Survey: Malaysians Concerned Over Economic Uncertainty, Three in Five Afraid of Losing Their Jobs

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More than half of Malaysian respondents surveyed by a recruitment firm said they are worried about losing their jobs because of the current economic uncertainty.

In Malaysia, close to three in five respondents said that they would not accept a job if they are not legally contracted to the organisation as an employee, according to Randstad Malaysia’s 2023 Workmonitor survey released yesterday.

“Measures such as providing temporary subsidies for daily work expenses or financial literacy courses can make a big difference, allowing employees to budget responsibly and maintain a level of security and stability in their lives,” Randstad Malaysia director Fahad Naeem said in a statement here.

The respondents were among hundreds of job seekers and workers from several countries surveyed to highlight the workforce’s latest sentiments and perceptions of the local job market.

Even though 80 per cent of respondents are worried about how the economic uncertainty would impact their livelihood, 86 per cent retained strong confidence in their employers to provide them with security.

The firm identified three impactful factors influencing job seekers: Employees’ job stability, income stability, and retirement and retrenchment.

The findings showed that job seekers and employees are concerned about job stability and salary as more news of business restructuring and layoffs around the world is being announced.

In the survey, 65 per cent said that they will not accept a new job offer if the company does not offer a significant pay increment.

Meanwhile 38 per cent of respondents said that they had to quit their jobs due to low wages.

However, 34 per cent said that they are thinking about resigning so that they can find a better-paying job to fight the rising cost of living.

“Instead of holding off their career decisions until the economy is stable, people are actively looking for jobs to sustain their ability to pay for essential services and pursue their desired lifestyle,” Randstad said.

According to the recruitment agency, for the past three years, there has been an increase in retirements occurring earlier than usual.

Yet 32 per cent of the respondents expressed that they were forced to delay their retirement to help with the rising cost of living because of insufficient financial security.

Based on their current situation, 39 per cent of respondents said that they will need to work beyond the statutory minimum retirement age (60 years) in Malaysia.

According to Randstad, employers are expected to offer financial assistance and job placement services during business restructuring. In the unfortunate event of retrenchment, 41 per cent of respondents said that they want an extension of company-paid corporate benefits for a period in addition to severance pay. On the other hand, 26 per cent said that they want access to external outplacement services.

A total of 750 people aged 18 to 67 from eight countries participated in the online survey which was conducted in October 2022.

Source: Malay Mail