Personal Finance 101: Are you earning above market salary and benefits?
Many friends are stuck in a role they do not like
I have many friends who share with me that their bosses are out of their mind. Some would also tell me that their bosses refused to pay them a competitive salary and even the bonus is low every year for the past many years. There are also friends who told me that they have to work for over 10 hours every day and they are so tired. There’s also a group of friends who told me that they are looking for another job and found another but the pay was not up to their expectation. Do you also have such friends?
Meanwhile there are many employers who are also pushing for a competitive employee benefits as they need to hire the best talents in the market.
Article in nst.com.my More than four in five employers in Malaysia see competition for talent as the number one business issue influencing their strategy for employee benefits in 2023. Despite rising costs, an increasing number of employers are targeting an ‘above market’ benefits position to attract top talent.That is according to the 2023 Benefits Trends Survey by WTW, a leading global advisory, broking and solutions company.
The survey was conducted between March and April this year with responses from a total of 5,233 employers across 95 markets globally, representing 22.9 million employees.
Director of health and benefits of Malaysia Rosalind Yu said the current state of Malaysian economy is pushing employers to balance between winning the competition for talent and rising cost of services while the budget remained tight.
Moving forward, Malaysian employers acknowledged the importance of achieving ‘above market’ positions for their benefits portfolio in the next two years. Article in nst.com.my
Do not complain, just look for a better role with better pay
At the same time that I have friends who continue to complain, I also have many friends who continue to rise up the career ladders quickly. I also have friends who resign when they did not like the boss and found a better role which suits them more. I also have friends who resigned to take a break when they could not stand the hectic working days. After they have rested, they were able to find another better role. Why does this happen? Actually, it’s just whether we are considered a talent by many other employers or the only one who think of ourselves as talent is just us.
Do not complain, just look for a better role with better pay. If we are not able to do it, perhaps it’s time we learn more, change our ways or even to start accepting that perhaps even at this current role we are overpaid… Happy thinking and deciding.
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