Randstad's 2023 Workmonitor in Malaysia shows that 60% of respondents are worried about job loss, while 86% have confidence in their employers to provide security.
80% M’sians worry that economic uncertainty would impact their livelihoodIn the softening economy ladened with global-wide business restructuring, increasing operating costs as well as high interest rates, employees are voicing their concerns about their financial and job stability.
The survey indicated that even though 80% of respondents are worried about how the economic uncertainty would impact their livelihood, 86% retain strong confidence in their employers to provide them with security.country director at Randstad Malaysia said employers who take steps to support and understand their employees are more valuable and attractive to job seekers than ever.
Additionally, 38% of respondents said that they have quit their jobs due to low wages, whilst 34% said they are thinking about resigning so that they can find a better paying job to help with the rising cost of living. “Companies that build a reputation for being good and competitive paymasters during this period are demonstrating their financial strength, which is an attractive quality for job seekers in today’s economy,” he said. The survey revealed that 80% of respondents said that their financial position is preventing them from retiring as early as they want. Based on their current situation, 39% of respondents said that they will need to work beyond the statutory minimum retirement age in Malaysia.
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