Kuala Lumpur, Nov 28: Today, foundit, a prominent talent management platform (formerly Monster APAC & ME), released the foundit Insights Tracker (FIT) for October 2023. The report, previously known as Monster Employment Index (MEI), showcases encouraging developments in Malaysia’s job market.
According to the Malaysian FIT report, the Hospitality and Travel sector experienced a remarkable 169 per cent year-on-year (YoY) growth in job roles over the past year.
The comprehensive tracker also highlighted an overall 16 per cent YoY growth in e-recruitment, with the index rising from 69 in October 2022 to 80 in October 2023.
A month-on-month analysis further indicated positive momentum, reflecting a buoyant job market that benefits both employers and job seekers.
CEO of foundit, Sekhar Garisa, commented on the job trends, stating, “Our findings indicate a strong momentum and a promising future for Malaysia’s labor market. However, in this competitive landscape, companies are emphasizing individuals with specialized skills. Job seekers must be aware of the changing demands of the industry and equip themselves with the required skills. Upskilling and continuous learning will be the key to unlocking new opportunities and thriving in this dynamic landscape.”
The report identified upward trends in the Engineering, Construction, and Real Estate sectors, while the Oil and Gas, BFSI, and IT/Telecom & BPO industries witnessed a decrease in recruitment.
Hospitality and Retail industries continued to lead in hiring activity, with the Hospitality industry experiencing a YoY growth of 111 per cent, fueled by Malaysia’s thriving tourism industry.
Similarly, the Retail industry marked notable progress in e-recruitment with a 108 per cent increase. Following closely, the Engineering, Construction, and Real Estate industries observed a 42 per cent YoY increase in hiring activity in October 2023 due to infrastructure developments and government policies.
Contrastingly, the Oil and Gas industry, along with BFSI, IT, Telecom/ISP, and BPO/ITES, recorded a substantial deceleration in hiring activity, with YoY decreases of 11 per cent, 9 per cent, and 6 per cent, respectively, attributed to economic slowdowns and uncertainties.
Despite challenges in specific industries, the overall hiring sentiment in Malaysia remains positive. Logistic, Courier/Freight/Transportation, Shipping/Marine (+27 per cent), Advertising, Market Research, Public Relations, Media, and Entertainment (+17 per cent), and Production/Manufacturing, Automotive, and Ancillary (+12 per cent) industries displayed substantial annual growth in October ’23.
Hospitality, Retail & Real Estate Lead the Way in Hiring Trends
In terms of functional roles, the Hospitality and travel sector continued to witness significant demand in Oct 2023, with a staggering YoY growth of 169 per cent.
This surge in demand created online opportunities for Sales & Business Development (44 per cent) and Marketing & Communications (12 per cent) roles.
Other roles, including Engineering/Production, Real Estate (+10 per cent), HR & Admin (+7 per cent), Purchase/Logistics/Supply Chain (+6 per cent), and Software, Hardware & Telecom (+5 per cent), also exhibited robust YoY growth rates.
Customer Service roles (-24 per cent) were the sole function to exhibit a negative growth trend, despite a 19 per cent increase over the last month.
This decline can be attributed to technological advancements leading to automated customer service systems and cost-cutting measures during challenging economic times.
The foundit Insights Tracker provides a comprehensive monthly analysis of online job posting activity, offering a snapshot of nationwide employer online recruitment activity based on a real-time review of millions of job opportunities.
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