by LYDIA NATHAN / pic by TMR graphics
Online hiring activity in Malaysia declined further in August, reporting an 8% drop year-on-year (YoY), according to the Monster Employment Index (MEI).
In a statement by MEI, a monthly analysis of online job posting activity revealed the oil and gas (O&G) sector recording a 34% increase YoY, making it the best performing sector of the month. The industry plays a prominent role in Malaysia’s economy, contributing about 20% of national gross domestic product over the last decade.
The lowest drop in hiring activity was recorded in the retail sector, with a dip of 36% YoY.
Looking at specific occupational groups, software, hardware and telecom roles were most in demand in Malaysia with a reported 23% growth YoY in online hiring. Still, this is a 33% decline from the 56% YoY growth recorded in July.
Online hiring in customer service roles remained the worst performing occupational group, reporting a sharp 57% YoY decline.
Monster.com MD Sanjay Modi said although online hiring has plunged, the job market is expected to remain somewhat stable for the rest of the year as the country continues to push for the development of digital economy amid market uncertainties. “While talent shortage persists, the lack of relevant and in-demand skillset is also a huge concern among employers, as well as fresh graduates, in Malaysia. Constant upskilling is the key,” Modi said.
He added that Malaysia is sculpting its way into the development of the digital workforce of the future.
“The Malaysia Productivity Blueprint, a bold step by the government, will likely not only boost employee productivity, but also facilitate the ease of doing business in Malaysia. This will lead to the creation of more jobs and opportunities for the labour market,” he said in the statement.
Meanwhile, hiring data for July 2017 remained static when compared to the same period in 2016 at 0% YoY, with the O&G segment emerging as the best sector again, recording a growth of 30%.