KUALA LUMPUR: Manufacturing and a construction industry boom will be key contributors to positive employment growth for Malaysia in the coming year, and fostering growth in the banking and finance sectors, said Kelly Services in its Malaysia Salary Guide for 2018/19.
The report indicates that this growth will impact the increase in demand for high skilled talent as local companies seek to expand beyond home and multinationals look for a pathway into the Southeast Asian market.
The report said withstanding the uncertainty of ringgit and regulation changes, the banking and financial services sector is expected to remain healthy for 2018.
“Banks are forecasted to see higher core earnings this year as activities in the capital markets pick up, spelling good news for those working in this sector,” it said.
The report said corporate and investment bankers will be one of the most demanded positions in this sector in 2018, attracting one of highest salaries across all sectors.
Meanwhile, it said Malaysia will need an estimated 200,000 engineers to meet the demands of employers – three times more than the 70,000 registered engineers presently in the country.
“With the Rolls-Royce aerospace component manufacturing plant in Serendah now in operation, the manufacturing sector is expected to grow by 5.3 per cent this year.
“Similarly, roles such as the head of production and quality assurance will be in high demand going forward,” it said.
The Malaysia Salary Guide identifies key sectors to spur the employment landscape as manufacturing, banking and construction sectors, which will drive employment opportunities and possibly, higher salaries.
“The demand for highly skilled employees will compound as we move towards an increasingly digital future.
“It is important that Malaysian professionals are in-sync with the requirements of key economic sectors to ensure that they remain attractive candidates as employees in the future,” Kelly Services Malaysia deputy country head Brian Sim said.
He said Talentcorp has been spearheading talent development in Malaysia, helping bridge the gap between graduates and industry needs through their training programmes.
“This has enabled Malaysia to fall within the top seven in the world in terms of employee training according to the World Talent Report in 2016.
“While the recent election has seen a surprising outcome, the current period of instability will subside and Malaysia will carry on towards the path of a high-income nation,” he said.
Kelly Services said though the Ministry of Education stated that 77.3 per cent of graduates gained employment within their first six months, the Salary Guide identifies a misalignment between the talent supply and the demand in some key sectors.
“Due to the changing regulatory requirements and technological advancement, jobs such as corporate bankers and senior accountants, while being among the most demanded jobs for 2018, will face new challenges moving forward,” it said.