50% Employers Are Planning To Raise Salaries In 2016. Here's All You Should Know About It
However, 4% of the Malaysian employers that participated in the survey, revealed that they have no plans to increase their employees' salary this year.
By Nandini Balakrishnan — 02 Mar 2016, 04:28 PM
The 2016 Hays Asia Salary Guide revealed that 50% of Malaysian employers are keen on increasing their employees' salary this year
More than 3,000 employers were polled in the 2016 Hays Asia Salary Guide across China, Hong Kong, Japan, Malaysia and Singapore, representing 6 million employees to find out salary and recruiting trends.
Nearly half of the employers polled in Malaysia were expected to increase staff salaries by 3% to 6% in the next review period, while only 4% said they did not plan to raise wages, revealed a survey by recruiting specialist Hays.
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While only 10% of Malaysian bosses are expected to give a raise of more than 10% to their employees, a major bulk of local employers - a whopping 39% - have stated that they might give a raise up to 6% this year
In Malaysia, 11% of employers are planning salary increases of up to 3%, while 29% are planning to raise salaries by 6% to 10%.
In terms of actual increases awarded during last year's (2015) review, 50% of employers in Malaysia raised salaries by 3% to 6% while 24% raised it by 6% to 10 %.
For salary increases of more than 10%, Hays found that 8% of Malaysian employers actually did so.
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Other key findings from the report include:
84% of employers across Malaysia, Hong Kong, Singapore, Japan and China, said that they would give benefits along with salary and bonus, with 78% of employers naming health and medical as their top choice of employee benefit.
57% of employers have stated that their organisation has flexible work practices, with 70% of them allowing flexible working hours.
Types of flexible working practices that employers offer across Japan, Malaysia, Singapore, Hong Kong, and China
Image via HaysWhat is the percentage of women in Malaysian organisations that work in managerial positions?
Only 29% of women are in management positions in organisations across Malaysia, Japan, Hong Kong, Singapore and China
Image via HaysHays's salary guide also revealed that 95% of employers have disclosed that annual bonuses rely a great deal on company performance and growth
As for the average percentage of staff salary that may be awarded as a bonus this year, only 10% will receive the full amount of their salary, as stated below:
While highlighting that employee salary expectations have increased this year, Christine Wright, the managing director of Hays Asia, stressed that candidates should remain realistic and do extensive research before approaching their bosses for pay raises
Most employers surveyed are expecting skills shortages to challenge efficient operations in the year ahead but overall we still expect employers to take a cautious approach to salary increases over the next 12 months.
For employers the message is to focus attention on staff retention strategies as our candidate survey reveals a high level of candidates are either actively looking for a new role or open to hearing about a new opportunity.
In Malaysia, salary and benefit package is the biggest determining factor for employees when seeking for a new job
While salary and benefit package is the main reason why Malaysians would seek for new jobs, Japanese employees' on the other hand, focus more on seeking new challenges when changing jobs.
However, most employees in these countries, have named work-life balance as the main reason for opting to stay with the organisations they are attached to
