Are legal and finance roles set for significant pay rises?

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Legal and Finance Roles Anticipate Notable Pay Increases

Legal, finance, and research and development functions are identified as the top three roles most likely to experience pay increases in Malaysia for 2019. This projection aligns with broader industry trends where most sectors are expected to maintain stable salary growth rates, with specific sectors like life sciences and technology showing the highest increases for executive positions. The overall economic landscape in Malaysia, characterised by government initiatives to restructure the economy and enhance global competitiveness, suggests a continued investment in workforce development by companies.
Key Roles Poised for Salary Growth

Mercer's analysis specifically highlights legal, finance, and research and development functions as sectors where employees are most likely to see their salaries rise. These professional services roles are anticipated to benefit from the overall economic momentum projected for 2019. This outlook is consistent with the forecast for a stable overall salary increase of 5.2 per cent for Malaysia in 2019, a rate that surpasses several developed economies like Australia, New Zealand, and Japan.
Sector-Specific Growth Drivers

Beyond these specific functions, the technology and life science industries are projected to offer the highest base pay and total cash increases for executive roles in 2019. Furthermore, positive developments in the semiconductor and biotechnology sectors indicate a strong demand for specialist engineering and sales talent. The insurance industry is also expected to experience healthy growth, contributing to the overall positive remuneration outlook.
Broader Economic and Workforce Context

Malaysia is positioned as a competitive economy, with Generation X and millennials forming substantial portions of its workforce, comprising 38 per cent and 44 per cent respectively in 2018. The government's strategic focus on economic restructuring, promoting diversity, and boosting productivity underpins the expectation that companies will increasingly invest in their employees. This environment supports the prediction of increased remuneration across various professional roles.
Comparative Salary Growth Outlook

While Malaysia's projected salary increase of 5.2 per cent for 2019 is considered stable, it is noteworthy when compared to other emerging markets. Countries like Bangladesh, India, and Vietnam are forecast to have higher salary increases, at 10 per cent, 9.2 per cent, and 9.8 per cent respectively. The study, which surveyed over 500 companies across 12 industries in Malaysia, provides a comprehensive view of remuneration trends in the Asia, Middle East, and Africa regions.

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Are legal and finance roles set for significant pay rises?

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