Q1 2015 JobStreet.com Job Outlook Report in Malaysia
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According to the recent JobStreet.com job outlook report, 73 per cent of employers are looking into hiring between first and second quarter this year. This is a similar situation with the preceding quarter in 2014 where 88 per cent say the peak recruitment period was also between first and second quarter. During this period, 61 per cent of the employers are just looking to fill or replace positions in the company while the remaining 39 per cent are expanding their company. Employees would then be able to find more job opportunities this quarter and should make sure their resumes are updated.
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Recruitment Challenges in 2015
In this quarter, the top 3 specializations that are having the most demand are engineering, sales/marketing, and the accounting industry. These are also the top three specializations that are most difficult to hire.
Bonuses Expectation in 2015
When surveyed, 82 per cent of employees received some bonus last year.
This year, however 50 per cent of employees expect a bigger bonus as they have fulfilled expectations and requirements set by the management in terms of job performance for 2014.
Reasons for bigger bonus expectation by employees
Myth Debunked – For 2014, 64 per cent of employers did not receive resignation letters after bonus payout.
While 95 per cent of employers expect to give out bonuses for last year’s performance, it is often perceived that employers will receive many resignation letters from staff after bonus is paid out. To check if this was true, we carried out a survey and found that 64 per cent of employers did not receive resignation letters from employees. Furthermore, employers did not think that bonuses contribute to employee retention. The decision to leave or stay is inclined to other factors such as better job opportunities and career progression.
Further enforcing that the turnover after receiving bonus will not be that drastic, we also surveyed employees and found that 59 per cent said they would stay with their current job.
Even though 59 per cent of employees choose to stay with their current job after receiving their bonus, employers should continue to work on their employee retention programme. However, for employers who expect to give out a lower bonus, they need to evaluate areas to bridge the gap between candidates who are expecting a higher bonus payout. In order to bridge this gap, employers can consider better employee benefits program, employee engagement in organization activation (internal / external / social), or branding of company (candidates love to join well-known companies).
Outlook of Salary increment in 2015
When surveyed, 51 per cent of employers say that they will not be giving a better increment compared to last year.
93 per cent of employees expect increment while 95 per cent of employers plan to give increment in 2015. While this is a small gap, 54 per cent of employees expect an increase above 6 per cent. However, only 31 per cent of employers will be giving an increment above 6 per cent which do not tally against employees’ expectation.
This survey covered two different groups which consist of 366 companies from 21 business sectors and 608 employees from different job levels.
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