Latest news with #NicholasLam
The Sun
28-04-2025
- Business
- The Sun
Nearly half of Malaysian employers plan to expand permanent workforce: Jobstreet survey
PETALING JAYA: Employers in Malaysia are optimistic on recruitment, according to Jobstreet by Seek's latest Hiring, Compensation and Benefits Report 2025. Nearly half of the surveyed companies (48%) plan to expand their permanent workforce in the first half of the year, driven by business expansion (83%), the introduction of new roles (58%) and the replacement of outgoing staff (43%). Based on insights from 2,279 human resource (HR) professionals and employers, the Hiring, Compensation and Benefits Report 2025 is a comprehensive resource for employers, HR leaders and policymakers that helps them navigate and adapt to the evolving employment landscape. 'Businesses are approaching 2025 with cautious optimism, focusing heavily on flexibility, competitive compensation and strategic use of AI,' said Jobstreet by Seek Malaysia managing director Nicholas Lam. 'As AI becomes integral to recruitment processes, businesses must adopt it thoughtfully to ensure inclusivity and effectiveness,' he added. While confidence remains high for 2025, with 83% of companies planning business expansion, it's important to acknowledge that 2024 was a year of recalibration for many employers. Although 74% of respondents viewed the job market as active, 39% of companies reduced their workforce, with permanent full-time roles most affected. These retrenchments, right-sizing efforts and shifting strategies reflect a cautiously optimistic hiring landscape moving into the new year. In a statement today, Jobstreet by Seek Malaysia said in today's competitive job market, remuneration packages remain a key lever in attracting, retaining and motivating top talent. 'Employers are providing enhanced compensation and incentives, with over 75% of companies awarding performance bonuses in 2024, averaging two months' salary – up from 1.7 months previously. Additionally, 77% of businesses gave employees salary increments, aligning with Malaysia's inflation rate at 2.49%,' it added. It said in a bid to attract and retain talent, companies have upgraded their employee benefits packages with perks like replacement leave and additional parental leave. Additionally, 45% of employers now offer flexible working hours and family-friendly policies and facilities, including nursing rooms and medical coverage. The report disclosed that as AI becomes integral to modern recruitment, Malaysian employers are rapidly adapting – from assessing candidates' AI skills to deploying smart tools that optimise the hiring process. Today, 70% of Malaysian businesses evaluate candidates' AI knowledge during the hiring process, with 36% considering it a critical skill. Furthermore, 26% of recruiters use AI tools for tasks like job ad creation (71%), candidate screening (59%) and assessments (54%). However, 47% of businesses are hesitant to embrace AI due to the perceived lack of personalisation. Diversity, equity and inclusion (DEI) is gaining momentum across Asia, and Malaysia is making meaningful strides. In 2024, the CEO Action Network launched a DEI Implementation Guide at Bursa Malaysia, reinforcing national efforts to build more inclusive workplaces. The 30% Club continues to drive change, with Corporate Malaysia now seeing 33% women on boards among the top 100 PLCs and 27.6% across all PLCs as of January 2025 – an encouraging sign of progress. Beyond the boardroom, more companies are beginning to embed DEI into their workplace culture. While 40% have formal DEI practices in place, adoption is steadily growing through initiatives like anti-discrimination policies (59%), unconscious bias training (53%), clear diversity goals (46%), and blind resume screenings (40%). The momentum is building, and the direction is clear. 'Employers in Malaysia are increasingly recognising DEI not just as a moral responsibility but also as a strategic business advantage,' Lam said. 'However, there is still considerable progress needed to embed these principles deeply within organisational cultures.' To stay competitive in the year ahead, Jobstreet by Seek encourages companies to broaden recruitment strategies to include part-time, contractual or freelance workers; align salary adjustments with inflation and industry benchmarks, based on insights from Seek's Talent Attraction Lab study; enhance employee benefits offerings with perks like flexible working arrangements, mental health leave and family-friendly policies and prioritise AI literacy, leveraging Seek's Decoding Global Talent 2024 report and initiatives under Malaysia's National Artificial Intelligence Roadmap 2021-2025 and HRD Corp initiatives besides strenthening DEI practices, leveraging tax incentives from Malaysia's Budget 2025 for measures supporting diversity, caregiving responsibilities and women returning to the workforce.
