Randstad Malaysia’s 2023 talent and salary outlook report includes key labour trends and employer insights on salaries, bonuses, hiring trends and talent expectations. Download the full report for more information to guide your talent attraction and workforce planning strategy for 2023.
Recruitment activities are expected to continue in 2023, albeit at a slightly slower pace and with a greater focus on specialised roles which are outlined in our market outlook report. Companies in Malaysia will see success in their talent acquisition strategies only if steps are taken to manage new talent expectations and upskill the local workforce.
Many global companies are cutting back on recruitment activities in view of the recession and record-high inflation to focus on budgetary controls. However, some may be shifting their sights to some attractive markets like Malaysia as part of their business digitalisation, transformation and restructuring, which will create new job opportunities for Malaysian talent.
Despite the recent tech layoffs, many companies are still forging ahead with their technology recruitment plans, but with greater caution.
Randstad’s Talent Trends and Salary Outlook Report anticipates talent and skills developments in four pinpointed industries in 2023.
3 industries expected to see growth on talent and skills in 2023
1. technology
Adopting a more prudent recruitment and workforce management approach, driving talent demand in cloud computing, cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), virtual reality (VR), and blockchain.
2. manufacturing
Demand for technical and commercial talent continues as organisations push I4.0 digital transformation forward, in automation, digitalisation and experiences.
3. construction
Commercial property and infrastructure developments will create more high-skilled jobs for the local workforce, which may be slowed down by the persistent skills gap.
Change is crucial to thriving in Asia’s rapidly evolving business landscape. With people serving as the backbone of any organisation’s success, it is important that business leaders learn to address employee expectations for more effective talent management and attraction efforts.
manage salary expectations in malaysia
The rising cost of living and rising inflation in Malaysia has made an impact on people’s ability to finance essentials and lifestyles. The aftermath of pay and career stagnation from the COVID-19 pandemic have impacted their lives now.
In response to the rising rates and cost of living, companies are reviewing and revising their salary benchmarks to retain and attract new talent. Depending on the industries, we can expect 3% to 20% salary adjustments, with high-growth industries like technology and manufacturing making more significant changes to their internal salary structures.
The 2023 Market and Salary Outlook Report features the 2023 revised salary benchmarks of the most in-demand jobs.
employers urged to close the widening workforce skills gap
One of the key hiring challenges that many employers face is the lack of skilled talent in Malaysia.
Randstad’s Workmonitor survey revealed that 85% of Malaysians said that it is important for employers to offer learning and development training programmes to meet industry demand, but only 36% had received new training in the past year.
The same survey highlighted that 61% of employees in Malaysia want to develop their technical skills so that they can be more capable and productive.
Employers must invest in upskilling their employees in order to improve the overall Malaysian workforce. It is the employer’s responsibility to work with experts or improve the capabilities of their internal learning and development team so that they can upskill their employees through relevant and useful training courses.
download the randstad malaysia’s 2023 talent and salary outlook report
The 2023 Talent and Salary Outlook report looks at talent analysis and new salary benchmarks in the following industries:
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