salary levels to last year — JobStreet
The high cost of living should prompt employers to reconsider salary levels as part of their recruitment strategies to attract quality applicants, JobStreet Malaysia said. If median salary levels remain relatively constant while the cost of living continues to rise, this will naturally lead jobseekers to focus more on salaries, said JobStreet Malaysia managing director Vic Sithasanan. “Our research found that 27% of Malaysians consider financial compensation a deal breaker when accepting job offers, above the global average of 21%,” said Sithanasan in a statement on Wednesday. “However, companies who may feel pressure competing in terms of salary levels should also keep in mind other factors that can impact recruitment and look to play to their strengths. “Transparency and openness are increasingly valued, and work-life balance is a priority for a majority of Malaysians. Companies need to ensure they can establish trust, and create a corporate culture that meets the expectations of modern jobseekers,” he said.
JobStreet’s 2023 salary guide found that 97.3% of job listings offer similar salary levels to last year. The computer and information technology (IT) industry saw the highest salary increase, up 28% from RM3,750 to RM4,800. Computer and IT specialists also have the highest median salary among all specialisations at RM6,000.
According to Sithasanan, increasing demand for IT is due to the government’s focus on digital transformation initiatives, but this trend may not be sustainable in the long term. “It’s also clear from the lay-offs impacting major tech companies around the world earlier this year that this growth may not be sustainable in the long run. “Ideally, educational reforms across Malaysia should be implemented to lay a solid foundation to producing more skilled IT specialists in the long term,” he added.
The Edge Malaysia