Salary is No Longer King?

The mentality that salary is the top driver of work happiness may still apply to the Gen Y/X employees. But this may no longer be relevant to the millennial and Gen Z counterparts. Work-life balance has out-ranked salary as the top driver for happiness at work among Asia-Pacific (APAC) employees today. This is according to a new business survey by PERSOLKELLY, one of the region’s leading HR solutions companies.

The findings revealed that only 36% of respondents acknowledged that well-paid jobs lead to happiness at work. The recent survey highlights that APAC employees place a higher priority on four other factors: (i) good work-life balance (42%); (ii) a safe and healthy environment (40%); (iii) good connection with co-workers (39%); and (iv) ability to provide family with better living conditions and lifestyle (38%).

Source: https://focusmalaysia.my

Companies need to prioritise the following key factors to enhance job fulfilment and retention by:

• Having flexible work arrangements for a better work-life balance;

• Maintaining policies that enforce safe and supportive work environment;

• Introducing programmes or events that foster strong interpersonal connections among employees;

• Providing competitive compensation and financial wellness programmes.

Some key market findings were as follows:

• 98% of respondents in Malaysia agree that work life happiness is important.

• Top five factors that affect their work life happiness is: (i) The ability to provide family with better living conditions and lifestyle (48%); (ii) A good work life balance (47%); (iii) A safe and healthy environment (42%); (iv) Feeling of good connection with co-workers (39%); and (v) A job that helps a person to achieve his/her purpose or dream in life (34%).

• The top reason why respondents seek satisfaction at work is because they believe that it helps in increasing productivity and job performance (42%).

• 40% of Malaysians acknowledge that each individual is responsible for his/her own happiness at work.

• Therefore, 69% of them will take the initiative to reach out to their managers at work to let them know what motivates them at work. However, over one-in-four of them find that there are no changes or action taken even after the discussion.

• 81% of Malaysians believe that their job plays a significant role in improving the lives of the society.

• 70% of Malaysians feel that they are not limited by job choices.

Although many want work-life balance, there are companies – both local and foreign who basically “exploit” their people with long hours and non-competitive remuneration. Some feel “trapped” by their job content or others by the “brand” name of the company they represent. What do I mean? If this is a specialised job and the local market is limited, then resignation will only mean you may have to leave the country! (There are no local alternative companies in the same trade) Or, if you are part of a “global” brand then leaving it is perhaps painful as working for it. What would you do?

Reference:

Salary is no longer king when it comes to work happiness but 4 other considerations, Focus Malaysia, Focus Malaysia, 15 November 2023