Randstad Malaysia has released its 2022 Market Outlook & Salary Snapshot Report that takes a detailed look at the economic climate and recruitment landscape in 2022. The annual report aims to provide companies and employers with local business and talent market insights to guide their long-term hiring strategy.
The 2022 Market Outlook and Salary Snapshot report looks at talent analysis and new post-pandemic salary benchmarks in the following high-growth industries:
- Information technology
- Manufacturing & supply chain
- Fast-moving consumer goods
The recruitment market will bounce back
Workers may also have the motivation to hunt for new jobs, especially if they had planned to do so before the lockdowns and want to take advantage of the new job opportunities once businesses restore their full operations. Some employees may be compelled to change jobs as a result of negative work experiences they have had during the lockdown, such as working with a bad manager or not having adequate support to work from home.
Malaysia remains a candidate-short market
Fahad Naeem, Head of Operations at Randstad Malaysia said, “Employees in Malaysia have a lot of pent-up energy after staying at home for more than 6 months in 2021. Many of them are eager to get out of the house and make lifestyle adjustments once restrictions are fully lifted and as activities return to normal.” Naeem explained, “Even as we anticipate that more people will re-enter the job search market, companies should not mistake it as a bigger candidate pool to tap into. Industries like technology, manufacturing as well as banking & financial services are facing hiring challenges due to the mismatch between their company’s digital growth ambition and the shortage of qualified talent to realise their business goals.”
Due to the further tightening policies on hiring foreign workers, many employers are looking to hire skilled and digitally-adept talent locally to support their digital transformation projects. In particular, talent in cybersecurity, blockchain, digital banking and the Internet of Things are in very high demand. Many companies are also expecting candidates in other functions such as human resources, sales & marketing as well as accounting & finance to be familiar with working on digital platforms and processes. Candidates are also held to higher expectations in terms of their ability to think creatively and adopt technology to improve operations and boost productivity.
The market Outlook and Salary Snapshot report aims to review and predict the must-watch HR trends in 2022 to help employers make better-informed decisions about their workforce attraction and management strategies.