PETALING JAYA: Malaysia’s labour market continues to experience high levels of employment despite many other economies facing recession, says Hays South-East Asia managing director Tom Osborne.
This should provide job seekers here with the confidence they need to act on their career goals, he added.
In a statement yesterday, Osborne said professionals often make resolutions at the beginning of the year, leading to thoughts of change and progression within their careers and promises of finding a new role in the year ahead.
However, given the economic uncertainty facing many countries, some professionals could be reluctant to act on their goals.
The 2023 Hays Asia Salary Guide, which surveyed over 10,000 employers and professionals around the region, projected a 56.5% staff level increase in Malaysia this year.
“Some 66.6% of employers in Malaysia expressed confidence in their ability to hire the skilled talent they need,” it noted.
Hays Malaysia regional director Natasha Ishak said top industries in Malaysia that are hiring include those in heavy industries and manufacturing, fast-moving consumer goods (FMCG) retail, shared services centres, technology as well as banking and financial services.
She said recruitment remained competitive in the heavy industries and manufacturing sector, despite a subdued manufacturing index in the second quarter of this year.
“Demand for project managers with project management professional certification and research and development engineers with experience in product design and process development remained strong, as forward-thinking companies look towards supplementing product innovation for the coming seasons,” said Natasha.
In addition, the interest on automation for cost savings and efficiency considerations also saw rising demand for automation engineers.
With increasing focus towards environmental, social and governance (ESG) initiatives, there is a push for sustainability specialists to take up roles in manufacturing.
In manufacturing, Natasha said: “Demand for talented engineers are crucial to establish the groundwork for a future, in which industries are prepared to face crises, minimising operational disruption and enhancing overall efficiency.”
Similarly, the FMCG sector has increased the hiring of demand planners and supply planners as consumer spending is expected to trend upwards this year.
The increase in customer data over the Covid-19 pandemic period has also necessitated hiring for customer relationship managers and loyalty managers, added Natasha.
As for larger multinational retail brands, many are also leaning towards marketing managers to help drive regional goals and execute 360 marketing on a local basis.
Also, the increased interest in championing ESG initiatives has led to high demand for skilled communications managers, who are able to relay sustainability achievements to stakeholders and the media.
In 2023, the focus within the shared services sector are particularly for finance project managers, financial planning analysts, country financial controllers and finance operation specialists.
Natasha said the pandemic has accelerated digital transformation with Malaysia, particularly in the need for digital transformation specialists with knowledge of robotic process automation.
Cyber security engineers, who are capable of executing security orchestration, automation and response will also enjoy a leg-up over the competition.
“Tech leaders in the country are making significant steps toward moving industries into the digital economy.
“Professionals possessing these highly regarded skills are well-positioned to succeed in the ever-changing job market,” explained Natasha.
As for banking and financial services, the hiring trend for front office positions remains strong, highlighting substantial growth opportunities in the market.
She said there is high demand from employers for relationship managers, catering to both corporate and commercial segments.
The compliance sector has also observed an upsurge in demand for professionals with advanced technical skills.
Furthermore, the financial institutions are increasingly focusing on stress tests for credit risk assessments, prompting the need for individuals proficient in programming languages.
“Concurrently, banks are actively bolstering their internal controls through the recruitment of experienced internal auditors well-versed in regulatory reporting, anti-money laundering advisory and transaction monitoring.”
In response to the growing emphasis on ESG practices within the sector, the hiring landscape saw an intensified search for bankers specialising in risk management, which aligns with Bank Negara’s recent mandate requiring financial institutions to account for climate change factors when evaluating risk exposure.
