Malaysia’s online recruitment activity increases
According to foundit Insights Tracker (formerly known as Monster Employment Index or MEI), online recruitment activity in Malaysia increased by 2.6% year-on-year in March 2023, compared to the same month in the previous year. The tracker’s index rose to 78 in March 2023 from 76 in March 2022, showing a 3% increase from February 2023. These figures suggest a gradual improvement in the labor market and a continued increase in demand for online jobs in the coming months.
Sekhar Garisa, CEO of foundit, noted that the job market in Malaysia has displayed resilience and consistent growth over the past year, indicating a positive shift in the labor market. Despite concerns about the global economic outlook, companies are still actively seeking new talent, especially individuals with specialized and high-demand skill sets. Therefore, job seekers should keep up with industry demands and focus on building skills that give them an edge.
In March 2023, the Hospitality industry dominated the job market with a 59% annual increase, while the Retail and BFSI (banking, financial services, and industries) industries saw a rise in hiring demand with a 26% increase in Retail and a 17% increase in BFSI. However, the IT, Telecom/ISP, and BPO/ITES industries experienced a 24% decrease, which can be attributed to recent retrenchments and hiring freezes by major tech companies.
In terms of functional roles, Hospitality & Travel had the highest demand with a growth of 210% year-on-year in March 2023, followed by Sales & Business Development, which registered a consecutive uptick in hiring demand of 15% over the year. Conversely, Customer Service roles experienced a double-digit decline of 51% over the year.
foundit Insights Tracker provides a comprehensive monthly analysis of online job posting activity conducted by foundit. The company Monster APAC & Middle East was rebranded as foundit last year