Malaysian employees value career progression over financial rewards
Key survey findings: Michael Page 2015 Malaysia Employee Intentions report
- 52% of surveyed Malaysian employees state career progression as the main reason when considering leaving their current company
- 45% of director-level employees are seeking to change jobs for a fresh challenge, ahead of 38% citing career progression
- 25% of employees do not feel valued in their current role, which factors into their decision to leave their current company
- 32% of employees would prefer more workplace flexibility, such as flexible working hours and the option to work from home
Professionals throughout Malaysia are seeking more scope for career progression when considering changing jobs, as financial incentives are taking a back seat, a new survey has found. Michael Page has launched the 2015 Malaysia Employee Intentions report and findings show that employees consider advancing their career more important than an increase in salary.
Of all the employees surveyed for the report, 52% state that career progression as their main reason for considering leaving their current company. The findings suggest that more professionals would be satisfied with a better job title or more work remits rather than an increased salary.
“We are seeing a gradual shift away from financial motivators throughout Malaysia’s employment market,” says Paul Cooper, Managing Director, Michael Page Malaysia. “Many professionals are placing more importance on career progression over higher pay, which is particularly evident at the director level, and indicates the maturity of employees and jobseekers in the region.”
Among other reasons when looking to change jobs, 43% of employees are also seeking a fresh challenge, which is ahead of 35% seeking a salary increase, indicating that career progression, learning and development are the main priorities above financial rewards. Almost half of employees surveyed at the director level (45%) are seeking new challenges when considering resigning from their company.
A quarter (25%) of Malaysian employees do not feel valued in their current role, which factors into their decision to leave their current company. This could indicate that Malaysian companies should focus more of their efforts on rewards and recognition programs for their employees.
“The fact that we are seeing more employees seeking new professional challenges indicates that financial incentives are not enough for employers to retain their top talent,” says Cooper. “Rather than offering an increased salary, Malaysian employers could be focusing on learning and development and more targeted retention strategies to avoid high attrition.”
32% of professionals also would prefer more workplace flexibility, such as flexible working hours and the option to work from home, which suggests that a good work/life balance is important to Malaysian employees.
To read the full report, visit our News and Research Centre here.
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