Gloomy Propects for Jobseekers Next Year, Say Experts

December 9, 20192:30 pm681 views
Gloomy Propects for Jobseekers Next Year, Say Experts
Gloomy Propects for Jobseekers Next Year, Say Experts

A bank economist has predicted a “guarded” job market next year, with employers erring on the side of caution when it comes to hiring, while an employers organisation expects vacancies next year to be for low-level positions.

Mohd Afzanizam Abdul Rashid, chief economist of Bank Islam Malaysia Berhad, said employers would be wary about taking in new staff and cautious about the kind of people they hire, in view of the challenging economic outlook for next year.

Afzanizam says employers fear their operating costs will go up, Free Malaysia Today reports.

“They won’t simply cut their labour force as they could lose out their competitive edge, but they will be very selective. Employers are now looking for those who can multitask,” he said.

Afzanizam also said next year would be an employers market, with a focus on productivity.“They will have the luxury of picking the best candidate for the job.”

Afzanizam noted that in the third quarter of 2019, growth in wages was “tepid” and this trend would continue.

The Malaysian Employers Federation painted a bleak picture. Its executive director, Shamsuddin Bardan, said vacancies next year were expected to be for low-level positions.

New graduates would have difficulty in being employed as they would have to compete with graduates who have been jobless for the past 12 months.

See also: The List of Average Salary of HR Job Roles in MALAYSIA

While Malaysians continue to shun lower-end jobs, employers would be forced to depend on foreign workers.

He expects retrenchments, particularly of those in higher levels, to continue.

Financial institutions would continue the digitalisation process, which could result in “further reduction” in terms of manpower.

The Federation of Malaysian Manufacturers said based on its joint survey with the Malaysian Institute of Economic Research, about 69 percent of the 509 surveyed planned on putting employment plans on hold while 18 percent indicated that they would be going on a recruitment drive soon in the second half of 2019.

The survey, which was released in August, covers the actual performance in the second half of 2019 and outlook for the first half of 2020.

The survey also noted that between 34-37 percent planned on increasing their technical workers.

Read also: Workers in India and Indonesia Most Optimistic About Career Prospects in Asia-Pacific

(Visited 1 times, 1 visits today)