Talent agency Randstad Malaysia cited concerning findings which revealed that Malaysian employees are worried 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.
Ranstaad said 60% of respondents in a survey dubbed ‘Randstad’s 2023 Workmonitor in Malaysia’ are concerned over losing their jobs in Malaysia with about three in five respondents saying they would not accept a job if they are not legally contracted to the organisation as an employee.
The main objective of the survey was said to testthe 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.
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.
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.
The survey also cited that 38% of respondents said 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. And, 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.
