SEA Industries With Most Pay Raises & Cuts Last Year

industries

When we move forward into the year 2024, it is impossible to dispute the relevance of having a compensation strategy that is clearly stated. After all, salary transparency is essential; a survey that was carried out in Malaysia found that forty-nine percent of those who are interested in applying for jobs would rather be informed about the remuneration before they submit their application.

The purpose of JobStreet’s Salary Guide 2023 is to provide industries with assistance in attracting the most qualified individuals by compiling the most recent data, conducting comprehensive analyses, and comparing salaries. Furthermore, using this book as a road map for your plan is something you can do.

In 2023, overall salaries became substantially more stable as compared to the previous year; all of the markets that were studied for the compensation report such as Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Hong Kong only witnessed salary variations in a small fraction of their job advertisements.

Related link: 2024 Wage Hikes Predicted To Be 5%, Down From 5.6pc In 2023

Taking a closer look at the changes in salaries across different industries in Malaysia, it was found that job advertisements in the marketing and advertising sector showed a net decline in compensation of 2.21%, while the transportation sector witnessed a net increase of 1.39%. The following is a list of the sectors in Malaysia that have experienced the greatest reductions in pay pay:

• Marketing & advertising (-2.21%)

• Beauty, health, and fitness (-1.55%)

• Insurance (-1.03%)

• Consumer goods (-0.63%)

• Entertainment (-0.39%)

Conversely, the industries with the highest pay raises were: 

• Transportation (1.39%)

• Healthcare (0.53%)

• Construction and building (0.34%)

• Science and technology (0.23%)

• Chemicals (0.15%)

Only two specialisations for job advertisements witnessed a net decline in pay adjustments. These specialisations were the administrative and human resources sector and the hotel and restaurant industry. On the other hand, we observed a rising tendency in the accounting and finance sector as well as the services sector.

A brief summary reveals that among the top industries that experienced an increase in compensation when the job was taken into consideration, agriculture experienced a flourishing of junior executive roles. 

On the other end, salaries in the F&B industry experienced salary drops across all position levels except for senior managers, with the most significant salary drop occurring in this industry too for senior executives.