Malaysia’s economy is expected to strengthen in 2024, with gross domestic product projected to fall between 4% and 5% amid investments and expansion across the majority of sectors.
The services sector is expected to grow due to rising domestic demand in professional services, retail and tourism. Manufacturing, transportation, and construction industries are expected to improve, as a result of global recovery, higher consumer spending, increased business activities as well as new and ongoing large-scale projects.
These projections are also driven by Malaysia’s biggest budget announcement amounting to RM393.8 billion to counter global headwinds and boost domestic growth. Small and medium enterprises (SMEs), including start-ups, will receive funding and tax incentives to motivate the shift towards digitalisation and energy sustainability.
Discover key insights in Randstad Malaysia’s 2024 Job Market Outlook and Salary Guide report for a deep dive into the key labour trends and employer insights on salaries, bonuses, hiring trends and talent expectations in various industries. The report highlights the demand for skills in high-growth areas like AI and data analytics and emphasises the importance of offering competitive salaries, skill development opportunities, and exposure to emerging technologies.
Download the report to gain valuable insights for your talent attraction and workforce planning strategy in 2024.
hiring sentiments for white-collar jobs in malaysia in 2024
Malaysia is navigating the evolving tech landscape, focusing on cybersecurity and gaming. Furthermore, shared services, legal compliance, green energy, and digital human resources are identified as key areas for both business growth and talent demand.
The increasing adoption of generative artificial intelligence across various industries in Malaysia have led to higher user confidence. However, businesses remain hesitant to fully integrate it into their processes pending successful examples from early adopters.
emerging industries and talent demand in malaysia
As Malaysia embraces the digital revolution, certain industries are emerging as key drivers of talent demand. The cybersecurity sector is experiencing significant growth, with the allocation of RM60 million for a 5G cybersecurity testing framework in Malaysia. This has prompted companies to re-skill tech talent with transferable skills and expertise in data and cybersecurity. Another booming industry is e-gaming, which offers opportunities for game developers and 3D artists to advance their careers.
On the corporate side, an increasing number of companies are establishing or relocating their regional delivery centres and shared services teams to Malaysia due to lower operating costs and a larger talent pool. Organisations are also hiring more people to strengthen their legal expertise, enabling them to effectively navigate changes in data protection regulations amid increasing digitalisation.
The shift to renewable energy has been slow, with capital expenditure and persistent demand for petrochemicals being the biggest challenges. To meet the target of 70% renewable energy by 2050, the government is incentivising companies to build their capabilities in emerging areas like hydrogen projects as well as environmental, social and governance reporting.
high demand for technically skilled workers
Technical skills, especially in hard industries like technology, energy and construction, will become the baseline requirement for job seekers. Most employers evaluate candidates on their technical abilities based on past work experiences and certifications, which are information that you can mostly find on resumes.
Candidates who can showcase their achievements in their portfolio or resumes would have already proven they have the foundational knowledge and technical skills to perform in their jobs. This is especially true for middle to senior-level positions, where employers would rather evaluate their business acumen and ability to manage a diverse team to produce results.
understanding new expectations to strengthen your ability to attract the right talent
With a brighter outlook in 2024, there is a renewed confidence among talent to explore their career options as demand for their skills outstrips supply.
Talent will be more open to new job opportunities, primarily focusing their search on high-growth areas like AI and data analytics. Job seekers are looking for employers offering not only higher salaries but also opportunities for skill development and exposure to emerging technologies or portfolios.
Salary ranges will vary between industries, companies as well as skill sets, and career specialisations. The 2024 Job Market & Salary Trends report includes the salary expectations and benchmarks for high-in-demand jobs in growth industries. For a deeper understanding of salary benchmarks in your field and career, you can reach out to our specialised consultants who will be able to share more comprehensive and accurate information to meet your requests.
Besides financial remuneration, hybrid working arrangements remain sought-after by candidates, with employers offering flexibility gaining a competitive advantage. Young professionals early in their careers are increasingly applying to office jobs where they can enjoy greater flexibility to balance their professional and personal lives.
In a talent-scarce market, organisations will need to streamline their hiring processes to extend job offers faster than the competition. This is especially crucial when competing for highly sought-after candidates who may be receiving multiple offers.
download randstad malaysia’s 2024 job market and salary trends report
While the job market and talent landscape may have evolved, our unwavering commitment to supporting you and your business resources remains unchanged.
Explore the dynamic insights and forward-thinking projections curated by our dedicated and experienced thought leaders in this 2024 Market Outlook report. We are here to guide you through the shifting market dynamics, so that you can continue to stay ahead in the ever-changing landscape in business.
The 2024 Randstad Malaysia Market and Salary Outlook report looks at talent analyses, key trends and new salary benchmarks in the following industries:
- Emerging technology
- Human resources and legal
- Oil and gas
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