Employers in Malaysia Optimistic about 2022 Despite Continued Covid Challenges: Hays

Most employers in Malaysia expect business activity levels to increase in the next twelve months, based on findings in the 2022 Hays Asia Salary Guide.

Now in its 15th edition, the Guide compiles and presents salary and sector overviews based on real data and a survey of skilled professionals across China, Hong Kong SAR, Japan, Malaysia, and Singapore.

Over 9,500 responses were collected between October to November 2021. 74% of employers in Malaysia believe business activity will increase in 2022, which is the highest in the region. Fewer hiring freezes were also reported for 2022, with 75% of employers saying none has been planned. Last year, nearly half of employers reported a hiring freeze at their organisations.

“The pandemic has severely impacted business activity across various sectors over the last two years. Fortunately, the Malaysian economy is now on the road to recovery, and despite ongoing challenges, we see a growing optimism among employers,’ says Tom Osborne, Managing Director of Hays Malaysia.

Accordingly, half of the employers surveyed plan to increase their permanent headcount in the next twelve months and are putting in place candidate attraction tactics like increasing compensation. Along with China, employers in Malaysia are planning for larger salary increments on average, between 3-6%.

Average increments for all other regions are expected to peak at to 3%. Tom says, “While jobseekers are prioritising compensation after two years of suppressed wages, employers should be aware of the fact that there are other factors that will come into play. Seeking new challenges, better healthcare insurance and allowance, as well as career progression were all top motivators for Malaysians looking to change jobs.”

For jobseekers, Tom emphasises the importance of skills development. “Employer responses tell us that they value technical, analytical, and management skills highly, alongside soft skills like communications skills, problem solving skills, and teamwork. Candidates who focus on developing such skills will certainly see an advantage in securing a role.”

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