Technology will continue to take centre stage in Malaysia’s development in 2020. In addition to the Industry4WRD initiative, the government has identified key digital areas to increase investments in, which include cloud, Internet of Things (IoT), cybersecurity, on-demand marketplace platforms as well as artificial intelligence. In 2020, more companies are also expected to leverage government grants and tax rebates to build a culture that encourages and drives innovation.
information technology labour and salary trends in 2020.
Many business leaders look to technology experts to guide them in driving digital transformation projects to achieve efficiency and stay competitive. Besides digitising internal processes to create efficiencies and generate cost savings, technologists are also expected to develop new products to build customer base or deepen share of wallet.
Despite an increase in hiring appetite in information and technology, there remains a shortage of skilled tech talent in the labour market. Technology has made many rapid advancements in the past decade, but many workers are still playing catch-up in acquiring new skills, which creates a widening skills gap in Malaysia.
In a candidate-short market such as Malaysia, it is not uncommon for top talent to receive multiple offers. With more companies choosing to expand in Malaysia and creating more jobs, we expect that candidates’ intention to switch employers will be significantly higher in 2020. Employers need to keep up with candidates’ expectations and deliver on meeting their demands around autonomy and professional development if they want to attract and retain good talent.
Experienced tech professionals in the applications space may see a 20% to 25% salary increase when they change employers.
free download: 2020 information technology market outlook
key highlights in this year’s technology industry outlook
- specific areas of growth we expect to see within the technology industry
- prevalence of skills shortage in Malaysia’s tech scene
- technologists’ demands around salary and employee benefits