KUALA LUMPUR (March 22): Forty two per cent of employees in Malaysia regard salary or the benefit package as the key retention factors for them, according to the 2016 Hays Asia Salary Guide.

For another 34% of employees surveyed for the guide, career progression is the key reason they stay with their employer. The same percentage of candidates cited work-life balance as the main retention factor.

According to the guide, 53% of employees surveyed cited salary or benefits as the top motivators for job hunting. For another 35%, it is seeking new challenges; while 30% feel the lack of career progression in their current role, drives them to look for a new job elsewhere.

The Hays Asia guide outlines findings of candidate and employer research in China, Hong Kong, Japan, Malaysia and Singapore.

Work-life balance was cited as the main reason employees stay with an employer in China, Hong Kong and Singapore; while in Japan, career progression is what makes employees stay.

The 2016 Guide also noted 40% of surveyed candidates in Malaysia claimed to be looking for a new job, while a further 48% are open to a fresh opportunity.

Hays Research also said that not only are many employees in Malaysia already actively job hunting, 31% want to be in a new role within the next six months, with a further 19% expecting to change jobs within the year.

“With a third of employees thinking about making a new move, employers should pay close attention to what drives them to want a new job, as well as their reasons for staying in the job they have,” Tom Osborne, regional director of Hays in Malaysia, was quoted as saying in the report.

From the survey, 61% of candidates in Malaysia did not ask for pay rise for the last 12 months, but have a higher expectation for the year ahead, which does not match with what employers are intending to offer.

Fifty six per cent of the candidates surveyed expect a salary increment of more than 6%, but Hays Research reveals that only 39% of employers in the country will award more than 6% increases this year.

“Employers, with cautious salary intentions for the year ahead, will need to look closely at some of the other key benefits [that] job seekers value most highly, to ensure they can attract and retain the best talent,” said Osborne.