Insights Tracker Report Highlights Skill Imperative
The August 2023 edition of the Insights Tracker report by foundit sheds light on the changing employment landscape in Malaysia, Singapore, and the Philippines, underlining the critical importance of re-skilling and upskilling to adapt to the dynamic job market.
“Re-skilling and upskilling remain constant imperatives across these diverse markets, serving as a common thread that connects job seekers and employers in their journey towards success amidst this rapidly evolving landscape,” stated foundit CEO Sekhar Garisa in a press release. Garisa emphasized the significance of skill enhancement in navigating the ever-changing job market of the digital age, stressing the need for flexibility and preparedness.
The report reveals a seven percent year-over-year (YoY) increase in job opportunities in Malaysia, with a one percent month-over-month (MoM) rise. While Malaysia currently enjoys a favorable hiring environment, there is a growing demand for new skills across various sectors. Notably, the hospitality and travel roles in Malaysia witnessed an astonishing 133% YoY growth, attributed to significant government investments in overseas promotions and digital content on international television channels. Other sectors experiencing growth include retail (63%), tech (3%), and logistics (25%). However, the Customer Service industry faced a significant challenge, with a 44% YoY decline due to evolving dynamics and increased automation.
The Malaysian Human Resources Minister, V. Sivakumar, has previously stressed the necessity to retrain 50% of the nation’s workforce in response to the rise of artificial intelligence.
Singapore’s hiring challenges
Singapore reported a notable 14% YoY decline in hiring demand, along with a one percent MoM decrease, reflecting a moderated economic growth curve and vulnerabilities in the job market. While Singapore’s hospitality sector experienced an 8% increase in job demand, declines were observed in retail (-2%), logistics (-4%), and marketing and communications (-18%) sectors. Garisa noted that Singapore’s moderated economic outlook presents an opportunity for jobseekers to proactively enhance their skills and plan for the future.
Philippines’ volatile job market
In the Philippines, a nine percent YoY decline in job demands indicates a volatile job market. However, the report noted a three percent MoM uptick in the three months leading to August, suggesting potential recovery. Garisa emphasized the need for continuous learning and growth in alignment with changing hiring trends. The Philippines’ Customer Service industry posted a six percent YoY growth, reflecting its strength in customer service outsourcing activities within the Business Process Outsourcing sector. The retail sector also saw a significant increase of 45%, with a double-digit month-on-month rise. Conversely, declines were reported in the logistics (-35%) and marketing and communications (-23%) sectors.”