Key Highlights of the Month
Malaysia’s hiring activity recorded a 13% year-on-year increase in September 2024, with the FIT (foundit Insights Tracker) index rising from 79 in September 2023 to 89 in September 2024. However, the month-on-month figures showed a 1% decline compared to August 2024, pointing to a temporary slowdown due to seasonal factors.
Despite this, the broader trend remains positive, with the country seeing a 7% growth in hiring over the past six months. Infrastructure developments, government-backed economic reforms, and strong demand in digital technology and renewable energy sectors have been key drivers of this growth.
Hiring Trends – Industry
8 out of the 10 industries tracked in Malaysia reported year-on-year growth in September 2024.
In Demand:
- The Retail sector (+48%) remained the top recruiter for another month, driven by consumer spending and the expansion of e-commerce.
- Engineering, Construction & Real Estate (+39%) followed closely, buoyed by significant infrastructure investments, including mega projects supported by foreign investments and favourable government policies. Hospitality (+31%) also saw a solid increase, reflecting the recovery of the tourism and service sectors.
Facing Challenges:
- BFSI (-10%) faced a notable reduction in hiring demand, influenced by strategic adjustments across financial services.
- Production/Manufacturing/Automotive (-9%) also saw a decline, largely due to supply chain disruptions and market shifts that affected production and recruitment efforts.
- Other sectors like Logistics, Courier/Freight/Transportation (+8%) and IT/Telecom/ISP (+17%) continued to experience steady growth, highlighting the ongoing demand for digital and operational talent.
Hiring Trends – Functional Area
8 out of 10 functional areas saw annual growth in September 2024, reflecting broad-based demand across multiple professions.
In Demand:
- Software, Hardware & Telecom (+58%) witnessed a surge in demand, driven by the increasing need for advanced technology solutions and the growing focus on cybersecurity and data management.
- Engineering/Production (+52%) saw significant gains, with the push for sustainable engineering and green technologies boosting hiring activity in these areas. Marketing & Communications (+38%) also reported strong demand, as companies continued to focus on expanding their reach and enhancing customer engagement.
Facing Challenges:
- Hospitality & Travel (-66%) experienced a significant drop in demand, though recent months have shown some signs of recovery.
- Purchase/Logistics/Supply Chain (-8%) also saw a slight decline in demand, influenced by ongoing supply chain challenges.
- Despite these setbacks, roles in Customer Service (+14%), HR & Admin (+19%), Finance & Accounts (+18%), and Sales & Business Development (+31%) showed strong annual growth, pointing to ongoing recruitment in key operational areas.
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 www.foundit.my
