foundit (formerly Monster APAC & ME), Asia’s leading jobs & talent platform, published the foundit Insights Tracker (fit) for August 2024. According to the Malaysia fit report, the overall hiring activity has shown a strong 14% year-on-year increase in e-recruitment, demonstrating the job market’s resilience and ongoing recovery.
The tracker shows the index rising from 79 in August 2023 to 90 in August 2024, indicating a positive trend in the Malaysian job market. However, there was a slight month-over-month decrease from 95 in July 2024 to 90 in August 2024, reflecting some seasonal fluctuations.
Commenting on Malaysia’s job trends for August 2024, Sekhar Garisa, CEO, foundit, said, “Malaysia’s job market is demonstrating remarkable resilience and adaptability. The 14% year-on-year growth in August is a testament to the country’s economic recovery and the evolving needs of various sectors. While we’ve observed some seasonal adjustments, the overall trend remains positive, suggesting that Malaysia’s job market is well-positioned for continued growth in the coming months. The diverse growth across sectors, particularly the impressive 83% annual growth in Retail and 55% in Engineering, Construction, and Real Estate, highlights the dynamic nature of Malaysia’s economy. This shift underscores the importance of upskilling and adaptability in today’s rapidly changing job landscape.”
Retail and Engineering sectors lead growth, while BFSI faces challenges
The retail sector has demonstrated remarkable growth, with an 83% year-on-year increase in hiring activity, despite facing a 17% month-on-month decline in August 2024. This recent slowdown marks the sector’s most modest expansion since April 2024, with a notable deceleration in sales growth across various categories including general retail outlets, specialised household equipment stores, and niche goods retailers.
The engineering, construction, and real estate industries showed impressive growth with a 55% YoY increase and double-digit growth over the last month. This surge is primarily driven by increased activity in both residential and commercial projects, reflecting a robust real estate market and ongoing infrastructure development in Malaysia.
Other sectors showing substantial annual growth include hospitality (51%), logistics, courier/freight/transportation, shipping/marine (49%), oil and gas (38%), and advertising, market research, public relations, media, and entertainment (37%). These trends reflect a broad-based economic recovery across multiple sectors in Malaysia.
However, the banking, financial services, and insurance (BFSI) sector recorded a 9% YoY decrease in hiring activity, with a notable decline over the last month. This trend could be attributed to ongoing digital transformation efforts in the financial sector, leading to a shift in skill requirements.
Engineering/production roles lead functional growth, while traditional hospitality & travel roles face a decline
Engineering/production roles witnessed the highest demand with a 91% YoY growth and a 26% increase over the last month. This surge is particularly driven by heightened activity in the retail sector over the past year and supported by growth in the automotive and engineering, construction, and real estate sectors.
Marketing & communications professionals also saw a significant increase in demand, with a 53% YoY growth. This trend reflects the increasing importance of digital marketing and communications strategies across various industries.
Software, hardware & telecom roles experienced a 49% YoY increase, with a notable 45% rise in job roles over the past month. This growth underscores the ongoing digital transformation across sectors and the increasing demand for tech talent.
However, traditional hospitality & travel roles continued to face challenges, experiencing a steep 63% YoY decline. This was the only function to register a drop in demand, indicating significant shifts in the hospitality industry, possibly due to the adoption of new technologies and changing consumer behaviours.
Other functional areas showing positive YoY growth include customer service (46%), sales & business development (37%), HR & admin (31%), finance & accounts (19%), and purchase/logistics/supply chain (14%).
The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (fit) presents a snapshot of employer online recruitment activity nationwide.
