Malaysia's tech sector has demonstrated robust resilience as software, hardware, and telecom roles experience a 3 per cent year-on-year growth.
This is according to talent platform, foundit and its Insights Tracker report for August 2023, which offers insights into hiring trends across Malaysia, Singapore and the Philippines.
This growth in the Malaysian tech hiring sector reflects the ongoing digitisation efforts across industries, demanding professionals with technology expertise to drive innovation and efficiency.
Sales and business development roles also recorded an impressive 34 per cent year-on-year (YoY) growth, signifying a proactive approach by businesses to expand their market presence and seize emerging opportunities.
Conversely, Malaysia's customer service sector faced significant challenges, witnessing a substantial 44 per cent YoY decline due to evolving dynamics and automation's increasing role.
In contrast, the Philippines experienced growth in the customer service domain, recording a 6 per cent YoY trend, in line with its position as a hub for customer service outsourcing activities within the business process outsourcing (BPO) sector.
Singapore and the Philippines shared an 18 per cent and 23 per cent YoY contraction in marketing and communications roles, possibly reflecting adjustments in marketing strategies amidst evolving market dynamics.
The report noted that across all markets, there was a shared emphasis on the critical need for employee re-skilling and upskilling to adapt to the dynamic job market.
The tracker revealed several intriguing trends in the comparative analysis of job markets in Malaysia, Singapore, and the Philippines.
Malaysia demonstrated a relatively consistent job demand over the past three months, signifying a stable market. Job opportunities in Malaysia have shown a positive resurgence with 1 per cent month-over-month growth and a robust 7 per cent YoY growth across various industries.
In contrast, Singapore faces challenges with a 1 per cent MoM and a 14 per cent YoY decline in hiring demand.
This adjustment aligns with a moderated economic growth curve, signalling signs of vulnerability in the job market and a reduced pace of hiring.
The tracker data also revealed a 4 per cent decrease in job demand over the last three months.
Similarly, the Philippines has witnessed volatility in its job market, with a 5 per cent decrease in job demand over the same three-month period and negative 9 per cent YoY trends.
Despite this decline, the MoM uptick by 3 per cent suggests a reviving job market, hinting at the potential for recovery in the near future.
"Skill enhancement is crucial to navigating the ever-changing job market in this digital age successfully, and it is imperative that we remain flexible and well-prepared to embrace these changes,” foundit CEO Sekhar Garisa said.
“Malaysia is currently experiencing a favourable hiring environment, but there is an increasing demand for new skills across various sectors.
“On the other hand, Singapore has a moderated economic outlook, which provides a valuable opportunity for job seekers to enhance their skills and plan for the future proactively.
Meanwhile, the Philippines exhibits a recovering job market, underscoring the continuous need for learning and growth in alignment with changing hiring trends. Across these three diverse markets, the constant remains re-skilling and upskilling. The common thread connects job seekers and employers on their journey to success and progress in this rapidly evolving landscape."