Malaysia’s top 10 talent trends for 2016
Malaysia’s job market will experience a surge in activity in
2016 as more and more multinational companies take advantage of the
country’s geographical location, language capabilities and abundant pool
of skilled workers to set up their regional service centres, according
to recruiting experts Hays.
Foreign companies will also be attracted by the depreciation of the
local currency which will enable them to establish lower cost centres
in 2016.
“Malaysia is an ideal location for MNCs to set up their contact
centres and shared service centres,” says Tom Osborne, Regional Director
of Hays in Malaysia. “We will see a growing number of new regional
centres established and rising demand for skilled candidates to fill
their job vacancies in 2016.”
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.
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.
“Malaysia’s online market is maturing and will offer tremendous job
opportunities for not only those candidates with an IT background, but
also those who can improve efficiencies via the use of the Internet and
other digital tools,” Tom says. “Other trends in the job market include
the increasing demand for retail banking professionals, and the
relocation of manufacturing facilities from other high-cost locations to
Malaysia that will result in a wave of hiring.”
Hays’ top 10 talent trends for 2016 in Malaysia are:
1. Shared service centres: Malaysia will see a
steady growth of multinational companies setting up new shared service
centres or contact centres thanks to its established status as a
low-cost location in the region. Malaysia’s geographical location in
Asia Pacific, language capabilities, the cost of salaries and the skill
level of local talent are appealing factors for foreign companies. The
decline of the local currency makes Malaysia an even more attractive
destination to set up shared service centres, which will usher in huge
demand for skilled workers to fill vacancies.
2. Revival of retail banking: For the last two
years, most banks have been focusing on the growth of their Corporate
& Commercial Banking segments. However, with economic conditions
improving, they are now going back to basics and strengthening their
retail banking offering. The majority of banks are looking to enhance
bankcards, mortgages and wealth management segments. In 2016 this will
create demand for salespeople, especially with cross-selling
capabilities.
3. Growth of online businesses: The growth of
online businesses will continue in 2016. E-commerce has seen tremendous
growth in Malaysia as the market matures and consumer online shopping
habits advance. Both start-ups and larger corporations are trying to
move quickly to get their piece of the e-commerce pie. The battle for
supremacy in cyberspace will lead to competition for qualified IT talent
and skilled candidates who are at the forefront of the digital era.
4. IT security: Skills shortages in IT security
will be a new trend in 2016. We find that demand is rising faster than
the supply of SOC analysts and security assurance specialists. This is
the result of fast-growing data processing technologies coming into
play. Candidates with forensic and hacking skills are especially in
demand. Those with knowledge in patching, monitoring and configuration
will be sought after to minimise security threats.
5.Big data: Rising demand for ETL (Extract,
Transform, Load) developers and business intelligence analysts will be
another new trend in 2016, since expertise in various technologies and
data tools is critical for organisations. For those businesses in which
forecasting and determining the root cause hold the key to success,
these candidates will be in especially high demand.
6. Life sciences: Great changes will take place in
the life sciences sector in 2016. Home-based companies are gearing up
for rapid expansion in 2016. Established local players with strong
market knowledge are introducing new medical services and require
additional manpower to support this development. They are looking to
gain a lead as political and economic uncertainty has dented the
appetite for investment from a number of international pharmaceutical
companies. This will have a significant impact on new international
players planning to invest in the market.
7. Higher status of HR professionals: With signs
of improvement in the economy, retention will be the key challenge as
workers become more confident in exploring new job opportunities.
Organisations should look beyond recruitment processes to improve their
hiring outcomes. Organisations will try to identify top performers and
analyse how compensation, career development and engagement impact their
retention. HR will move from reacting to backfilling vacancies to
proactive workforce planning and they will develop more accurate hiring
plans based on critical business needs. Hence, we will see an increase
in demand for talent managers, compensation & benefits as well as
learning & development skills across Malaysia.
8. Detariffication in General Insurance: General
insurers will be allowed to offer variable premiums based on the risk
profiles of their products. In terms of staffing demand, this will
result in a significant increase in the need for business development
professionals and marketing managers as organisations look to increase
revenue. There will also be further demand for capable underwriters
because a greater sophistication is expected when insurers price
products amidst loosened regulations.
9. Manufacturing: The manufacturing sector will
remain strong in 2016. Benefiting from the currency depreciation, there
will be significant improvements in business activities in electronics,
pharmaceutical and food manufacturing. More new plants will be set up
with companies relocating from high-cost markets to Malaysia. As
companies are choosing increasingly remote locations within Malaysia to
establish their operations, they face a critical challenge relating to
candidate attraction and candidate willingness to relocate. This has
driven employers to be flexible and creative when developing
remuneration packages, as well as considering foreign candidates with
the niche skills required.
10. Talent pool: Young workers will gradually
replace aging workers as they retire. HR managers will face challenges
in engaging with and retaining the younger generations, while also
ensuring knowledge and skills are at the same levels as before. HR will
play a significant role in helping organisations to predict and identify
critical skills needed for the coming decades while motivating,
training and retaining younger workers.
For more information on any of these trends or the local recruitment market please feel free to contact your local Hays office.
Hays is located in Kuala Lumpur at Suite 4 & 5, Level 23,
Menara 3, Petronas, Kuala Lumpur City Centre. Phone +60 3 2786 8600 or
email tom.osborne@hays.com.my
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
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