Digital transformation & Centres of Excellence push hiring appetite
The shared business services industry in Kuala Lumpur has matured from a regional one to a successful global business services (GBS) hub, no longer limited to support functions like accounting and finance but embedded into a full spectrum of support functions such as HR, data management, procurement, digital marketing, mass communications, products, payroll, and across all industries financial services, logistics, manufacturing, and healthcare.
There is no doubt the GBS market is further set to grow with the government’s commitment to improving digital infrastructure and active hiring, despite the pandemic situation in Malaysia. There has been a significant increase in new functional roles in supply chain, digital marketing, talent acquisition, and IT as Malaysia continues to attract investment into centres of excellence (COE) of global companies.
As the manufacturing sector moves towards Industry 4.0, companies are on the hunt for engineers highly skilled in automation. As global demand for E&E products remains strong, employment in manufacturing continues to generate demand. In particular, semiconductor companies already leveraging Industry 4.0 technologies and solutions are holding the lead on job creation—although they were active before and throughout the pandemic.
Other active areas were evident with the tremendous increase in IT technical job orders for niche skills in telecommunications, IT consulting, and e-commerce. Rising investment in the pharmaceutical, medical device and life sciences industries has also catalysed growth in their respective sectors. Ongoing US-China trade tensions also hold the potential for opportunities for new investment if MNCs shift their operations from China to Southeast Asia, as we have already seen take place with several global companies so far this year.
Meanwhile, candidates remain cautious
In contrast to the hiring appetite for companies, overall, jobseekers were viewing the market very cautiously in Q3 compared to Q2 in 2021, with many focusing on job security over mobility. Candidates are more open to permanent roles over fixed-term or contract positions; many are looking for flexible working hours or work-from-home arrangements and are also reluctant to travel overseas or even within Malaysia for business.
However, IT candidates, ever in demand, are more mobile and choose to be enticed by the promise of a bump in salary or even by companies using systems and technologies that are more advanced than what they are using in their current roles.
It has accelerated an appetite for hiring for disruptive technologies as companies fill in the digital gaps in their operations. On the other hand, it has caused professionals to be less receptive to changing jobs. It is now more than ever for hiring companies to have a pulse on the evolving needs and preferences of candidates on the market today to capture these opportunities successfully.
To learn more about the changing needs of job seekers as we head into a new year, feel free to reach out for a confidential discussion by filling out the form on this page.