Despite optimism, survey finds workers looking to future-proof careers
Employees across Malaysia are putting a "safety net" around their careers, according to a new report from Employment Hero, which found that a majority of them are "career cushioning."
Career cushioning is the practice where employees seek to "future-proof their careers should they want to (or be forced to) leave their current roles," according to the report.
This behaviour includes seeking out new skills to make one more employable and reaching to contacts to see what jobs are available, LinkedIn also said.
Employment Hero's Talent Insights Report revealed that 92% of Malaysian employees are guilty of career cushioning. This is the highest recorded rate among thousands of respondents from across the world, such as Singapore, Australia, New Zealand, and the United Kingdom.
The findings come despite the report also discovering that 60% of Malaysian employees feel secure with their roles in 2023, while 44% believe their companies will grow this year.
"Despite the optimism - the majority of Malaysian employees are putting a safety net in place when it comes to their career," the report said.
It also revealed that the following measures are being taken by career cushioners to future-proof their career:
- Expanding professional skill set (33%)
- Learning how to use new tech tools (31%)
- Open to changing industries (28%)
- Looking for freelance/contract opportunities to do in addition to main employment (26%)
- Seeking new professional opportunities within their organisation (21%)
- Trying to expand professional network by attending events (20%)
- Looking out for new roles (20%)
Low rewards equal to low productivity
Meanwhile, the report also found that only 50% of Malaysians employees would rate their productivity as "high."
Another 44% would consider it average, while six per cent would consider it low. This is due to not feeling rewarded enough in the workplace, according to the report.
"Respondents pointed to low levels of reward and recognition within their business, and personal stress levels due to the current economic situation," the report said.
The situation could also be attributed to salaries not catching up with inflation, which is the situation for 45% of the respondents. Only 38% of the respondents feel satisfied of their salary, according to the report, while 17% are unsure about it.
The findings come despite 47% of employees receiving a pay increase, while 63% received a bonus in 2022.
'Cash is still king'
Salary increase is the top reason that can make Malaysian employees accept a role in another organisation, according to 52% of the respondents.
Other initiatives include:
- Monetary bonuses or reward (47%)
- Flexible working options (35%)
- Strong career path/future promotion (35%)
- Rewards and recognition programme (32%)
To retain employees, salary increase is still the "top way," as 43% cited by 43% of the respondents. Other initiatives to make employees stay include:
- Better reward and recognition programme (21%)
- Bonus or the introduction of a bonus structure (20%)
- Better learning opportunities (18%)
- Introduction of more flexible working options (17%)
