foundit (formerly Monster APAC & ME), one of the leading talent management platforms, today published the foundit Insights Tracker (fit) for October 2023, formerly published as Monster Employment Index (MEI). According to the Malaysian fit report, job roles in the Hospitality and Travel sector have impressively grown by 169 per cent over the past year.
The tracker also reveals a promising year-on-year (YoY) growth of 16 per cent e-recruitment, as the index climbed from 69 in October2022 to 80 in October 2023. Additionally, a month-on-month (MoM) analysis also indicated an increase reflecting a positive job market. The rising index values reveal a thriving labour market that will benefit employers and job seekers alike.
Commenting on Malaysia’s job trends for May 2023, Sekhar Garisa, CEO, foundit, said, “Our findings indicate a strong momentum and a promising future for Malaysia’s labour market. However, in this competitive landscape, companies are emphasising on individuals with specialised skills. Hence, job seekers must always be aware of the changing demands of the industry and equip themselves with the required skills. Upskilling and continuous learning will be the key to unlocking new opportunities and thriving in this dynamic landscape.”
Engineering, Construction, and Real Estate follow an upward trend in hiring activity, while the Oil and Gas, BFSI and IT/ Telecom & BPO Industries witness a drop in recruitment.
The Hospitality and Retail industries continue to lead the way among the industries, showing steady growth. The Hospitality industry saw a remarkable YoY growth of 111 per cent, driven by Malaysia’s booming tourism industry, which draws an increasing number of domestic and foreign tourists. Similarly, the Retail industry at 108 per cent marked noteworthy progress in e-recruitment owing to the huge retail sales. Being next in the rung, Engineering, Construction, and Real Estate industries also witnessed a YoY increase in October 2023 with a 42 per cent rise in the hiring activity due to infrastructure developments, govt. policies, and rapid urbanisation plans of Malaysia.
The Oil and Gas industry, along with BFSI, IT, Telecom/ISP, and BPO/ITES, recorded a substantial deceleration in hiring activity, with a YoY decrease of 11 per cent, 9 per cent and 6 per cent, respectively. This trend can be attributed to economic slowdowns, or uncertainties that lead to reduced investments and lower demand for services.
However, barring these industries, the overall hiring sentiment in Malaysia has been positive with Logistic, Courier/ Freight/ Transportation, Shipping/ Marine (+27 per cent), Advertising, Market Research, Public Relations, Media and Entertainment (+17 per cent) and Production/Manufacturing, Automotive and Ancillary (+12 per cent) industries registered a substantial annual growth in October 2023. Overall, there has been an optimistic hiring in October 20’23.
Hospitality, Retail & Real Estate Lead the Way in Hiring Trends
In terms of functional roles, Hospitality & Travel jobs continued to witness significant demand in October 2023, with a staggering YoY growth of 169 per cent driven by international tourism. This economic recovery created an online demand for other job roles, such as Sales & Business Development (44 per cent) and Marketing & Communications (12 per cent) as well. A few of the other job roles that have showcased a robust YoY growth rate include Engineering/ Production, Real Estate (+10 per cent), HR & Admin (+7 per cent), Purchase/ Logistics/ Supply Chain (+6 per cent) and Software, Hardware & Telecom (+5 per cent)
The roles in Customer Service (-24 per cent) were the sole function to exhibit a negative growth trend despite having a 19% increase over the last month. Several reasons can be attributed to this, including the advancements in technology that have led to the implementation of automated customer service systems such as chatbots and self-service portals. There have also been instances during challenging economic times where businesses need to prioritise cost-cutting measures, resulting in a decrease in hiring across various job roles, including customer service.
The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (FIT) presents a snapshot of employer online recruitment activity nationwide.
Period for the report
The period considered for the foundit Insights Tracker (fit) data is October 2022 Vs October 2023.
Source: foundit
