KUALA LUMPUR (April 12): Malaysian employees have voiced their concerns about financial and job stability against the backdrop of a softening economy ladened with worldwide business restructuring, increasing operating costs as well as high interest rates.

In a statement on Wednesday (April 12), talent agency Randstad Malaysia said that in Malaysia, 60% of respondents in a survey are worried about losing their jobs.

Close to three in five respondents said that they would not accept a job if they are not legally contracted to the organisation as an employee.

This is among the results of Randstad's 2023 Workmonitor in Malaysia, which highlighted the workforce’s latest sentiments and perceptions of the local job market.

Randstad said even though 80% of respondents are worried about how the economic uncertainty would impact their livelihood, 86% retain strong confidence in their employers to provide them with security.

Randstad Malaysia country director Fahad Naeem said employers who take steps to support and understand their employees are more valuable and attractive to jobseekers than ever.

“Measures such as providing temporary subsidies for daily work expenses or financial literacy courses can make a big difference, allowing employees to budget responsibly, and maintain a level of security and stability in their lives,” he said.

Randstad said as more news of business restructuring and lay-offs around the world are announced, concern about job and income stability also mounts in Malaysia.

In the survey, 65% of respondents said that they will not accept a new job offer if it does not offer a significant pay increment.

But instead of holding off their career decisions until the economy is stable, the survey revealed that people are actively looking for jobs to sustain their ability to pay for essential services and pursue their desired lifestyle.

In the survey, 38% of respondents said that they have quit their jobs due to low wages, and 34% said that they are thinking about resigning, so that they can find a better paying job to help with the rising cost of living.

Meanwhile, 80% of respondents said that their financial position is preventing them from retiring as early as they want.

Based on their current situation, 39% of respondents said that they will need to work beyond the statutory minimum retirement age of 60 years old in Malaysia.

Approximately one in three respondents (32%) said that they are delaying their retirement to cope with the rising cost of living.