KUALA LUMPUR, Feb 12 ― Recruitment is expected to remain “optimistic” for 2018 in line with projected gross domestic product (GDP) growth of 5.2 per cent this year, a multinational human resources consultancy said in its annual market outlook report published today.
Randstad also projected increase in hiring demand for construction, finance and human resources.
Hiring in construction would likely grow in tandem with intensified private and government infrastructure projects while demand for technology workers is expected to grow rapidly as both public agencies and private organisations step up investments to improve their overall digital infrastructure and capabilities.
“The positive GDP projection is likely to lead to a corresponding increment in talent demand particularly within key infrastructure and commercial sectors,” the report noted.
“Malaysia’s employment rate is currently at the optimal level and job seekers have an overwhelming number of career options to choose from,” Ryan Carroll, managing director of Randstad Malaysia said in a statement.
“In a bid to hire the best talent, companies are looking to improve their employer brand, candidates’ digital experience as well as employee experience through effective attraction, engagement and retention strategies.”
Unemployment rate was measured as 3.3 per cent in November 2017 (a year-on-year improvement from 3.4 per cent) but Randstad said they expect the trend to stabilise or improve into this year.
In banking and finance, efforts to capitalise on the digital trend and increase customer acceptance to introduce a myriad of new and creative online distribution channels will create demand for a dynamic pool of talent with specialised skills able to perform cross-functional roles.
The highest job demand are found in business development and technology due to an increase in acquisitions of — and collaborations with — technology and financial technology (fintech) companies as banks try to improve their digital capabilities and meet new regulatory and security challenge
“While financial institutions provide strong funding to these digital projects and startups and access to an established network, technology companies are able to support through the identification and development of fast-to-market opportunities to attain more market share, revenue or both,” the report noted.
Salary increment for talents in this sector are expected to range between 15 and 20 per cent.
Meanwhile increased investment in construction is expected to create positive hiring prospects in property and engineering as companies aim to transform traditional construction methodology through integration with innovative technologies.
There is a candidate shortage in this sector, Randstad said, but construction companies are actively building a talent pipeline that is largely made up of experienced civil engineering professionals.
“Despite the limited talent pool, we expect to see an industry growth of 8 per cent in 2018,” the report said.
“Within the property sector, there is a high demand for project managers, sales and marketing professionals as well as architects specialising in planning and design”.
For human resource, there is an increase demand for tech-savvy talent who can support candidate identification through data mining. Data scientists able to use predictive analysis to improve employee engagement and retention rates are also highly sought after.
“HR transformation remains a top priority for companies across different sectors. Management teams are willing to increase investment in digital HR solutions to improve workplace productivity by a minimum of 10 per cent,” the report said.
The firm also believes hiring for information technology workers to remain robust and competitive.
Public initiatives aimed at boosting e-commerce and smart manufacturing services like the Digital Free Trade Zone and Domestic Investment Strategic Fund has influenced technology companies to focus their hiring efforts on data analytics, cloud technology and cyber-security, Randstad said in its report.
“We expect competition for technology talent to intensify in 2018 as companies both within and beyond the technology sectors are actively seeking experienced and innovative talent such as system engineers, network engineers and developers to strengthen their digital capabilities,” it said.
