Foundit insights tracker reports promising trends in May 2023
Malaysia’s online recruitment activity experienced significant growth of 8% year-on-year in May 2023 compared to the same month the previous year, as reported by the foundit Insights Tracker (fit), formerly known as the Monster Employment Index (MEI).
The tracker’s index rose from 73 in May 2022 to 79 in May 2023, indicating a positive trend. Additionally, a month-on-month analysis showed a 6% increase, with an index of 73 recorded in April 2023. These rising index values reflect a thriving labor market that benefits both employers and job seekers, according to foundit.
Sekhar Garisa, CEO of foundit, expressed optimism about Malaysia’s labor market, stating, “Our findings suggest strong momentum and a promising future for Malaysia’s labor market. However, in this competitive landscape, companies prioritize individuals with specialized skills. Therefore, job seekers must stay informed about the evolving demands of the industry and equip themselves with the necessary skills. Upskilling and continuous learning will be the key to unlocking new opportunities and thriving in this dynamic environment.”
The hospitality and retail industries led the way among sectors experiencing steady growth. The hospitality industry witnessed a remarkable annual growth of 102% due to Malaysia’s flourishing tourism sector. Similarly, the retail sector showed notable progress in e-recruitment with a 57% increase, driven by rising retail sales. The engineering, construction, and real estate industries also saw a rise in hiring activity in May 2023, with a 24% increase attributed to infrastructure developments, government policies, and rapid urbanization plans in Malaysia.
However, the IT, Telecom/ISP, and BPO/ITES (business process outsourcing/IT enabled services), along with the oil and gas industries, experienced a slowdown in annual hiring activity, with decreases of 14% and 7%, respectively. This trend can be attributed to the economic slowdown and political uncertainties that resulted in reduced investments and lower demand for services, according to the index.
In terms of job roles, hospitality and travel jobs exhibited high demand in May 2023, with a remarkable annual growth of 120% driven by international tourism and the holiday season. This economic recovery also led to increased online demand for other roles, such as sales and business development (28%) and marketing and communications (16%).
On the other hand, customer service roles experienced the steepest monthly and annual decline, registering a decrease of 33%. This decline can be attributed to technological advancements that have facilitated the implementation of automated customer service systems like chatbots and self-service portals. Additionally, during challenging economic times, businesses often prioritize cost-cutting measures, resulting in decreased hiring across various job roles, including customer service, as highlighted by foundit.
The foundit Insights Tracker provides a comprehensive monthly analysis of online job posting activity conducted by foundit.
