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2018: Average increment is 5-6%. Promotions get 15-19%.

Posted in Career Related

It’s already halfway through the Chinese New Year for 2018. Have you gotten the increment letter yet? I changed job in August 2017 so I do not expect any sudden change just after 4 months. 😛  What do you think your friends, peers or other Malaysian professionals are getting? According to JobStreet’s Job Outlook 2018 report, the average salary increment without a promotion this year was expected to be between 5% and 6%. It’s Malaysia country manager, Chook Yuh Yng added, “If there’s a promotion, there will be a higher increment, between 15% and 19%.” The few key sectors with positive hiring trend for 2018 includes manufacturing, banking, construction, retail, and information and communications technology. On an overall basis, job opportunities are expected to strengthen with 30% of Malaysian employers increasing recruitment, compared with 18% last year. The report in TheMalaysianInsight here. 

Chook shared, “We see both employers and candidates sharing a more optimistic outlook towards the job market this year. The key drivers of this sentiment are the rise of start-ups, expansion of local businesses and entry of foreign companies that will lead to job creation and the need for diversified skills.” The top five benefits desired by employees are medical insurance, transport allowance, medical coverage for family, pension or retirement fund contribution, and flexible working hours. (My personal ranking for these would be flexible working hours followed by the rest. My kids are growing up fast, my parents are growing old and I need to manage my time much better actually. I personally believe many Malaysians are ready to take a slightly lower pay if all these benefits are given versus a higher pay but with lesser supplementary benefits. Any thoughts from readers of kopiandproperty.com?) The report in TheMalaysianInsight here. 

I think we should also note that not all sectors are doing well. Not all careers are the same because of changing trends too. Have we evaluated if we are in an industry with good potential? Do we have opportunity to enlarge our current scope of responsibilities? If we are expecting to have higher pay but doing the same thing this year versus last, then it’s going to be just time that we are replaced by some others who are willing to take a lower pay. By the way, the ‘others’ here need not be Malaysians. It can be the workforce from cheaper nations. Every company are also competing and they would need to lower their operational costs. Labour is one critical part unfortunately. Want to know what Google thinks about talents? They found out that softskills are IMPORTANT! Here’s that finding. By the way, we can also increase our potential value with LQ. Yes, this is what Mr. Jack Ma said. Here’a full explanation of why LQ may be more important than EQ or IQ. Happy working and getting the increment and promotion that we deserve.

written on 22 Feb 2018

Next suggested article:More ‘freedom,’ less money is okay, true?

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