Job Market in Malaysia Thrives with Overall Hiring Improved by 20%: foundit Insights Tracker

According to the foundit Insights Tracker (fit), formerly published as Monster Employment Index (MEI), Malaysia recorded a robust 21% year-on-year growth in e-recruitment activity in December 2022 compared to the same month a year ago.

The growth is attributed to the country easing travel restrictions and opening its borders.

The company Monster APAC & Middle East was rebranded as foundit in December 2022.

The Index stands at 76 with 3% month-on-month growth, driving a spree in hiring activity in December 2022. According to fit, the job market has shown noteworthy growth month over month, projecting a continuous demand in the job market. Moreover, over the last three months, there has been a robust 10% growth in hiring across sectors, indicating a persistent demand in the labour market.

The retail industry experienced an impressive 65% increase in hiring activity year-over-year, primarily due to robust retail sales and an upward trend in consumer sentiment. The easing of Covid rules and regulations, fast-growing retail business, along with borders reopening to boost import/export and resume travel have aided the boost in retail jobs.

Similar trends were observed in the hospitality sector, where job demand increased significantly by 55%. With a 34% increase in hiring activity, the BFSI sector also maintained its upward trend.

“The job market in Malaysia is showing strong and sustained demand, as reflected in the impressive growth numbers reported by the foundit Insights Tracker. This is a testament to the country’s success in easing travel restrictions and reopening its borders, which has led to a surge in demand across various sectors, particularly in retail, hospitality, and BFSI,” Sekhar Garisa, CEO, foundit APAC & ME commented on jobs trends for December 2022.

“The overall picture is of resilience and growth, even though some sectors have experienced difficulties due to global economic uncertainty. We believe that this trend will persist in the upcoming months,” Sekhar added.

Other sectors that showed encouraging growth in December ’22 are Logistic, Courier/ Freight/ Transportation, Shipping/ Marine (+32%), Oil and Gas (+1%), Production/Manufacturing, Automotive and Ancillary (+2%) and Engineering, Construction and Real Estate (+2%) sector from the year-ago level.

The advertising, Market Research, Public Relations, Media and Entertainment industry also saw tremendous growth (+15%) in December 22, led by a surge in digital marketing initiatives and artificial intelligence (AI) deployment.

While the Index reflects a year-on-year hiring dip in IT, Telecom/ISP, and BPO/ITES by 13%, the monthly hiring demand in the sector has seen a notable increase. However, hiring in this sector has slowed in recent months, primarily due to ongoing global economic uncertainties.

Online recruitment surpassed the year-ago level in 8 of the 9 occupation groups monitored by the tracker, with Hospitality & Travel leading the charge at (+212%). This is due to the opening of land and air borders as the country has completely eased out of the Covid-19 pandemic and opened its land borders with Singapore.

This factor has also contributed to the positive growth in Sales & Business Development job roles (+28%). The increased penetration of digitization across all sectors, followed by a pickup in Finance & Accounts (+29%) roles, registered an increased demand and has maintained resolute growth rates since April 2021. However, among all monitored functions, customer service is the only one to have registered a de-growth of 17% in December 2022.

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.

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