New Straits Times
28-04-2025
- Business
- New Straits Times
Bonuses and aligning salaries with inflation crucial for talent retention
KUALA LUMPUR: Malaysia's job market is advancing steadily, but competitive remuneration remains a key factor in attracting and retaining top talent. According to Jobstreet by SEEK's latest Hiring, Compensation & Benefits Report, more than 75 per cent of companies awarded performance bonuses in 2024, with average payouts rising to two months' salary—an improvement from the previous average of 1.7 months. Additionally, 77 per cent of businesses implemented salary increments, keeping pace with Malaysia's 2.49 per cent inflation rate. To further strengthen their employee value propositions, many organisations have expanded their benefits packages, introducing initiatives such as replacement leave, extended parental leave, and flexible working arrangements. Notably, 45 per cent of employers now offer family-friendly benefits, including nursing rooms and enhanced medical coverage. The report also noted that retrenchments, right-sizing, and strategic pivots in 2024 have shaped a cautiously optimistic hiring outlook as companies prepare for 2025. To stay competitive and resilient, Jobstreet by SEEK recommends employers expand their recruitment strategies to include part-time, contract, or freelance workers; align salary adjustments with inflation trends and industry benchmarks, and enhance employee benefits, particularly in offering flexible work arrangements, mental health leave, and family-focused policies. It noted that nearly half of Malaysian companies plan to expand their permanent workforce in the first half of 2025, entering the new year with renewed optimism. This projected growth is driven by business expansion (83 per cent), the creation of new roles (58 per cent), and the need to replace departing employees (43 per cent). "Businesses are approaching 2025 with cautious optimism, focusing heavily on flexibility, competitive compensation and strategic use of AI," said Nicholas Lam, managing director at Jobstreet by SEEK Malaysia. "As AI becomes integral to recruitment processes, businesses must adopt it thoughtfully to ensure inclusivity and effectiveness," he said in a statement. Drawing from insights gathered from 2,279 human resource professionals and employers, the report highlights that while business confidence is strong—with 83 per cent of companies planning for expansion—2024 was largely a year of recalibration. Despite 74 per cent of respondents describing the job market as active, 39 per cent of employers reduced their workforce in 2024, a notable increase from 18 per cent in 2023 and 14 per cent in 2022. The top three permanent full-time roles remained consistent with 2023: administration and HR (41 per cent of companies that hired), accounting (33 per cent), and sales or business development (21 per cent). Meanwhile, Malaysian employers are increasingly embracing AI in their recruitment strategies. Seventy per cent of businesses now assess candidates' AI skills during hiring, with 36 per cent viewing it as a critical competency. Additionally, 26 per cent of recruiters are using AI tools to assist with job advertisement creation (71 per cent), candidate screening (59 per cent), and assessments (54 per cent). However, nearly half of employers (47 per cent) remain cautious, citing concerns about the potential loss of personalisation in the hiring process. The report also highlights meaningful progress in diversity, equity, and inclusion (DEI) initiatives. As of January 2025, women now hold 33 per cent of board seats among Malaysia's top 100 public listed companies (PLCs) and 27.6 per cent across all PLCs. "Employers in Malaysia are increasingly recognising DEI not just as a moral responsibility but also as a strategic business advantage," Lam said.
The Star
26-04-2025
- Business
- The Star
A growing appetite for borderless work and virtual mobility among younger Malaysians
Jobseekers are not rejecting physical offices outright, but they are placing a premium on flexibility and choice, says Lam. — 123rf JOBSEEKERS in Malaysia are increasingly becoming more open to working remotely for international companies, says JobStreet by SEEK. According to the job portal's Decoding Global Talent 2024 report, the percentage of Malaysians willing to work for a foreign company remotely has gone up to 66%, compared with 53% in 2020. This reflects a growing appetite for virtual mobility, says JobStreet by SEEK Malaysia managing director Nicholas Lam. 'This evolution shows that flexibility has become a durable feature of the employment value proposition, particularly in attracting borderless talent and fostering long-term workforce engagement,' he says. Flexibility has become one of the most consistent demands among jobseekers, he adds, with 15% of respondents in the report identifying remote work options as a top reason for changing jobs. 'While this is not the highest-ranked factor, it highlights a consistent demand among a key segment of the workforce,' Lam says. On top of that, he says their data shows 15% of candidates would reject a job offer lacking flexible arrangements. 'Jobseekers are not rejecting physical offices outright, but they are placing a premium on flexibility and choice. 'What emerges is a call for more purposeful in-person work experiences that justify the commute, whether through team collaboration, learning opportunities, or workplace culture enhancements,' Lam adds. Some Malaysian employers have recognised the value of offering work flexibility in order to retain talent; Lam says their Hiring, Compensation and Benefits Report 2025 highlighted that 39% of Malaysian companies now offer flexible start and end times, while 23% allow employees to select their in-office days. Group CEO of human resources agency TalentCorp Thomas Mathew says we cannot afford to ignore the data point that 84% of employees globally report feeling more productive in hybrid or remote setups. Many employers who implemented remote work during the Covid-19 pandemic have since transitioned to a hybrid model, citing benefits such as improved mental health outcomes, cost optimisation, and talent engagement, he says. 'In today's world, we have to accept that the notion of work tied to a desk or a city centre is increasingly outdated. 'The future lies in how we empower talent, wherever they are, to contribute meaningfully,' says Mathew.
