Kelly Services’ has unveiled its Malaysia Salary Guide for 2018/19, heralding positive employment growth for Malaysia in the coming year. As per the report, manufacturing and construction industry boom will be a key contributor to this trend along with the stabilization of the nation’s economy, fostering growth in the banking and finance sectors.
The report indicates that this growth will impact the increase in demand for high skilled talent as local companies seek to expand beyond home and multinationals look for a pathway into the Southeast Asian market. The Malaysia Salary Guide identifies key sectors to spur the employment landscape as – manufacturing, banking and construction sectors, which will drive employment opportunities and possibly, higher salaries.
Commenting on the report, Brian Sim, Deputy Country Head of Kelly Services Malaysia said, “The demand for highly skilled employees will compound as we move towards an increasingly digital future. It is important that Malaysian professionals are in-sync with the requirements of key economic sectors to ensure that they remain attractive candidates as employees in the future.”
Banking and Financial Services
Withstanding the uncertainty of Malaysian Ringgit and regulation changes, this sector is expected to remain healthy for 2018 as per the latest Kelly Salary Guide. Banks are forecasted to see higher core earnings this year as activities in the capital markets pick up, spelling good news for those working in this sector.
Corporate and investment bankers will be one of the most demanded positions in this sector in 2018, attracting one of highest salaries across all sectors.
Property and Construction
Employment prospects in this industry are expected to remain promising for specialists in the current year, as property values recover and the construction industry rides the wave of development.
Various mega projects planned by the government will provide further impetus to the job opportunities in this sector. Positions like Technical Directors and Project Managers are likely to see a rise in demand this year.
There are major developments happening across Malaysia to achieve the status of a developed nation by 2020. Malaysia will need an estimated 200,000 engineers to meet the demands of employers. This is three times more than the 70,000 registered engineers presently in the country.
With the Rolls-Royce aerospace component manufacturing plant in Serendah now in operation, the manufacturing sector is expected to grow by 5.3% this year. Similarly, roles such as the Head of Production and Quality Assurance will be in high demand going forward.
Additionally, Talentcorp has been spearheading talent development in Malaysia. Complimenting their efforts, Sim added, “Talentcorp has helped bridge the gap between graduates and industry needs through their training programmes. This has enabled Malaysia to fall within the top 7 in the world in terms of employee training according to the World Talent Report in 2016. While the recent election has seen a surprising outcome, the current period of instability will subside and Malaysia will carry on towards the path of a high-income nation.”
Though the Ministry of Education stated that 77.3% of graduates gained employment within their first 6 months, the Salary Guide identifies a misalignment between the talent supply and the demand in some key sectors. Due to the changing regulatory requirements and technological advancement, jobs such as corporate bankers and senior accountants, while being among the most demanded jobs for 2018, will face new challenges moving forward.
The Salary Guide has been created with the intention of providing both employers and employees with key insights across a wide array of industries and to help them navigate through an increasingly competitive job arena. Leveraging historical data compiled by Kelly Services Malaysia and Capita Global, the Guide is able to provide insights on the various sectors in Malaysia and the key jobs to look out for in 2018 and 2019.