Kuala Lumpur, April 05, 2021 - Professional recruitment services firm Michael Page Malaysia launched the Talent Trends 2021 Report, with a keen eye on Hong Kong’s job market. The COVID-19 pandemic and the resulting economic downturn has had a significant impact across the Asia Pacific, and Malaysia was not spared. With that said, optimism is already starting to show, with about 33% of companies in Malaysia looking to increase their headcount and 40% maintaining status quo in 2021.Paul Cooper, Managing Director of Michael Page Malaysia, Thailand & Vietnam, says, “From July 2020 onwards, various sectors in Malaysia began to experience steady recovery. For example, the technology sector remained buoyant throughout 2020, with businesses placing emphasis on business intelligence, data analytics, as well as software development.”In view of the economic demands, the sectors earmarked for highest hiring activity are technology & fintech, global business services/shared service centers, fast moving consumer goods (FMCG), healthcare & life sciences as well as engineering & manufacturing.According to the report, digital transformation continues to have major implications in the Hong Kong market. The appetite for tech functions across all industries is high, especially in the commerce and financial services sectors.In addition to Malaysia’s anticipated employment activity, Paul Cooper sees more opportunities for professionals, “Demand for talent within the semiconductors and consumer electronics also sustained the engineering and manufacturing sectors in Malaysia. As a major producer of medical devices, Malaysia’s healthcare sector also experienced a significant increase in demand for talent from the manufacturing and supply chain perspectives, specifically those with a strong digital focus around invoicing, tracking and processing.”According to the report, 66% of employed professionals anticipate looking for new opportunities in 2021 while 31% of respondents say they do extensive research before applying for a job. This suggests increased employment activity in Malaysia within a candidate pool who are becoming increasingly empowered with a wealth of information.Paul Cooper advises, “Business leaders are encouraged to remain agile and adapt work practices and strategies to reflect a new working environment. Communication and trust will be key in a remote working world as will the ability to keep an eye on what will no doubt be a rapidly evolving future.”In addition to recruitment insights and industry analysis on the Malaysian job market, the report also shares new insights across the Asia Pacific market on related topics such as digital readiness, organisational structure, flexible working, leadership, performance management, and diversity and inclusion.Across the Asia Pacific region, the COVID-19 pandemic dealt a major blow to the global economy across all sectors and markets in 2020. Job vacancies dropped by 8% to 35% depending on the location. Several businesses reported a conservative approach to their hiring strategy, choosing instead to freeze or even reduce their headcount in order to reduce costs. However the reduced rate of hiring was not an indication that businesses shut out all qualified talent altogether. We saw very positive trends upward from Q2 to Q3, and Q4 versus Q3 2020. Optimism exists in 2021, as 42% of businesses in Asia Pacific said that they are already looking to increase headcount in the year.While the boundaries of work-life balance were debated in 2020, 4 in 5 employees were found to feel equally or more productive working from home, only 5% of them prefer to work completely remotely. This indicates a need for frequent social interaction with co-workers. With this, 51% of organisations evolved their performance evaluations. To reflect the times of crisis, management teams started reassessing individuals with greater importance placed on positive behaviours, 64% of companies rated team collaboration as the most valued employees attribute during times of crisis.#END#Editor’s note: The Michael Page Malaysia Talent Trends 2021 Report features insights and market sentiment in Asia Pacific on prominent recruitment and talent-related topics including digital readiness, organisational design, flexible work, leadership, performance management and diversity and inclusion. The results draw from a survey of 12 Asia Pacific markets, with over 5,500 businesses and 21,000 employees, of which 3,500-plus are directors or CXOs. For more hiring insights and salary trends in 2021, Michael Page spokespeople are available for media interviews.Contact: Germaine Lim via [email protected] or +65 9710 1760
