MALAYSIA — According to the 2023 Randstad Malaysia Workmonitor, employees in Malaysia are increasingly concerned about their job stability and financial security amidst a softening economy, global business restructuring, rising operating costs, and high-interest rates.
The survey found that 60% of respondents were worried about losing their jobs, while close to three in five respondents said they would not accept a job if they were not legally contracted to the organization as an employee.
However, 86% of respondents expressed strong confidence in their employers to provide them with security.
Fahad Naeem, Country Director at Randstad Malaysia, said that employers who support and understand their employees are more attractive to job seekers than ever. He suggested measures such as providing temporary subsidies for daily work expenses or financial literacy courses to help employees budget responsibly and maintain stability.
The survey also revealed that 65% of respondents would not accept a new job offer if it did not offer a significant pay increase, and 38% had quit their jobs due to low wages. Approximately one-third of respondents (34%) were thinking about resigning to find a better paying job to help with the rising cost of living.
In addition, 80% of respondents said that their financial position was preventing them from retiring as early as they wanted, and 39% said they would need to work beyond the statutory minimum retirement age of 60 years old in Malaysia.
The survey also explored the expectations of employees in the unfortunate event of a retrenchment.
41% of respondents said they would want an extension of company-paid corporate benefits (such as medical benefits) for a period of time in addition to severance pay, while 26% said they would want access to external outplacement services.
Naeem emphasized that companies should prioritize the well-being of their workers during business restructuring and support them through the transition process, whether they remain as an employee or not.
The 2023 Randstad Malaysia Workmonitor survey was conducted in October 2022, with a total of 750 respondents aged between 18 and 67 years old.
