2024 was a year of change for Malaysia’s job market. Companies were uncertain and had to cut costs. Rising costs, political issues and global events affected hiring. Companies became more cautious, and sometimes even stopped hiring to manage costs. Job seekers felt the pinch, prioritised salary packages because of higher living expenses and often accepted counter offers.
But it wasn’t all doom and gloom. Malaysia still attracts foreign investments and has built its reputation as a commerce and technology hub. Government efforts to make Kuala Lumpur a regional startup and digital hub are already showing results. The number of fintech startups grew and global business services expanded.
Outline
Key Takeaways
Sustainability and CSR
Companies are focusing more on sustainability and CSR to attract talent and build responsible cultures.
Diverse Workforce
Diversity, inclusivity, and flexible work options are shaping the workforce, with a blend of full-time, freelance, and contract workers.
Technology in Recruitment
AI and digital tools are streamlining the recruitment process, but a balance with personal interaction is crucial.
Skills Over Qualifications
Practical skills and continuous learning are prioritized over traditional qualifications.
Hiring Trends
ESG, data centers, digital transformation, and automation will dominate the hiring landscape in 2025.
Salary Expectations
Steady salary growth is expected, with job movers potentially seeing significant increases.
Attraction and Retention
Simplifying recruitment processes, clear career progression, improved benefits, and ED&I initiatives are key to attracting and retaining top talent.
Companies Focus on Sustainability and CSR
Sustainability and corporate social responsibility (CSR) are no longer just a buzzword. More companies now see it as a must-have for recruitment. These practices create a responsible company culture and attract talent that values ethics.
Leaders are prioritising ethical decision-making and commitment to sustainability. Companies are also adopting eco-friendly work practices. Remote work options, green office policies and sharing CSR achievements help build a culture that resonates with eco-conscious job seekers.
The Diverse Workforce
The push for diversity and inclusivity will continue to shape the workforce in 2024. Remote work, hybrid setup and flexible job roles help companies tap into a wider talent pool. Post-pandemic, some employers are advocating for a return to the office to maintain culture and collaboration. But employees are pushing back, valuing flexibility more than ever.
A blended workforce – full-time staff, freelancers and contract workers – is becoming the new norm. This allows businesses to be agile and adapt to market changes. Companies that support different work styles will be more successful in attracting top talent.
Technology in Recruitment
Digital tools and AI are changing the recruitment process. More companies are using AI-powered tools to screen candidates, automate initial interviews and match job seekers with job openings. This will streamline recruitment and improve efficiency. Job seekers will expect to interact with chatbots and automated systems during their job search.
While technology speeds up hiring, companies must balance automation with human touch. Personalised communication and genuine interactions are still important for building trust and a positive candidate experience.
Emphasis on Skills and Upskilling
Employers are prioritising skills over qualifications. With the pace of technological change, companies value adaptable and tech-savvy workers. In 2024, job seekers will benefit from showcasing their practical skills and continuous learning.
Upskilling and reskilling will continue. Both employers and employees are investing in training programs to keep up with industry changes. Candidates who can show they are proactive in learning will have an edge.
Top Hiring Trends for 2025
Environmental, social, and governance (ESG), data centres, digital transformation, and automation are set to dominate Malaysia’s hiring landscape.
Rising Demand for ESG Expertise
Sectors like financial services, energy, tech, consumer goods, and healthcare are eager for ESG and sustainability professionals.
Emerging Technologies and Sustainability
Electric vehicles and renewable energy are becoming more popular, driving demand for engineering and technical talent.
Expanding Data Center Industry
Malaysia’s data centre industry is growing, creating job opportunities in construction and maintenance.
Digital Transformation Initiatives
Talent skilled in fintech, automation, e-commerce, software development, cloud computing, cybersecurity, and health informatics will be in high demand.
Salary Growth and Expectations
Salaries are expected to steadily rise in 2025. Employees staying with their companies may see raises between 3-5%, while job movers could enjoy increases between 15-20%, with some roles seeing up to 30% hikes.
Holistic Compensation Packages
Companies will focus on improving overall compensation packages, taking company culture and management style into account.
Advice on Talent Attraction and Retention
Navigating Malaysia’s talent market is complex and competitive. Here’s how companies can stay ahead:
Streamlining Recruitment
Simplify recruitment processes and provide clear job scopes from the start.
Career Progression and Remuneration
Clearly outline career progression paths and adjust salaries to account for rising costs and inflation.
Improved Benefits
Offer benefits like family-friendly policies to boost employee satisfaction.
ED&I Initiatives
Prioritize equity, diversity, and inclusion to attract and retain top talent.
Conclusion
The job market in Malaysia is evolving. Companies are balancing growth and caution while adapting to new norms like sustainability, diversity, and technology. Job seekers should stay informed about these trends to better navigate the hiring landscape in 2024.
How FastLaneRecruit Can Help
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Why Choose FastLaneRecruit?
- Expert Guidance: Our team of recruitment experts will provide you with the latest trends and insights to help you stay ahead.
- Tailored Solutions: We offer customized recruitment strategies that meet your unique business needs.
- Comprehensive Support: From sourcing to onboarding, we handle it all so you can focus on what matters most—growing your business.
Take the Next Step
Don’t miss out on the opportunity to build a strong, future-ready workforce. Partner with FastLaneRecruit today and experience a seamless, efficient, and effective hiring journey.
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