UALA LUMPUR: Despite talks of a weak economic recovery and a gloomy outlook ahead, Malaysian professionals showed the highest expectations for both year-end bonus and salary increment.
The latest global Randstad Workmonitor report showed that 77% of Malaysian professionals expected a bonus and 74% of them anticipated a pay hike which were far above the global average.
Interestingly, only 49% of the global respondents, expected a year-end bonus. On the other hand, some 53% of the respondents anticipated a salary increment.
In Singapore, 68% of them expected year-end bonuses while 58% anticipated pay raises.
Gender wise, 78% of female Malaysian professionals expect year-end bonuses compared with 77% of men. With regard to salary increment, more men or 76% of them anticipated pay hikes, while only 71% female professionals did.
When compared according to age group, 79% of millennials in Malaysia expected a year-end bonus, in contrast to 75% of those in the 35-54 age range. Globally, only 60% millennials expected a bonus.
As for salary hikes, 74% of the millennials and those in the 35-54 age range expect an increment.
Randstad Singapore managing director for Randstad Singapore, Hong Kong and Malaysia, Michael Smith says:
“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.
The Randstad Workmonitor report covered 34 countries around the world, encompassing Asia Pacific, Europe and the Americas.
The online study surveyed respondents among a population aged 18-65, working a minimum of 24 hours a week in a paid job.