Top hiring trends in Malaysia and salary guide
Recruitment and hiring firm Michael Page has released their Malaysia Salary Benchmark 2019 report with the expected base salaries of HR professionals this year.
The survey highlights salary breakups among different sectors such as healthcare, pharmaceutical, services and technology, telecommunications and financial services. This includes the average salary increase when professionals switch jobs of similar functions.
Malaysia’s general election in 2018 saw its first ever change of government post-independence and has seen increased optimism across the business community. The new government launched its Malaysia 4.0 draft policy framework. The business community has bought into the new leadership. This and an overall stabilization, together with the year-on-year increase in oil prices, are positive for Malaysia.
Healthcare and pharmaceutical
This sector experienced an 18% increase in job postings in the last year, with top roles in demand including the HR manager. An average of 18% to 23% increase in salary can be expected for job aspirants.
Technology and telecommunications
This sector saw an increase of 38% in the number of job postings in the past year. The average salary of professionals was increased 10 to 22 percent.
Manufacturing
In the past, one-year the manufacturing sector saw a 15 percent increase in job postings. The survey suggests that professionals looking for jobs in this sector can expect a rise of 10-15 percent increase in the average salary.
Financial services
The financial sector witnessed a 5% increase in the number of jobs posted in the last year. Professionals are likely to expect an average salary increase of 18 to 23% when switching positions from similar industries.
Services
Services sector saw a 19 percent increase in job posting in the last year, and the average salary increase is expected around 15 to 20 percent in this sector.
Top three hiring trends
Significant demand still exists for Relationship Managers across both Retail Banking and Commercial / Corporate Banking. Companies continue to reduce or at least maintain headcount within back-end operational functions.
Demand remains strong for Compliance professionals across the Financial Services sector. Hiring remains on an upward trend with a continued focus on central regulators and government initiatives.
Commenting on the report, Paul Cooper Managing Director, Michael Page Malaysia, “Key to Malaysia 4.0 is the ability to attract further investment in the Manufacturing sector where automation and AI is expected to increase productivity and the overall competitiveness.”
The Michael Page Salary Benchmark is the annual salary report developed to provide hiring managers and candidates with a reference on salary ranges across various industries, including Financial Services, Healthcare & Pharmaceutical, Technology & Telecommunications, and more.
It provides an overview of market and employment trends, with observations such as job seekers’ sentiments. Additionally, it highlights hiring trends and roles in demand within each industry.