THREE in 10 respondents in Malaysia said that they plan to change employers before June this year, marking a seven-point increase from the previous year.
According to human resources solutions agency Randstad in its Employer Brand Research annual study, of those who are not afraid of losing their jobs, one in five (20%) plan to switch jobs – a 5% increase from the previous year (15%).
Commissioned by Randstad and independently conducted by Kantar TNS, the Randstad Employer Brand Research explores the top employee value proposition (EVP) factors that influence employees and job seekers in their search for an ideal new employer.
“As the labour market recovers from the COVID-19 pandemic and companies hire more headcount to manage increasing business demands many employees are both tempted and motivated to seek new and better work opportunities,” commented Randstad Malaysia head of operations Fahad Naeem.
“Many employees have had the chance to hone their skills over the last two years amid a volatile business climate and they feel like they are ready for more challenging jobs with employers who not only care about their professional development but their well-being.”
Between the six-month period from July to December 2021, 14% of respondents had changed employers, with the top three drivers motivating them to switch employers being attractive salary and benefits (66%), work-life balance (62%) and strong management (62%).
“The salaries of many Malaysian workers may have stayed the same for the past two years as companies tried to cut operating expenses to cope with business losses brought about by the pandemic,” Naeem remarked.
“However, if employers don’t reward their employees fairly for their work contributions now that the economy has strongly recovered, employees may not feel like there is a good reason for them to stay, especially when there are so many new job opportunities in the market.”
The survey further revealed that more than two in five respondents (43%) are afraid of losing their jobs and intend to change their jobs by June 2022, marking a 17-point increase from 2021 (26%).
“Around 37,000 entrepreneurs as well as small and medium businesses closed their businesses as a result of nationwide lockdowns which may have led to a highly-stressed workforce,” Naeem acknowledged.
“Even with the economic rebound, many workers are concerned that their employer’s financial health is still not out of the woods yet.
“Business leaders who want to retain their people should regularly communicate their financial performance and talent development strategies to employees so they can instil a sense of confidence and create a sense of togetherness in them.” – May 12, 2022
