In a significant move, Randstad, recognized as the world’s largest talent agency, has recently unveiled its highly anticipated 2024 Job Market Outlook and Salary Trends Report for Malaysia. This comprehensive report serves as a valuable resource for employers and job seekers alike, offering the latest insights and projections to navigate the dynamic job market throughout the year.
Fahad Naeem, Country Director at Randstad Malaysia, expressed optimism about Malaysia’s growth in 2024, attributing it to foreign investments and domestic demand. He anticipates substantial growth in sectors such as manufacturing, transportation, and oil and gas.
Highlighting the hiring sentiments for the year, Naeem emphasized the demand for highly-skilled talent in niche fields like gaming, cybersecurity, renewable energy, and data analytics. Employers are particularly keen on technical abilities based on past work experiences and certifications, testing problem-solving and critical thinking during interviews.
In today’s talent market, cost remains a pivotal factor, with many Malaysians seeking employers who offer competitive remuneration. Additionally, flexible work arrangements are highly prized by talent. However, the key to winning the talent war in Malaysia lies in extending job offers faster than competitors, especially when competing for highly sought-after candidates receiving multiple offers.
Navigating Energy Shifts in Malaysia
Despite price uncertainties, Malaysia aims to position itself as the regional oil and gas hub in the Asia Pacific. Government incentives, including support for renewable energy, drive growth in the sector. Anticipating increased recruitment activities, especially in new sectors like hydrogen, the report foresees high demand for roles utilizing AI and big data to enhance accuracy and efficiency.
In the technology industry, resilience is evident amid talent scarcity. Government support in the 2024 budget has propelled investments in cybersecurity, e-sports, and regional delivery centers. Coding, automation, e-sports, and digital transformation are highlighted as the most in-demand roles in technology across all industries.
Employers offering exposure to diverse skills, particularly in high-growth areas like AI and big data, gain a competitive edge in talent recruitment. While skills remain a significant draw, hybrid working stands out as a highly attractive non-monetary benefit for talent.
Dynamic Growth in HR and Legal Industries
Benefiting from low operational costs and a large talent pool, Malaysia was ranked the world’s third most attractive location for global services in 2023. The report underscores the increasing demand for individuals with a strong understanding of regional or international legal frameworks, driven by heightened scrutiny on cybersecurity and data protection.
Developments in environmental, social, and governance (ESG) are expected to drive demand for legal professionals in compliance, navigating complex layers of international and local regulations. The report anticipates a growing demand for ESG talent near reporting deadlines.
Top in-demand careers in human resources include labor law compliance, human resources information systems (HRIS), compensation and benefits, as well as organizational design. In the legal sector, focus areas encompass corporate exercises such as mergers and acquisitions, contract management and compliance, corporate secretarial services, and privacy and data protection.
This comprehensive report offers a strategic roadmap for both employers and job seekers in Malaysia, providing valuable insights into the evolving job market landscape in 2024.