foundit (formerly Monster APAC & ME) a leading talent platform, today published the foundit Insights Tracker (fit) for Malaysia, formerly published as Monster Employment Index (MEI). According to the tracker, e-recruitment in Malaysia has grown impressively by 13% over the past six months.
Additionally, the tracker recorded a YoY increase of 2.6%, with the index rising to 78 in March 2023 from 76 in March 2022. The tracker showed a 3% rise month over month, with an index of 76 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 Malaysia, Sekhar Garisa, CEO, foundit, said, “The job market in Malaysia has displayed remarkable resilience, showing consistent growth over the past year, reflecting a gradual but positive shift in the labour market. Despite ongoing concerns surrounding the global economic outlook, many companies are still actively seeking new talent, particularly individuals with specialized, high-demand skill sets. Hence, job seekers must stay up-to-date with industry demands and focus on building skills that give them an edge.”
Hospitality and Retail Top the Charts, while IT and Logistic Industries Witness a Drop in Hiring Activity
The fit reveals that the Hospitality industry continued to dominate the job market in March 2023, with a YoY increase of 59%. The industry’s increased adoption of sustainable solutions has been key in driving hiring demand. The Retail and BFSI industries saw a YoY increase in hiring demand in March 2023, with a 26% rise in Retail due to increasing sales in the consumer market, while BFSI saw a 17% increase driven by the development of digital banking ecosystems. Among others, the Oil and Gas industry saw an improved hiring demand in March 2023 with a YoY increase of 6%, as the sector was going through its low since November 2021.
However, the IT, Telecom/ISP, and BPO/ITES industries recorded a consecutive drop in hiring activity, with a YoY decrease of 24%. This trend can be attributed to recent retrenchments and hiring freezes by major tech companies. Additionally, the Logistics, Courier/Freight/Transportation, and Shipping/Marine industries experienced a major setback in hiring demand, with a YoY decrease of 21%. Other industries such as Engineering, Construction and Real Estate, Production/Manufacturing, Automotive and Ancillary, and Advertising, Market Research, Public Relations, Media, and Entertainment also saw a decline in hiring. These changes could be due to uncertain global economic conditions.
Hospitality & Travel, Sales & Business Development, and Finance & Accounts Lead the Way in Hiring Trends
In terms of functional roles, Hospitality & Travel saw the most significant demand in March 2023 with a growth of 210% YoY, followed by Sales & Business Development, which registered a consecutive uptick in hiring demand of 15% YoY. The Finance & Accounts function also saw an increase in risk management and compliance roles, with a growth of 13% YoY. The hospitality sector is experiencing a surge due to the rise in domestic tourism. Similarly, the Finance & Accounts function is seeing a rise in compliance roles due to regulatory changes, online sales channels.
On the other hand, the pace of growth moderated further for Customer Service roles, which registered a double-digit decline of 51% YoY. Additionally, Purchase/ Logistics/ Supply chain and Software, Hardware & Telecom job roles exhibited a decline in online recruitment levels vis-a-vis the previous year in March 2023, with a decline of 9% YoY and 3% YoY, respectively. There were fewer opportunities created YoY for Engineering/Production, and Real Estate professionals, with a decline of 2%, while other functions such as Marketing & Communications and HR & Admin saw a positive trend of 8% YoY and 1% YoY, respectively.
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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