A SURVEY by Randstad Singapore among Malaysians working in Singapore has found more than half the respondents claimed they are underpaid by their employers.

The survey found 54% of the 302 Malaysians did not feel their salary fairly reflected their contributions to their jobs.

The online survey was conducted among Malaysians who lived and worked in Singapore between February and March this year.

Other key findings from the Randstad Singapore Salary and Bonus Expectations survey were:

– 49% who chose to stay with their current employer only received an up to 5% salary increment.

– 91% would switch jobs for higher salaries.

Of the 30% of the 302 respondents who switched jobs in the past 12 months, the survey found 49% of that segment was successful in negotiating a 20% wage increase.

Randstad Malaysia country director Fahad Naeem said 49% of the respondents received only up to 5% salary increments in the past three months.

The report said even though Malaysians “have higher expectations for their salaries due to less than satisfactory year-on-year pay increments and year-end bonuses”, the survey found 39% of them were informed by their employers their salaries would not be adjusted this year, while 31% of them were informed they would not receive bonuses for work done in 2022.

“Salary is a strong motivator for many Malaysians. Getting a higher salary increment every time they (switch jobs means employees) are able to match their earning power with their international peers,” Fahad said.

He said it could help Malaysians meet their financial goals, like buying cars or property, earlier in their lives.

“Companies that don’t support their employees’ goals may risk losing their best talent and adversely impact their overall operation and revenue.”

He said as global and domestic demands skyrocket, companies need to grow and maintain their workforces to continue delivering products and services.

“One of the tried-and-tested ways to be successful in growing your workforce is to offer an attractive and competitive salary package,” he said.

The survey found 35% self-evaluate their average pay based on their job scope and responsibilities.

Only 16 % of respondents approached recruiters, while 14% used online salary calculators as independent sources, to evaluate how much pay they deserve.

“We often estimate our salaries based on how much work we do, but it is not a fair evaluation to assess one’s true worth as there are other factors like company budgets, industry averages as well as supply and demand in the labour market to consider,” Fahad said.

He said Malaysians could leverage on more resources like specialised recruiters and salary calculators that use real-time data for a more accurate view on how much they should be compensated.

“Inflation and higher costs of living have changed how people choose to spend their money. It is only natural and reasonable that employees seek higher salaries and fair bonuses to feel recognised for their work and value as employees.

“To attract top talent and meet their employees’ salary expectations, companies must make a conscientious effort to review and adjust their internal salary and bonus structures to reflect new skill demands and talent expectations,” Fahad said.

Randstad said the survey was aimed at helping “employers understand talent’s salary and bonus expectations in light of increasing costs of living and imbalanced supply and demand in the labour market”. – May 9, 2023.