Strong demand for skilled workers despite slower economic growth

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KUALA LUMPUR (Feb 14): Demand for skilled workers in Malaysia is expected to stay strong despite prospects of slower economic growth and hiring this year.

The Edge Malaysia business and investment weekly (Edge Weekly) in its latest February 16-22 issue, quoted recruitment specialists as saying companies were prepared to pay a premium for skilled workers in mid-to-top levels due to scarcity of such employees in the market.
 
“This is not unusual. It is something we see in many countries. Companies are willing to pay a high premium for skilled and experienced employees because there is a huge skills shortage.

“As Malaysia’s economy grows and businesses grow, it creates new roles and increases vacancies. Businesses then need to compete for talent. It is a trend we have seen in other developing economies,” Hays Specialist Recruitment (M) Ltd managing director Christine Wright said.

According to Edge Weekly, while this year will continue to be an employees’ market for highly-skilled professionals and specialists, the lower end of the job market might have to contend with slower hiring and smaller salary increments.

Quoting JobStreet country manager Chook Yuh Yng, Edge Weekly reported that more companies planned to hire less workers in entry to mid-level positions.

Chook said JobStreet, which focused on white-collar recruitment from entry to mid-level positions, had conducted a survey that showed 24% of survey takers would hire less this year versus 14% in 2014.

“Compared with 2014, more employers say they will be hiring less this year, while fewer employers say they will be hiring more this year.

"As a lead indicator, it suggests that confidence of the market is weaker, but that doesn’t mean it will be a bad year. 2014 was a very good year for us,” Chook said.

 

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For a better understanding on  Malaysian job market dynamics, kindly pick up and read the latest issue of the Edge Weekly.