Malaysian employees have high hopes on pay rise, bonus, despite slower economy

Malaysian employees have high hopes on pay rise, bonus, despite slower economy
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KUALA LUMPUR (Dec 9): Employees in Malaysia, Singapore and Hong Kong all have high expectations of both securing a year-end bonus and a pay rise — more so than the global average — especially the Malaysians, according to Randstad Pty Ltd.  

The confidence of Malaysian employees, said the recruitment and human services provider, citing data from a survey it conducted, surpassed both its Singapore and Hong Kong counterparts, with 77% of Malaysian respondents expecting a year-end bonus and 74% expecting a raise.

In comparison, Singapore respondents are counting more on a year-end bonus (68%), than a salary raise (58%), while the reverse appears to be true for those surveyed from Hong Kong, with 67% expecting a raise, and 60% expecting a bonus, Randstad's statement today showed.

The global average is 49% expecting a year-end bonus, and 53% expecting an increment, said Randstad.

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Across all three countries, the statistics average out to 69% of employees expressing an expectation for a year-end bonus, and 66% expecting a salary raise.

Clearly, a slow global economy, with industries facing restructuring, have not dampened expectations of employees in Singapore, Hong Kong and Malaysia.

Randstad Singapore, Hong Kong and Malaysia’s managing director Michael Smith noted it is interesting to see that despite the weaker economic climate, employees in Singapore, Hong Kong and Malaysia have remained very confident about their remuneration.

“While it remains to be seen how generous organisations are with regards to rewarding their employees this year, it is crucial for these companies to consider the importance of keeping their employees happy. Research has shown the cost of replacing an employee can surpass the cost of a raise and bonus by many multiples,” added Smith.

Interestingly, Singapore women (73%) were much more confident than men (63%) about getting a bonus, while their millennials (aged 18-34) are more concerned about an increment (71%) compared with those aged between 35 and 54 (51%).

In Hong Kong, employees aged 35-54 were more confident (70%) when it comes to getting a salary raise compared with millennials (63%), rejecting the global trend of more confident millennials.

Randstad is a recruitment and human resource services providers, with Asia Pacific operations in Singapore, Malaysia, Hong Kong, China, Australia and New Zealand.