foundit (formerly Monster APAC & ME), one of the leading talent platforms, recently published the foundit Insights Tracker (fit) for March 2024, formerly published as Monster Employment Index (MEI).
According to the tracker, e-recruitment in Malaysia has grown impressively by 8% over the past year.
Additionally, the tracker recorded a 5% increase over the past six months, with the index rising to 84 in March 2024 from 78 in March 2023.
The tracker showed a slight increase month over month, with an index of 83 in February. These encouraging figures imply that the labour market is improving gradually but steadily and that demand for online jobs will continue to increase in the upcoming months.
Commenting on Malaysia’s job trends for March 2024, Sekhar Garisa, CEO, foundit, said, “The job market in Malaysia has displayed remarkable resilience, showing consistent growth over the past year, reflecting a positive shift in the labour market.
“The job seekers community of Malaysia have also shown an affinity towards choosing job roles that align with social and environmental values.”
“The retail sector also witnessed substantial growth in hiring for green job role particularly looking for individuals with specialised, high-demand skill sets.”
Garisa also added, “With this in mind, it is imperative that job seekers stay up-to-date with industry requirements and focus on building skills that are in demand.”
Retail sector top the charts, while oil & gas and BFSI industries witness a drop in hiring activity
The fit reveals that the retail industry continued to dominate the job market in March 2024, with a YoY increase of 173%. The industry’s increased adoption of sustainable solutions has been key in driving hiring demand.
Further, the growth is largely seen in e-commerce fuelled by the increasing consumer inclination toward online shopping and the positive impact of tourism-related activities.
Engineering, construction, and real estate and hospitality industries saw a YoY increase in hiring demand in March 2024 with a 76% rise in hiring in the construction and real estate sector, driven by an uptick in warehousing, industrial needs, and the suitable business environment.
While the hospitality sector saw a 75% increase driven by the strategic collaborations within the airline sector.
Among others, logistic, courier/freight/transportation, shipping/marine (+75%) demonstrated exceptional growth, with a noteworthy 56% increase over the last six months.
Similarly, advertising, market research, public relations, media and entertainment (+33%) sector along with IT, telecom/ISP, BPO/ITES (+11%) sector saw a double-digit annual increase in hiring.
The latter sector saw a significant upturn, noticing a 12% increase over the last month.
The oil and gas (-16%) and BFSI (-10%) sectors were the only sectors to mark a subsequent drop annually. However, both sectors rebounded with impressive growth of 5% and 18% respectively over the last month.
Engineering/production, real estate, and sales & business development lead the way in hiring trends
In terms of functional roles, engineering/production and real estate saw the most significant demand in March’24 with a growth of 73% YoY, followed by sales & business development, which registered a consecutive uptick in hiring demand of 66% YoY.
The marketing & communications job roles (particularly, in the retail sector) also saw an increase in hiring employees with skills around content and data analytics, showcasing growth of 59% YoY.
With the opening of various manufacturing facilities across Malaysia, the demand for engineering graduates would increase. As the migrant crisis in the country rises, commercial housing requirements would provide employment to many.
Furthermore, HR & admin (+42%) roles saw substantial gains annually, driven by extensive training and development initiatives within organisations.
Also, software, hardware & telecom (+14%), purchase/ logistics/ supply chain (+10%) and customer service (+5%) roles registered an increase in hiring demand annually in March’24.
While the latter saw a significant drop of 16% over the last month. Annual data for March 2024 indicates a notable decline in hospitality & travel (-11%) and finance & accounts (-3%) positions. This drop is attributed to shifting demands for novel roles across various sectors.
