by Kelvin Wong
According to Malaysian Employers Federation (MEF), Malaysian companies are seeing an attrition rate of between 9.6% and a phenomenal 75%, based on its survey conducted on executive positions between June 2010 and July 2011, a total of 143 companies across the various sectors nationwide.
The survey shows that industries with the highest annual average turnover rate in the non-manufacturing sector, that are IT / Communication (75.72%), Associations / Societies (33%), and Hotel / Restaurant (32.4%).
In contrast, the manufacturing sector saw relatively lower annual average turnover rates, with the highest being the Basic and Fabricated Metallic Products (23.88%), Electrical and Electronics (23.04%), and Plastic / Rubber (19.92%).
According to Kelly Services’ study conducted for Singapore and Malaysia, found that the trend is predominantly seen in Gen Y, and revealed that it is not always just about the money.
“For the Gen Y-ers, they have to find meaning in their work. They must have a work-life balance, and they are not willing to go all out if it affects their me-time', a spokesman for Kelly Services commented.
“Don't get me wrong though, it's a very healthy attitude. Otherwise they will get burnout easily,” the spokesman added.
In fact, there are many multinational companies (MNCs), government-linked companies (GLCs) and conglomerates are sitting up and taking note – as they are now recognizing employees as talents, and along with that, talent management and retention.
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