Survey: to see a 3 to 20% salary increase in 2023, with these two industries seeing the biggest increase!
According to a survey, Malaysian employees expect a salary increase of 3 to 20% this year, especially in high-growth industries such as technology and manufacturing , which will see larger adjustments in their internal salary structures.
In its “Job Market and Salary
Trends 2023″ report, human resources company Randstad Malaysia pointed out that domestic recruitment activities Australia Phone Number List a record high in 2022 as companies competed for outstanding talents to expand their teams, and it is expected that this trend will continue into this year, but the pace may slow down slightly.
During the COVID-19 pandemic
Many companies froze hiring, salary increases, and bonus payments in 2020, causing employee wages and the job market to stagnate. The report also Belarus Phone Number List out that in response to rising interest rates, companies have re-evaluated and reviewed salary standards to retain existing talent and attract new talent.
Randstad said many companies around the world have reduced their hiring activities due to recession risks and record high inflation, however, a recession could be beneficial to the Malaysian job market as companies may relocate business units and employees from Europe to Southeast Asian countries.
The company added that this will drive the creation of new job opportunities in Malaysia and attract more top global talents to the country.
