Malaysian millennials and Gen Z struggling financially, Deloitte survey reveals
Deloitte’s Global 2023 Gen Z and Millennial Survey disclosed worrying trends amongst Malaysian millennials and Gen Zs. Half of the millennials and 45% of Gen Zs stated cost of living as their prime concern. A significant proportion, 70% of millennials and 65% of Gen Zs, agreed to living paycheck to paycheck, surpassing global figures of […]
The rising diversity of perks and benefits across Southeast Asia packages
According to Aon’s 2022 Asia Pacific Employee Benefit Trends report, rising benefit plan costs are the biggest challenge faced by almost 60% of companies in the region. Additionally, more than 50% of employers struggle to provide diverse benefits and options, almost half admit their perks are not competitive and fall short of market standards, and […]
Singapore rental surge: foreign businesses recalibrate strategies
In 2022, Singapore’s private residential rental market saw a steep 29.7 percent year-on-year increase, causing concern among expatriates and foreign businesses. According to the Urban Redevelopment Authority, this marked surge is up from the 9 percent increase observed in 2021. Although 2023 predictions show a deceleration between 10 percent and 15 percent, businesses are feeling […]
Finding the right compensation strategy for today’s fragile economy
Having a compensation philosophy and strategy is becoming increasingly important for companies to distinguish themselves as top performers. Larger businesses often have a dedicated team or person responsible for compensation management. They are tasked with moving beyond basic salary data and market pricing for pay increases, and cash rewards for high-performing employees. The talent crunch […]
Southeast Asian salaries are rising in 2023 – but only slightly
It’s the largest and most obvious component of an employee’s salary package, but there is still a lot of work that goes into setting salaries and bonus levels for staff. It’s also where employees are likely to experience the most discomfort in today’s inflation-driven economy. As the global economy continues to recover from the pandemic, […]
HR Tech Update: Transforming total rewards toward comprehensive benefits
As HR professionals, the adoption of HR technology in managing total rewards has never been more critical. With the changing workforce dynamics and rising expectations of employees, staying up-to-date on the latest HR tech developments is essential for delivering a compelling, competitive, and contemporary rewards package. The HR tech we’re looking at today is a […]
Thai businesses urge incoming government to reassess minimum wage hike
The Thai private sector, inclusive of prominent corporations, SMEs and small enterprises, called on the coalition government to reconsider its campaign promise of increasing the minimum daily wage to 450 baht ($13.5). They argue that labour costs already account for about a quarter of total expenses, especially for SMEs. This proposed hike would, therefore, compound […]
Lack of compensation strategy is holding employers back: Chief of Staff research
A surprisingly large number of employing organisations in Singapore and the Southeast Asia region are working without a formal compensation strategy. This is according to the latest Chief of Staff Asia research paper, focused on compensation, benefits, and employee health. The report, titled Innovation Rules: How Compensation and Benefits Strategies are Evolving in 2023, was […]
Compensation and Benefits strategies for 2023 and beyond
Salary recovery in Malaysia post-pandemic varies across sectors
Salaries in Malaysia are bouncing back post-pandemic, but at different rates across sectors. In 2022, 93% of employers granted pay raises, a significant increase from 65% in 2021, according to the Malaysian Employers Federation. However, recovery has not been uniform, with some industries like IT, education, telecommunications, and transportation seeing more than a 40% increase, […]
