More than 3 in 5 Malaysian employees (63%) are expecting salary increments next year, as revealed in the annual Robert Walters Salary Survey 2024. Interestingly, the majority of the respondents (71%) are anticipating pay rises of up to 10%, despite knowing that their respective industry is impacted by the current economic climate.
In addition, more than half of the respondents (54%) expressed that they are comfortable in negotiating for higher
pay. The survey findings also showed that employees are now prioritising money more than ever, with bonuses sitting high
on their minds. When it comes to the specifics, they hoped to receive at least a 6-10% bonus of their total base
salary. Correspondingly, a whopping 9 in 10 employees (90%) stated that the bonus scheme is the most important benefit
in their decision to accept a new role.
Building upon this financial emphasis, the survey revealed employees’ expectations for a 6-10% salary increment. However, there is a notable misalignment between employee expectations and employer intentions, as 53% of employers are inclined towards a more modest 1-5% salary increase, meeting the expectations of only slightly more than 1 in 5 of employees (22%).
Employers are nevertheless cognisant of the growing priority on monetary-related benefits. Over 4 in 5 employers (83%) have implemented bonus and private health insurance schemes for their current employees. This sentiment was echoed by employees themselves, as they too, have begun receiving additional or enhanced financial perks in the form of bonus and personal medical coverage in the past 18 months.
General annual salary reviews across organisations have been projected for 2024, where existing employees can expect salary increments ranging from 3% to 7%. These adjustments mirror the country’s cost and wage inflation. 64%
of employers are more likely to offer pay rises in the next 12 months, with 58% of which said they are committed to
providing salary increases above inflation. In addition, job changers can anticipate 15% to 20% increments, with certain
high-demand roles potentially commanding increases of up to 30%.
