Job market getting soft in Malaysia
Via The Rakyat Post : Online jobsite Monster has confirmed what many Malaysians fear is already taking place within the country – job offers are down sharply amid the global economic turmoil.
According Monster Employment Index Malaysia, the online hiring activity in Malaysia has stagnated with a 23% decrease year-on-year for May 2015 – a trend that was seen a month earlier, in April – indicating an inactive local job market.
This bleak picture comes on the back of over 8,000 jobs lost in the first half of this year in three separate major lay-offs – at Malaysia Airlines, CIMB Group Holdings Bhd and JVCKENWOOD Malaysia Sdn Bhd.
Malaysia Airlines issued pinks slips to around 6,000 employees in its restructuring exercise, CIMB Group’s mutual separation scheme saw another 1,800 plus leaving and around 500 at JVCKENWOOD Malaysia – which has reportedly moved its Shah Alam factory to Thailand.
In a statement, Monster said the advertising, market research, public relations, media and entertainment industry sector has experienced the steepest decline of 23% for third months straight.
While there has been no overall improvement in online hiring activities this month, the banking, financial services and insurance industry leads in online recruitment activities for the second consecutive month at 16% year-on-year, up from 12% in April 2015, Monster added.
Managing director Sanjay Modi said:
“As per the latest news in Malaysia, companies are planning to lay off employees due to declining performances and high operational costs in some sectors. However, approximately 1.5 million jobs are projected to be created under the 11th Malaysia Plan.
“Although Malaysian businesses are positive about future economic growth, they are continuing to experience a mismatch in their demand for talent and the market supply.
“This inability to find the right talent is a big challenge. However, if companies are willing to provide the required training and development opportunities, they will find themselves in a positive position.”
This prognosis ties in with an earlier analysis done by LinkedIn, which noted that at least one out of three Malaysians are constantly looking for new job opportunities.
It says that talent in Malaysia is more active in seeking for new job opportunities to grow their payroll and experience compared to other talents globally which are more content with their current job-scope.
Also, Cisco’s Connected World Technology Report 2015 highlighted that most youths in the job market now are more demanding of flexible working time and places but these demands have not been met by employers which could indicate a mismatch between talent and employers.
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