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Changing consumer preferences, disruptive technology, and a challenging economic environment are expected to reshape tech recruitment strategies in Malaysia throughout 2024, according to a recent report by Hays, a global leader in workforce solutions and specialist recruitment.
According to the report, titled “The Inside Story of Technology,”, as the expansion of the tech sector slows, job seekers in Malaysia are encountering a more competitive job market with fewer opportunities.
Consequently, many tech professionals are now prioritising job stability over career advancement, with lower expectations for salary growth in this difficult market.
“Even as companies reduce spending due to economic concerns, tech leaders are still seeking growth opportunities,” said Natasha Ishak, Regional Director at Hays Malaysia.
“With Malaysia’s strong emphasis on a digital-first agenda, the country remains an attractive destination for international tech investment.
As a result, there’s a growing demand for domain experts, especially in fields like machine learning and AI, as businesses prepare to navigate future challenges,” Natasha added.
To help businesses and professionals navigate these challenges, Hays offers several key recommendations:
For Business Leaders:
- Plan for the Long Term: Develop a roadmap for the next three to five years, focusing on the bigger picture beyond immediate challenges. Identify the necessary skillsets to address future changes and integrate them into a comprehensive strategy.
- Recalibrate Roles: As tech roles increasingly merge to streamline operations and improve efficiency, re-evaluate your organisation to identify core competencies and define critical roles. This consolidation can result in cost savings by assigning responsibilities to generalists capable of delivering end-to-end solutions.
- Engage Passive Talent: As the need for domain knowledge rises, explore alternative talent streams by engaging passive candidates. Recruitment specialists can identify suitable individuals for reactivation and help manage their expectations.
- Focus on Training: With tighter budgets, hiring experienced professionals to fill gaps may not be sustainable. Instead, focus on developing your existing workforce through internal mobility incentives, training programs, and career development resources.
For Professionals:
- Update Your Toolkit: In a market where hiring is slowing down, take a proactive approach to upskilling and professional development. Identify gaps in your skillset and pursue upskilling and certification opportunities.
- Consider Lateral Moves: While job opportunities may be limited, certain industries may still demand new talent. Engage with peers and mentors for insights into emerging roles and specializations, and research companies that offer stable career options.
Source: https://www.businesstoday.com.my/2024/08/28/tech-sector-slowdown-tightens-job-market-in-malaysia-reducing-opportunities/