Randstad has released its Employer Brand Research Survey for 2022 and found that, among others, an attractive salary and benefits package is the most important employee value proposition (EVP) Malaysians look for in an ideal employer. This is a two per cent increase year-on-year (YOY) to 74 per cent in 2022.
Work-life balance is second important, at 70 per cent or a one per cent increase from the preceding year. This is followed by a strong management, a financially healthy company, and offers a pleasant work atmosphere, respectively at 64 per cent and (equally) 61 per cent.
From the 2,500+ respondents in Malaysia, it seems that work-life balance is critical enough that nine out of 10 will put effort to get it, including by working in flexible time slots (44%), working remotely more (33%), spend less time doing overtime (23%).
Tellingly, the percentage of respondents who work remotely has dropped by 18 per cent YOY to 51 per cent. However, 54 per cent of workers want their employers to make a flexible work arrangement possible.
Fourteen per cent of respondents switched jobs between July to December 2021 (up 3% from 2020) while 30 per cent intend to change jobs within 1H of 2022 with the gen z and millennials being most likely at 32 per cent and 30 per cent. Not many gen X and boomers are likely to switch, both at 14 per cent.
Commenting on the survey results, Fahad Naeem, country director at Randstad Malaysia said, “As the labour market makes a speedy post-COVID recovery, businesses are hiring new talent to quickly ramp up their operations and growth projects. The intense demand for skilled talent across industries has presented job seekers with the opportunity to negotiate for higher salaries and better benefits, so that they can improve their work-life balance and have a higher standard of living in Malaysia.”
“It is critical for business and HR leaders to keep up with the evolving talent expectations. Many Malaysians are concerned about the rising inflation and cost of living. If their salaries don’t match their needs, employees will look for a job with another company that is able to meet their expectations to sustain their quality of life.”