KUALA LUMPUR: Most domestic employers expect business activity levels to increase in the next 12 months, based on findings in the 2022 Hays Asia Salary Guide.
Now in its 15th edition, the guide compiles and presents salary and sector overviews based on accurate data and a survey of skilled professionals across China, Hong Kong, Japan, Malaysia, and Singapore.
Over 9,500 responses were collected between October to November 2021.
The guide said 74 per cent of employers in Malaysia believe business activity will increase in 2022, which is the highest in the region.
Fewer hiring freezes were also reported for 2022, with 75 per cent of employers saying none has been planned.
Last year, nearly half of employers reported a hiring freeze at their organisations.
Hays Malaysia managing director Tom Osborne said the pandemic has severely impacted business activity across various sectors over the last two years.
“Fortunately, the Malaysian economy is now on the road to recovery, and despite ongoing challenges, we see a growing optimism among employers,” he said.
Accordingly, half of the employers surveyed plan to increase their permanent headcount in the next twelve months and are implementing candidate attraction tactics like increasing compensation.
Along with China, employers in Malaysia are planning for larger salary increments on average, between three and six per cent.
Hays said the average increments for all other regions are expected to peak at three per cent.
“While job seekers are prioritising compensation after two years of suppressed wages, employers should be aware that there are other factors that will come into play.
“Seeking new challenges, better healthcare insurance and allowance, and career progression were all top motivators for Malaysians looking to change jobs,” Osborne said.