'Employers must now understand that talent has new and higher expectations that require them to be more proactive'
Almost 35% of workers in Malaysia did not get any financial support from their employers to help them cope with the rising prices of goods and services and the rising cost of living.
That’s according to a Randstad survey that also disclosed nearly 40% of those who never received inflation compensation are more likely to actively seek better work opportunities.
Gen Xers were reported as the demographic least likely to receive compensation to offset rising costs, born in 1965 – 1980, said the New Straits Times.
Randstad Malaysia country director Fahad Naeem said that the survey underscores the importance for employers to understand – and meet – talent expectations, specifically, when it comes to inflation adjustments on workers’ pay.
"While the pandemic brought about solidarity, employers must now understand that talent has new and higher expectations that require them to be more proactive when engaging talent," Naeem said in the article.
Work-life balance a necessity
Meanwhile, dissatisfaction with work-life balance is the biggest reason why most Malaysians leave their work, underscoring the necessity for a work culture that values flexibility.
Almost half of the respondents (48%) said that their number one motivation for considering a job change is their desire to improve their work-life balance, said the New Straits Times.
Thirty-seven percent of the respondents, meanwhile, wanted to change careers for career growth. They said that they want a role with greater responsibilities and promotion opportunities.
The Randstad survey also highlighted salary concerns, as 34% of the respondents said low salaries and rising living costs are the reasons why they are seeking new employment opportunities, said the article.
Most Gen Zs want career growth, better career opportunities
It also noted that among Gen Zs, 29% of the respondents are inclined to switch roles after losing interest in their current positions. On a much broader scale, 43% of Gen Zs are planning to change jobs this year.
Commenting on the work-life balance at the workplace, Naeem underscored the critical role that managers are playing in maintaining productivity, particularly in hybrid work settings. He told the New Strait Times that managers should ensure workloads are fairly distributed to keep daily work engaging while promoting skill development.
“To retain and attract top talent seeking the right environment, companies must proactively understand and support their workforce's needs,” Naeem said. "It's about fostering an environment where employees feel valued, empowered, and motivated to thrive.”
There were 173,000 respondents across the globe who participated in the study, with 2,500 individuals from Malaysia.
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