PETALING JAYA: Despite the challenges for companies and their employees stemming from the pandemic, there is an underlying hope for the year ahead according to Hays Asia Salary Guide 2021.
The survey – involving over 7,000 working professionals across China, Hong Kong, Japan, Malaysia and Singapore – found 34% of employers noted a rise in innovation over the last twelve months, a testimony to the truism that crisis spawns creativity.
“This can be seen in the rise of digital transformation across numerous industries, the implementation of AI and cloud technologies and the utilisation of various technological advances required to ensure that employees could work from home with minimal disruption,” it said.
To ameliorate the latter, 70% of employers established a number of flexible working options, up from 54% in 2020. The most common options are remote working (57%) and flexitime (31%).
However, the survey found a decline in work-life balance, despite the fact that jobseekers regularly demand these options when chasing a new role, with home and mobile working the most preferred option (63%) followed by flexitime (57%) and compressed hours (28%).
On the flip side, 48% of the respondents cited work-life balance as an important factor for those looking to remain in their role, a 10% rise since 2017.
Hays also pointed out that salary is the primary concern as prioritised by 49% of employees and 58% of candidates alike, with jobseekers in China (69%) and employees Malaysia (57%) most likely to make this selection.
Over the last year, it found that salaries have stagnated with 35% of companies providing no increase, against 18% reported for the previous year. In addition, 6% of companies in Asia decreased wages, and these trends are likely to continue in 2021, with 37% of employers forecasting stasis and 4% predicting decrement.
Given the tightened salary and recruitment budgets in 2021, the survey found only 36% of companies expect permanent staff levels to increase in the next 12 months, while 45% expect headcount to remain the same.
“However, while these figures may not suggest overt assurance, they are an improvement on the previous year, when only 29% of companies increased staffing levels, and 30% saw cutbacks, including 32% in Malaysia,” said the recruitment firm.
It noted that the projection for this year may reflect the fact that 42% of organisations will implement hiring freezes – whether for the first three months of the year (9%) the first six months (16%) or indefinitely (17%), with companies in Malaysia being the most likely to do so (10, 21 and 21% respectively) – with the potential for lifting them later in the year.
When hiring, the survey found 59% of companies prefer candidates with hard skills particularly in Malaysia and Singapore with 68% and 67% respectively. Reflecting the growing desire for candidates in digital, AI and Big Data fields, employers are on the hunt for professionals with technical (67%), analytical (66%) and project (45%) skills.
On the whole, Hays Asia managing director Richard Eardley commented despite the hardships faced last year, 55% of companies in Asia expect business activities to increase in 2021, backed by how the companies foresee their respective economies growing in the next 6-12 months.
“And while this may be scant consolation for those undergoing the hardships imposed by the unprecedented year that has gone before, it signals a gradual return to brighter times ahead. It may take time, with potential substantial shifts in how businesses operate and the skills in which employees must develop, yet there is a definite feeling that improvement is within reach.”
Source: The Sun Daily
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