Randstad Malaysia, a world-renowned talent acquisition firm, has published a crucial research describing the job market outlook and salary trends for 2024 in the midst of Malaysia’s dynamic economic landscape. Employers and job seekers alike may use this all-inclusive reference as a compass, guiding them through the ebb and flow of the labour market this year with new perspectives and predictions.
Growth Sectors Emerge in Malaysia’s Economy
Fahad Naeem, the esteemed Country Director at Randstad Malaysia, paints a picture of Malaysia’s economic ascent, propelled by foreign investments and robust domestic demand. “Malaysia is at a position of growth in 2024. Driven by foreign investments and domestic demand, and we anticipate to see growth in manufacturing, transportation as well as oil and gas,” he remarks.
The Quest for Specialized Talent
The report delves into the growing appetite for specialized skills in areas like gaming, cybersecurity, renewable energy, and data analytics. Naeem sheds light on the importance of technical prowess, enriched by past work experiences and certifications. He also points out the increasing trend of assessing problem-solving and critical thinking during interviews.
Compensation and Flexibility: The New Talent Magnets
In the current Malaysian talent landscape, the allure of financial rewards and flexible working arrangements cannot be overstated. According to Randstad’s findings, the secret to securing top talent lies in the swift extension of job offers, especially when competing for sought-after candidates.
Energy Sector: A Realm of New Opportunities
Amid global price fluctuations, Malaysia’s ambition to become a regional oil and gas hub in Asia Pacific stands strong. The report anticipates a rise in engineering, procurement, construction, and commissioning (EPCC) projects, underpinned by government incentives. Sought-after roles in digital oilfield technologies, geoscience, reservoir modeling, and renewable energy integration are set to rise.
Technology Sector: Standing Strong Against Talent Shortages
Government initiatives in cybersecurity, e-sports, and regional delivery centers have bolstered the resilience of the technology sector. Skills in coding, automation, e-sports, and digital transformation are in high demand. Employers offering a kaleidoscope of project experiences, particularly in AI and big data, are poised to attract elite talent.
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HR and Legal Sectors: Experiencing a Surge
Malaysia’s global services appeal has sparked a surge in demand within the HR and legal sectors. The report highlights the need for professionals adept in regional or international legal frameworks, cybersecurity, and data protection. The rising focus on environmental, social, and governance (ESG) issues is also fueling the demand for legal expertise in compliance roles.
Conclusion: Charting Malaysia’s Job Market in 2024
Randstad’s 2024 Job Market Outlook and Salary Guide Report offers an in-depth exploration of Malaysia’s employment landscape, spotlighting key sectors, in-demand skills, and strategic hiring practices. As Malaysia continues its journey of growth and transformation, this report stands as a vital compass for both employers and job seekers aiming to thrive in the dynamic Malaysian job market.
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