Petaling Jaya: More than 80% of professionals in Malaysia are expecting a salary increase in 2022, reveals a study by recruitment firm Heze Malaysia.
It said more workers were demanding a pay increase in 2022 based on the 2022 Hes Asia Salary Guide.
“Around 19% expect an increase of 6% to 9% in salaries while 24% expect an increase of 10% and above.
"After pressing their demands for wage increases and bonuses last year, it is not surprising that Malaysians are looking forward to higher compensation in 2022," Hayes Malaysia Managing Director Tom Osborne said in a statement today.
However, there could be a mismatch between such expectations and what the companies are ready to offer, he said.
“Many organizations are still working on tight budgets as they focus on getting out of the (Covid-19) crisis and returning to growth.
"It is important that organizations manage this expectation gap with care," he said.
This is particularly important as 50% of employers in Malaysia expect an increase in their permanent workforce this year, compared to only 27% in 2021. Still, 38% reported a lack of confidence in hiring skilled talent.
“Compensation in the form of modified bonus structures, better benefits, promotional opportunities or greater flexibility at work can go a long way in bridging the salary expectation gap and promoting talent retention,” Osborne said.
The firm outlined the top three functions where recruitment is prioritized – technology, accounting and finance. Skill set in engineering/manufacturing is also required.