Companies reevaluated and rechecked salary scales to maintain existing talent and bring in new ones, in response to the increment of interest rates. theSun theSundaily Employment workforce salary raise report Randstad costofliving Malaysia
: Malaysia’s workforce are expected to experience salary increments between three to 20 per cent, depending on the industry, especially when it comes to technology and manufacturing highly likely to see major income upgrades.reported that leading human resource provider Randstad’s 2023 Job Market and Salary Trends Report stated that the increasing cost of living and inflation in this country has challenged the nation’s ability to comfortably provide for themselves.
Randstad’s report also said companies had reevaluated and rechecked salary scales to maintain existing talent and bring in new ones, in response to the increment of interest rates. The manufacturing industry was expected to continue its demand for technical and commercial talent due to companies’ efforts in increasing automation and digitalisation in the Industry 4.0 digital transformation.
Randstad Malaysia country director Fahad Naeem said many international companies had minimised hiring more staff due to inflation and leaned to budget cuts.
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