Image credit: rekatone
NINETY-TWO percent of Malaysian employees have joined in the latest work trend, “career cushioning”, according to Talent Insights Report 2023 by Employment Hero, which involved more than 1,000 employees.
The highest among five countries surveyed, namely Australia, New Zealand, the UK and Singapore, Malaysian employees topped the “career cushioning” chart, as they seek to future-proof their careers should they want to (or be forced to) leave their current roles.
Career cushioning is where workers hold down multiple jobs, thanks to the uncertain employment climate affecting countries regionally and worldwide.
International Workspace Group (IWG) country head Vijayakumar Tangarasan said the Covid-19 pandemic changed how people perceive their work.
“Employment is different from what it used to be, with remote or hybrid work becoming the norm,” he said during the Employment Hero’s panel discussion with Malaysia’s top employment experts about the Malaysian employment market today.
From Vijayakumar’s point of view, the rising trend could be attributed to the government’s support such as various subsidies for start-ups and small and medium enterprises (SMEs).
“I think there is a lot more entrepreneurial spirit here in Malaysia,” he added.
Employment Hero MD Kevin Fitzgerald vouched for that, saying he was very impressed that many Malaysians are going into the gig economy and jumping into entrepreneurship.
He noted that despite this trend, employers should not be discouraged and instead use this opportunity to be more transparent with employees about their job security.
“Additionally, making employees feel valued and recognised for their hard work can play a big and important part in retaining staff, and strengthening loyalty and advocacy,” said Fitzgerald.
Concurring his point, FavePay Later strategic initiatives head Audra Pakalnyte emphasised on employers having open communication with their staff, consequently creating a safe space at work.
“Trust is key as the current generation of workers values honest and open communication with their managers,” she said.
Based on the report, 45% of employees feel their salaries are not catching up to the rate of inflation.
However, 60% of Malaysians said they do still feel secure in their jobs, and 44% feel optimistic about their business growth in 2023.
More employees are looking to move internally for their next role, with this number jumping from 35% to 48% over the last two years as the desire to move away from Malaysia for other job opportunities has decreased.
While the trend of lateral move ambitions is positive for employers, they should also be aware of those looking further afield.
Forty-six percent of respondents would switch to a new organisation, with the top reason for this being poor company culture (43%), followed by a dislike for their boss (38%) and lack of appreciation or recognition (34%).
Furthermore, survey data from job switchers shows that pay raises continue to attract people, with 53% of employees saying they would move jobs for a salary increase in 2023, compared to 52% in 2021.
On the other hand, only 43% of employees would stay in their current role if given a salary increase.
The survey was conducted in January 2023 and aimed to better understand current talent trends and how these changed since late 2021.
Source: https://themalaysianreserve.com/2023/04/04/career-cushioning-latest-work-trend-among-malaysians/