malaysia
The World Bank (2021) predicts Malaysia would rise from upper-middle-income to high-income between 2024 and 2028. Malaysia has a GNI per capita of US$11,200, just US$1,335 below the high-income criteria.
PERSOLKELLY’s 2023/24 Malaysia Salary & Employment Outlook said that the world economy will develop at a slower pace than in recent years, but Malaysia’s economy will continue to rise.
However, rising living costs, inflation, and other uncertainties continue to slow global economic growth. Positively, the Asia Pacific area is predicted to contribute 70% of global growth, with Malaysia contributing 1.1%.
With the world economy improving, Malaysia’s 2024 employment trends are similarly encouraging. Notably, unemployment should stay low.
“For businesses to continue thriving, ensuring the resilience and agility of the workforce is a must amidst continuing and emerging global challenges.”
2.7% job growth
The study cited DOSM data showing 8.81mn jobs in Malaysia in the first quarter of 2023, a 2.7% y-o-y rise. There were 211,509 online job ads in Q4 2022, up 3.5% from 204,420.
By industry, nearly half (47.9%) of the job vacancies were observed in the professional category, followed by:
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Technicians and associate professionals (17.5%)
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Managers (13.8%)
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Clerical support workers (8.7%)
As employee expectations fluctuate post-pandemic, it is important for companies to stay focused on identifying what matters to stay relevant, the report reaffirmed.
The report also identified key employment trends shaping Malaysia’s labour landscape in 2024.
Employee experience
Prioritize employee engagement and well-being to keep them. Employers should start by encouraging open communication and timely feedback. When they feel connected and supported, employees offer their best to companies.
Learning & development
In 2022, Malaysia’s employment market had a skills mismatch from 2017, according to the analysis. Employers in Malaysia should prioritize learning and development (L&D) programs as demand for qualified people rises and processes are automated and digitized.
Related link: Unemployment rate return to pre-pandemic levels
Flexible work arrangements
Hybrid and remote work is becoming more popular due to its various benefits, according to much research.
“Offering flexible work options can be a potent recruitment and retention strategy, and even enable employers to tap into talent beyond geographic boundaries.”
Other key trends include:
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Focus on ESG and DEI
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Expanding employer branding efforts
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Growing need for leadership and mentorship
Interestingly, the report also pointed out the prevalence of wage pressures, stating that with wage growth slowing post-pandemic and the rising cost of living, employees are feeling the pressure on their incomes.
Against this backdrop, it provided a snapshot of salary trends across different sectors in Malaysia. Read on for excerpts of these trends across functions, below.
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Human resources and administrative
Role
|
Min (RM)
|
Max (RM)
|
Chief Human Resources Officer
|
25,000
|
50,000
|
HR Director
|
20,000
|
35,000
|
HR Business Partner
|
10,000
|
15,000
|
HR Manager
|
9,000
|
20,000
|
HR Executive
|
3,500
|
7,000
|
HR Assistant
|
2,800
|
3,500
|
Compensation and Benefits Director
|
20,000
|
35,000
|
Compensation and Benefits Manager
|
12,000
|
20,000
|
Learning and Development Director
|
15,000
|
25,000
|
Learning and Development Manager
|
8,000
|
15,000
|
Talent Acquisition Director
|
15,000
|
25,000
|
Talent Acquisition Manager
|
8,000
|
12,000
|
Office Manager
|
6,000
|
10,000
|
Role
|
Min (RM)
|
Max (RM)
|
Chief Finance Officer (MNC)
|
40,000
|
75,000
|
Finance Director
|
25,000
|
40,000
|
Senior Accountant
|
10,000
|
15,000
|
Accountant
|
8,000
|
12,000
|
Senior Accounts Executive
|
5,000
|
6,500
|
Finance Manager
|
10,000
|
15,000
|
-
Banking and financial services
Role
|
Min (RM)
|
Max (RM)
|
Managing Director, Corporate Finance
|
35,000
|
50,000
|
Director
|
25,000
|
35,000
|
Vice President
|
18,000
|
25,000
|
Head of Investment/Chief Investment Officer
|
35,000
|
50,000
|
Head of Research
|
25,000
|
35,000
|
Regional/District Manager, Consumer Banking
|
12,000
|
16,000
|
-
Engineering and technical
Role
|
Min (RM)
|
Max (RM)
|
Technical Sales Director
|
25,000
|
40,000
|
Technical Sales Manager
|
10,000
|
20,000
|
Construction Director (High Rise, Residential)
|
25,000
|
45,000
|
Plant Manager, Engineering & industrial
|
15,000
|
25,000
|
Engineering Manager
|
13,000
|
20,000
|
Lean Manager, Quality Assurance/Control
|
15,000
|
25,000
|
Environment Director
|
20,000
|
50,000
|
Safety Director
|
20,000
|
50,000
|
HSE Manager
|
7,000
|
20,000
|
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