As the highly anticipated Budget 2024 approaches, there are four key areas in which we hope to see positive outcomes to advance the interests of the Malaysian workforce and boost the nation’s digital transformation journey.
1. Equitable Taxation and Compensation Policies
With the rising cost of living, fair taxation policies are a crucial consideration in the financial health of our local workforce. Towards this, we urge for progressive taxation measures that protect the income of lower-income individuals, thereby enhancing the overall financial stability of our citizens.
Moreover, we encourage the government to reward businesses that invest in their employees through tax incentives, particularly those aligned with the Progressive Wage System (PWS), whose policy will be tabled during Budget 2024. Such measures would not only benefit employees, but also foster a more inclusive and prosperous society.
2. Empowering Employee Financial Well-being
In today’s complex economic landscape, the financial well-being of our employees is of utmost concern. We would like to see the implementation of government-led financial literacy programmes tailored specifically to the needs of our Malaysian workforce. These programmes would empower employees with the knowledge and skills required to manage their personal finances, invest wisely, and plan for retirement.
Furthermore, we advocate for financial assistance programmes and grants aimed at making essential services such as affordable housing, healthcare, and education more accessible. These initiatives would alleviate the financial burdens our employees face and improve their overall quality of life.
3. Accelerating Digitalisation and Skills Development
The digital era is upon us, and it is essential that our workforce is prepared. The government should expedite digitalisation efforts across all sectors, offering incentives to businesses that embrace digital technologies.
To equip our Malaysian workforce with the skills needed to thrive in the digital economy, we propose comprehensive digital skills development programmes supported by government funding. Lifelong learning and reskilling opportunities are paramount in bridging the digital divide and ensuring our employees remain competitive and adaptable in the ever-changing job market.
Towards this, we hope to see a continuation of the Malaysia Short-Term Employment Programme (MySTEP), which has played a significant role in boosting the employability of our Malaysian graduates through a train and place format. This is a win-win initiative which not only provides graduates with the opportunity to develop real working experience that is relevant to their roles in companies where they are placed, but also enables participating employers to gain trained workforce, supported by the government.
4. Balancing Labour Market Flexibility and Job Security
Achieving a balance between labour market flexibility and job security is paramount.
HR experts understand the importance of fair labour practices, including benefits like paid family leave, and flexible work arrangements. The pandemic had shifted mindsets and attitudes towards work, and where it fits in our lives; talent today increasingly gravitate towards organisations that demonstrate a people-first-centric culture. For a significant shift towards greater flexibility in the workplace as a whole, there needs to be collaborative efforts between the government, employers, and unions.
Furthermore, we recommend the creation and expansion of government-led job placement and transition programmes, such as the MySTEP (as mentioned earlier) and various digital upskilling programmes spearheaded by Malaysia Digital Economy Corporation (MDEC). These programmes would assist local employees in finding new opportunities within an evolving job market, especially as digitalisation reshapes industries.
Conclusion
In conclusion, as veteran in the HR space, our vision is centred on the prosperity and well being of the Malaysian workforce. By championing equitable taxation, financial empowerment, digitalisation, and a balanced labour market, we aspire to create a brighter future for our employees and contribute to Malaysia’s growth as a dynamic and inclusive nation.
Together, we can shape a prosperous future for all Malaysians.
By Melissa Norman, Founder and Managing Director of Aisling Group
