A slow Malaysian economy may seem like an opportune time for corporate leaders to pull back on innovation and stick to the processes that have proven to work over the long run. Despite this, Malaysian CEO’s have recognized the importance of technology and are actively taking steps to integrate this into their business processes to stay ahead of the curve.
Larger organisations in the country are now taking steps to take their technology headcount in-house in an effort to grow their capabilities and develop technological intellectual property.
The move to in-house tech talent has also allowed these organisations to cut down on costs by reducing their reliance on external tech service providers. The surge in demand for tech skilled talent for in-house roles from large in-house organisations, has led to competition between these organisations and tech service providers causing huge demand, thus creating a large talent gap.
Ryan Carroll, Country Manager for Randstad Malaysia noted, “The need for businesses to implement technology has gone beyond being an advantage and is now an absolute must-have to remain competitive in the market.”
“While it’s good to see that top management are taking steps to implement technology into their businesses, what needs to happen now is that these organisations include training and development into their growth and digital strategies. Currently, workforce skillset development and technological advances are not aligned, and if not addressed, will lead to a major talent gap in the future,” added Carroll.
Investments Driving Tech Industry Forward
The Malaysian economy has slowed and certain industries have been facing retrenchment. However, the tech industry continues to power forward with strong growth and room for expansion. Key areas in technology that will see strong growth in 2017 are network security, PMO, front-end development, digital transformation and data analytics.
Not only is demand for tech talent strong, both private and government agencies are making large investments into the tech sector to ensure sustainable growth for the coming future.
Cyberjaya is receiving RM11b in investments through the implementation of the upcoming Cyber City Centre and the allocation of RM1.5b to the Ministry of Science, Technology and Innovation are just two examples of the sharp focus on technology and innovation for Malaysia.
Associate Director for Randstad Technologies Malaysia, Mike Farrance noted, “Large amounts of investments keep getting pumped into all areas of the technology sector in Malaysia, and for good reason. Not only are these major projects going to develop the industry, it will be a primary driver in developing the tech talent pipeline.”