KUALA LUMPUR – One may be forgiven for concluding that the Covid-19 pandemic has left a heavy and indelible dent on Malaysia’s economy, resulting in dampened employment prospects.
However, we may be approaching the light at the end of the tunnel sooner than we think, based on an assessment by an international jobs and specialist recruitment agency.
According to Paul Cooper, managing director of Michael Page Malaysia, Thailand and Vietnam, the employment headcount in Malaysia is set to increase or be maintained this year as 73% of Malaysian companies are increasingly optimistic of achieving this.
“From July 2020 onwards, various sectors in Malaysia began to experience steady recovery,” he said.
“For example, the technology sector remained buoyant throughout 2020, with businesses placing emphasis on business intelligence, data analytics, as well as software development."
The professional recruitment services firm launched their Talent Trends 2021 Report last week with a keen eye on Hong Kong’s job market.
“The Covid-19 pandemic and the resulting economic downturn have had a significant impact across Asia Pacific, and Malaysia was not spared.
“With that said, optimism is already starting to show, with about 33% of companies in Malaysia looking to increase their headcount and 40% maintaining status quo in 2021,” said Cooper in a statement.
He also said that in view of economic demands, the sectors earmarked for highest hiring activity are technology and fintech (financial technology), global business services and shared service centers.
The rest include fast-moving consumer goods, healthcare and life sciences, as well as engineering and manufacturing.
In addition to Malaysia’s anticipated employment activity, Cooper sees more opportunities for professionals.
“Demand for talent within the semiconductors and consumer electronics (sectors) also sustained the engineering and manufacturing sectors in Malaysia.
“As a major producer of medical devices, Malaysia's healthcare sector also experienced a significant increase in demand for talent from the manufacturing and supply chain perspectives, specifically those with a strong digital focus around invoicing, tracking and processing,” he said.
According to the report, 66% of employed professionals anticipate looking for new opportunities in 2021 while 31% of respondents say they do extensive research before applying for a job.
This suggests increased employment activity in Malaysia and candidates are becoming increasingly empowered with a wealth of information.
“Business leaders are encouraged to remain agile and adapt work practices and strategies to reflect a new working environment.
“Communication and trust will be key in a remote working world as will the ability to keep an eye on what will no doubt be a rapidly evolving future,” said Cooper.
On March 31, Bank Negara Malaysia forecast the Malaysian economy to expand between 6% and 7.5% this year compared to a contraction of 5.6% in 2020, supported by domestic factors including consumption and a brighter external environment fuelled by Covid-19 vaccinations.
According to the central bank, the roll-out that started at end-February will provide some lift to growth, as it supports recovery in employment and income by improving consumer sentiment and facilitating a gradual normalisation in economic activity. – The Vibes, April 12, 2021
