The pandemic has caused Malaysian workers to reassess their priorities and for 50% of Malaysians, their career is no longer one of them. With 58% of Malaysian employees stating they suffer from burnout and 51% stating that they have an average or even poor work-life balance, new research by Employment Hero found that employers can play a much bigger role in employee wellbeing in order to maintain and attract talent.
Burnout can be triggered by a combination of different factors, and amongst the Malaysian workforce, finances seem to be the key driver. The Employee Wellness Report which polled 1,000 Malaysian employees, found that as many as 67% of employees said that they are stressed about their finances. According to the report, 57% of employees are seeking their employer’s guidance on savings, while 53% would like to learn more about retirement and pensions, 43% would like to be assisted with investments, and 30% want to learn about budgeting.
Despite these financial woes and burnout, mental health support appears to be an area in which Malaysian employers have managed to make impactful changes, with 50% of employees rating their employer’s commitment to mental health as good.
“The past couple of years have been eye-opening for a lot of us, so it’s unsurprising that at large, priorities have changed for many. The need for greater work-life balance was already clear before the pandemic, but with many employees feeling the aftermath of these tumultuous years in the forms of mental health issues and burnout, the workplace needs to adapt in order to create a working environment that is able to retain and attract top talent,” said Ben Thompson, CEO and Co-founder of Employment Hero.
“From our report, it’s clear that employees are seeking mental health support, balance, and education, and employers must step up and offer the right resources to create a happy and productive workforce. By taking small steps in the right direction such as increasing mental health support budgets, prioritising financial education, and implementing remote working practices that enable a greater work-life balance, employers can quickly pivot towards the kind of people-first approach that employees will truly be able to appreciate.” said Thompson.
“Ultimately, workers will stay with companies that support them, and leave the ones that don’t, so in order to retain top-tier talent and foster a successful workforce, it’s critical for employers to take these demands to take action where it’s most needed,” Thompson added.
Other key findings from the report:
- 29% of employees are looking for an additional job due to financial stress
- 25% of employees have lost their motivation
- 25% are looking for a better paying job.
- 50% of employees agree that Covid-19 has reduced the importance of their career.
- 22% of employees have also experienced a decrease in productivity
The full report can be viewed here.
