Malaysian Businesses to Invest in Talent Development in 2016

January 25, 20167:53 am657 views

With a slowdown in recruitment, employers are turning their efforts towards upskilling their existing professionals. This strategic move is expected to assist companies with retaining their top talent in preparation for the economy’s recovery.

Hiring is anticipated to rise in the latter half of 2016 as the Malaysian economy is expected to stabilise.

According to the latest annual Global Salary Survey from specialist professional recruitment firm Robert Walters, recruitment in Malaysia is likely to remain cautious in the first half of 2016 due to pressures from the weak Ringgit as well as falling crude oil prices.

Across sectors, hiring is only anticipated either for replacement positions or within critical business units. Published figures suggested that qualified job movers with the in-demand skills such as IT and corporate governance can expect an average overall salary package increment of 20-25% in 2016.

Sally Raj, Managing Director of Robert Walters Malaysia, comments: “In times of market uncertainty, companies need to see the long-term value of investing in their employees.

Staff retention is now more crucial than ever as Malaysian professionals are highly motivated by training and development initiatives as well as leadership opportunities.

Despite this general slowdown, growth is still forecasted within IT, corporate governance and Islamic banking, all of which are driving recruitment of top-tier skilled specialists. ”

Other Key Highlights for 2016

  • Demand for accounting and finance professionals experienced in project management and the shared services businesses environment as more multinational corporations migrate their functions to Malaysia
  • Malaysia remains the biggest player in the global Islamic banking industry which will drive more opportunities for relevant professionals, particularly in Islamic asset management
  • As the technology space experiences rapid growth, more firms are likely to utilise digital channels to boost revenue. This will increase positions for IT specialists skilled in big data and e-commerce
  • Penang has been earmarked as a hub for semiconductor and E&E manufacturing as more foreign direct investments enter the state.

According to Hays, the reasonable cost of salaries and the skills of local talent will continue to attract MNCs to set up shared services centres, while more online businesses are expected to spring up in 2016 due to local consumers becoming more digitally savvy in their shopping habits.

Key sectors in Malaysia will continue to see demands for skilled workers in 2016 despite reports of retrenchments.

See: Malaysian Employees are increasingly concerned about Job Security in 2016

Increased recruitment drives and on-the-job training will be prevalent as start-ups and larger organisations try and race ahead of their competitors to claim a stake in the budding e-commerce industry.

SSC heads, business development managers and web application developers are just three areas of high staffing demand in Malaysia throughout 2016.

According to the latest Hays Quarterly Report, for January to March 2016, skilled locals will be able to advance their career this year. “This quarter will see the payment of annual bonuses, which is preceded by candidates looking out for good opportunities and followed by an influx of roles and recruitment activity as people search for their next role and challenge,” says Tom Osborne, Regional Director of Hays in Malaysia.

“In good news for candidates, there are several factors behind vacancy activity. One is that more multinational organisations are looking to take advantage of Malaysia’s geographical location in the region, multi-lingual capabilities and abundance of skilled workers to establish their regional operations here.”

“Add the Economic Transformation Programme and the heavy investment in the construction industry, the de-tariffication of the motor and fire insurance industries, and a strong manufacturing and operations market powered by plant expansions, new plant set-ups and increased demand for products and it certainly signals an active jobs market for those professionals with the skills in demand.”

Image credit: eessence.biz

Also read: Malaysia’s Top 10 Talent Trends for 2016

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