Here's what MY marketers can expect their wages to look like in 2024

The current economic climates of the world do not bode well for many companies and businesses.

While markets such as China, Hong Kong SAR, Japan, and Singapore exhibit a sense of caution and less-than-enthusiastic outlooks for the upcoming 12 months, markets such as Malaysia emerge as potential beneficiaries of strategic corporate decisions.

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“In the face of subdued economic growth forecasts for the upcoming year, employers and employees are bracing for the impact this will have on revenue and overhead,” said Tom Osborne, managing director, Hays Southeast Asia.

“The crucial factor of success lies in how companies and their workplace navigate these challenges and ongoing skill shortages”.

To help companies navigate these challenges, professional recruitment group Hays has released its 2024 Hays Asia Salary Guide which surveyed 2,014 skilled professionals and 832 employers from Singapore, Malaysia, mainland China, Hong Kong SAR, and Japan for insight on how they are navigating the evolving work landscape and recruitment strategies. 

The guide discovered that 29.3% of employees in Malaysia are expecting a salary increase between 3% to 6% in 2024. This is in comparison to 43% of employers who are expecting to see the same increase. 

The largest shift in employee expectations compared to last year was for raises above 10%, with expectations falling from 28.6% to 22.8%. There was also a dip in expectations for raises between 6 and 10% (19.0% to 15.3%).

On the other hand, expectations for raises up to 3% rose from 14% to 19%. Expectations for pay cuts remained largely the same.

In addition, employers in Malaysia are also looking to hire roles in sales (35.3%), IT/technology (33.4%) and accountancy and finance (20.9%). 

Meanwhile, employees are seeking flexible work arrangements (34.5%), opportunities for career growth within the company (32.2%) and organisation support to balance work and personal life (27.8%). 

With that in mind, here are the salaries you can expect in 2024 as a marketer in Malaysia as well as how they have increased or decreased since 2023. 

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