Key Highlights of the Month
The June 2024 foundit Insights Tracker for Malaysia recorded a 10% year-on-year increase in hiring activity. The FIT index rose from 78 in June 2023 to 86 in June 2024, indicating a positive trend in the job market. Month-over-month, the index showed a slight increase from 85 in May 2024 to 86 in June 2024. Over the past three months, hiring activity has grown by 4%, supported by domestic demand and ongoing investments in digitalization and green growth.
Hiring Trends – Industry
7 out of 10 industries monitored by the index reported annual growth in June 2024.
In Demand:
- Retail (+128%): Significant growth due to previous substantial investments in the sector.
- Hospitality (+42%): Driven by ongoing large-scale projects and increased tourism.
- Engineering, Construction, and Real Estate (+23%): Benefiting from sustained infrastructure developments.
Facing Challenges:
- BFSI (-11%): Experienced the sharpest annual decline in hiring activity.
- Production/Manufacturing, Automotive, and Ancillary (-6%): Continued to face challenges.
- Oil and Gas (-1%): Marginal annual decline but a notable 5% growth over the past month.
Other Growth Areas:
- Logistic, Courier/Freight/Transportation, Shipping/Marine (+16%)
- Advertising, Market Research, Public Relations, Media, and Entertainment (+8%)
Hiring Trends – Functional Area
In June 2024, hiring activity increased in 7 out of the 10 monitored functional areas.
In Demand:
- Engineering/Production (+59%): Dominated the hiring space.
- Sales & Business Development (+55%): Continued strong demand.
- HR & Admin (+34%): Significant increase in demand.
Facing Challenges:
- Hospitality & Travel (-53%): Significant decline due to sector shifts.
- Customer Service (-24%): Decline driven by automation and digitalization.
- Purchase/Logistics/Supply Chain (-10%): Notable annual drop.
About the foundit Insights Tracker
The foundit Insights Tracker (FIT) Malaysia, formerly known as the Monster Employment Index, is a comprehensive monthly analysis of online job posting activity. It provides valuable insights into recruitment trends across various industries and functional areas in Malaysia.
For more information, visit foundit Insights Tracker
