- By CEO Razrul
- Posted August 10, 2017
Over half willing to take pay cut to stay employed in Malaysia, Singapore, Hong Kong - study
More than half of employees in Malaysia, Singapore and Hong Kong are
willing to accept a lower salary or demotion in order to remain employed,
according to a study by Randstad.
The global average stands at 43%, while Singapore, Hong Kong and Malaysia
have an average of 52% employees willing to take a pay cut, the manpower
consulting firm's Workmonitor Research for the second quarter of 2017
'We expect this falls down to a mix of the recent global economic
sluggishness and the fear of staying unemployed, coupled with traditional
mindsets, where losing a job would result in losing face,' said Michael
Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
Employees in Singapore were the most likely to accept a salary decrease or
demotion with 61%, while only 46% of employees in Hong Kong were willing
to protect their employment through a decrease or demotion, the study
suggests. Meanwhile, 49% of employees in Malaysia share the sentiment.
Consistently, men across all three economies, as well as globally, were
more willing to accept a demotion or salary decrease, as compared with
women, the research revealed.
'While we don't have statistics to see how this sentiment has trended in
the past, I would expect the willingness to accept decreased salaries or
demotions to drop, as the economy recovers and the workforce matures,'
The Dutch consulting firm launched its Workmonitor Research in 2003 to
track employee confidence, job market sentiments, employee satisfaction,
and key trends shaping the world of work for employees, among other
indicators. The study now covers 34 countries around the world and is
published every quarter of the year.
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