According to a report, half of the respondents stated that they would leave their current job to have a better work-life balance. Randstad Malaysia released the 2023 Employer Brand Research in Malaysia today. The report was commissioned by them and brings new insight into the current job market.
The 8th edition of the report focused on understanding the perspectives of Malaysia’s workforce and how they have transformed alongside the economic and labour market changes. It helped to illustrate how talent demands have changed over time.
It revealed the top five most common motivating factors that encourage Malaysians to leave their jobs, namely:
- To improve work-life balance: 50%
- Lack of career growth opportunities: 36%
- Low compensation and rising cost of living: 35%
- Received an offer they could not refuse 32%
- Employer shows poor leadership: 27%
According to the 2023 Employer Brand Research, 1 in 3 Malaysians are making plans to switch jobs by 2023. Of these, 42% of millennials lead the way, followed by Gen Z (3%) and Gen X (29%). The pandemic has resulted in the majority of the workforce transitioning to hybrid work. However, the report shows that 53% of respondents will be expected to return to full-office working arrangements by 2023 – a 16% increase in 2022, and 34% more than in 2021. The report also revealed that an overwhelming majority of Malaysians (87%) place high importance on non-monetary rewards.
Non-monetary benefits help in creating a positive work environment that contributes to higher employee job satisfaction and improved work-life balance without providing direct financial compensation. These initiatives are an important factor in keeping employees motivated and satisfied.
Apart from a flexible work environment, Malaysian employees are highly focused on creating and maintaining positive relationships with their bosses and co-workers. 87% of Malaysians revealed the top 5 non-monetary benefits they experienced, here are the details.
- A good relationship with my manager: 96%
- Flexible work arrangements: 96%
- Convenient location: 96%
- A good relationship with my colleagues: 96%
- More autonomy to perform my role: 93%
People with talents are on the lookout for companies that can provide them with the resources to help them merge their passions and profession. This way, work can be a source of joy and contentment.
The 2023 Randstad Employer Brand Research surveyed a total of 163,000 people from 32 markets, with 2,529 respondents based in Malaysia alone. The survey was conducted in January. This extensive employer brand report gives employers a chance to discover new talent insights and measure their impact globally. It’s a great opportunity for them to refine their workforce strategies and bolster their brand reputation.