Towers Perrin-ISR consultant Dr Jens Ballendowitsch said that despite a significant drop of five percentage points in Malaysians’ confidence level on employment security last year versus 2007, Malaysians were still very optimistic compared with employees in Singapore, Thailand, Hong Kong, China, Japan and South Korea.
Dr Jens Ballendowitsch The Towers Perrin-ISR database, which contains opinions of more than 300,000 employees, shows 71% of the Malaysian workforce is optimistic on employment security.
“This reflects the highest level of confidence in the region,” he said. “Only 41% of the workforce in Japan and 44% in South Korea have positive opinions in this respect.”
In Singapore, the figure is 66%, Hong Kong 60% and China 64%.
He said the high level of Malaysian employees’ optimism might be a positive indicator for local businesses.
The Towers Perrin-ISR research also revealed that the workforce’s opinion on job security is highly correlated to employees’ commitment to a company.
“Employees who perceive having a secure job also show a high level of commitment and engagement,” Ballendowitsch said. Employee engagement, as defined by Towers Perrin-ISR, is a combination of rational, emotional and motivational factors that unleash discretionary employee effort.
Towers Perrin-ISR’s studies have shown that engagement is an important predictor of companies’ financial success.
Ballendowitsch said that taking these findings into account, Malaysian business leaders could be optimistic of the year ahead, since the foundation for an engaged workforce, and thus sustainable business outcomes, was already laid.
He said although the current financial crisis began in the United States, it had had a direct impact on the Asian workforce.
“While in countries such as Singapore, Japan and South Korea an increasing number of business bankruptcies have already occurred, accompanied by relatively large retrenchment efforts, the Malaysian economic situation is, by and large, still in a state of normality,” he said.
Ballendowitsch said that to maintain the high level of engagement among the Malaysian workforce, business leaders should keep on communicating that jobs were secure.
“If it is known that retrenchment of personnel is not on the list of an organisation’s action plan for 2009, the good news should be spread, since it helps to sustain the level of commitment among staff and, in turn, maintain the company’s ability to stay successful in 2009,” he said.
Source : TheStar
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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