Generally, employees in Malaysia are more likely to consider factors such as strong management, financial position, good reputation, etc., compared to the APAC average.
When asked about the Employee Value Proposition (EVP) factors they look for in a company, more than seven in 10 (74%) workers in Malaysia cited salary and benefits as the most important , according to a new study from Randstad Malaysia.
According to 2022 Employer Brand Studyreleased today (Tuesday, June 14, 2022), work-life balance comes second, cited by 70% of respondents.
Overall, the Top 10 EVP Factors Wanted by Employees in Malaysia are:
- Salary and benefits (74%)
- Work-life balance (70%)
- Strong management (64%)
- Financially healthy (61%)
- Pleasant working atmosphere (61%)
- Career progression (60%)
- Job security (59%)
- Good training (57%)
- Good reputation (49%)
- Location (47%)
As the data above shows, in general, employees surveyed in Malaysia were more likely to consider factors such as strong management, financial health, good reputation, etc., compared to the APAC average.
However, work-life balance was considered the “least satisfied” workforce expectation in Malaysia, according to the research. In particular, while it ranked as the second most important TEU factor, it ranked ninth among TEU Factors Malaysian Employers Are Expected To Offer:
- Financially sound
- Good reputation
- job security
- Career progression
- Salary and benefits
- Pleasant working atmosphere
- Interesting job content
- Give back to society
- work-life balance
- Ability to work remotely
What employees do (and want) to improve their work-life balance
Digging deeper into the aspect of work-life balance, the study found that a total of 51% of employees in Malaysia were working remotely (whether fully or partially) in January this year, i.e. down 18% year over year. That said, Malaysia still ranks above the APAC average (42%) when it comes to hybrid and remote working.
The data further revealed that of the 51% of respondents who worked remotely in January, 3% expect to work remotely 10% of the time, or less, in the future; while 74% expect to have a mix of remote and onsite work (20-80%), and 23% believe they will work remotely at least 90% of the time.
The research also showed that, on average, employees took two key actions to improve their work-life balance on their own:
- Flexible time slots worked (44%)
- Worked more remotely (33%)
- Less overtime (23%)
- Negotiated current role (23%)
- Job change (20%)
- Changing roles within the organization (14%)
- Worked fewer contractual hours (12%)
On the other hand, 9% did not take it.
When it comes to what employees are looking for in their employer to help them improve their work-life balance, most employees surveyed (55%) said they are looking for better benefits. This comes not only in light of the pandemic, but also following the rising cost of healthcare in the country.
Overall, here’s what employees are looking for:
- Health benefits (55)%
- Flexible work arrangements (54)%
- Fair remuneration (50%)
- Remuneration beyond salary (47%)
- Wellness and mental health resources (47%)
- Training and development (45%)
- Career development (44%)
- Benefits for employees (42%)
- Health policies and protocols (38%)
- Family support/childcare (34%)
- More targeted paid leave (34%)
Another key expectation: Learning and development
In addition to the above, respondents were also asked to further share their learning and development priorities. Of all, personal career growth was cited as an important factor for 79% of employees in Malaysia, 3% above the APAC average.
It’s also important to note that while 85% of respondents said it was important for their employer to provide them with development opportunities, only 59% said they were given enough opportunity to do so. In that vein, 74% of employees said they would stay with their current employer if given developmental opportunities.
3 ways to strengthen your employer brand
With the findings above in mind, the research presented three quick tips for employers to strengthen their employer brand, in order to attract and retain more talent over time.
#1 Take care of your employees, and they will take care of you
As noted above, salary and benefits, as well as work-life balance are by far the most important EVP drivers for Malaysian employees.
Noting that it is difficult for companies to adjust salaries quickly, the research found that employers can develop and introduce new HR initiatives and policies to improve overall work-life balance, such as flexible working arrangements and better benefits.
#2 A strong management team can help attract talent
Malaysia is the only Asia-Pacific country to rank “strong management” among the top five things respondents look for in ideal employers.
Thus, to attract more talent, business leaders must strive to be both competent and charismatic. This means developing comprehensive strategies, being thorough throughout the implementation process, as well as communicating results transparently to employees.
It was added that senior managers should also communicate frequently with their employees to help them manage their workload, cultivate a healthy and safe environment, and achieve their career goals.
#3 Communicate your TEU factors
As an employer, you can communicate and promote HR initiatives such as benefits and team expansion on job postings, social media and your website. However, other EVP factors such as financial health and long-term job security are most effective when communicated to your talent pool through word of mouth.
Business leaders who are transparent about company performance to their workforce not only provide better employment insurance to their employees, but will also have access to a greater pool of talent. talents.
Nearly 163,000 respondents from around the world took part in the study, representing a total of 5,944 companies.
In Malaysia, this involved online interviews with 2,524 respondents aged 18-64, with an over-representation of respondents aged 25-44.
Main Image / 123RF
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