23 Dec 3 In 5 Malaysians Are Afraid Of Losing Their Jobs – Randstad Workmonitor 2023
In Malaysia, amidst a softening economy with global business restructuring, rising operating costs, and high interest rates, the concern for job security is more prevalent than ever. A Randstad survey revealed that 60% of Malaysians fear job loss, emphasizing the importance of financial and job stability. As the largest talent agency globally, Randstad’s 2023 Workmonitor highlights the workforce’s sentiments and perceptions in the local job market.
Job security is not just about financial stability; it also offers peace of mind, reducing stress and anxiety. Despite 80% of Malaysians being concerned about economic impacts on their livelihood, 86% are confident in their employers’ ability to provide job security. Employers are urged to support their employees, as their approach to employee welfare is crucial in attracting job seekers.
A significant 65% of Malaysian workers wouldn’t accept a job without a substantial salary increase, underlining the priority of income stability. With rising living costs, 38% have left jobs due to low wages, and 34% are considering resigning for better pay. Employers need to be mindful of financial decisions impacting income stability and remain competitive in salary offerings.
Many Malaysians are postponing retirement due to financial constraints. With 80% unable to retire as planned, 32% delay retirement to manage living costs. In times of business restructuring, employees expect financial assistance and job placement services. If layoffs occur, they seek extended company-paid benefits and access to outplacement services.
The survey, conducted in October 2022 with 750 respondents aged 18-67, sheds light on the workforce’s concerns and aspirations.
In response to these challenges, individuals can take proactive steps:
- Upgrade Your Value: Personal development is key. Engaging in courses on emotional management or learning new technical skills can enhance personal value.
- Improve Internal Processes at Work: Implementing new skills in the workplace is crucial. It’s essential to apply what’s learned to increase your professional worth.
- Transform Your Mindset at Work: Embrace new challenges and opportunities with confidence. Recognize your potential and take the initiative in your professional environment.
Every effort towards self-improvement and adapting in the workplace contributes to a more secure and confident future, navigating through the challenges of the current economic climate in Malaysia.
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Written by Amir Ashraff
SHRA Corporate Trainer
Amir is a trainer from SH Retail Academy. His highest education is in the education field. His passion for teaching and business handling gives him a lot of experience in teaching, training, retailing, business management and operation management. His hobbies include learning new skills and gaming.
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