18 January 2024
JAC Group, which operates recruiting businesses in 11 countries around the world, has summarized the market trends for recruitment in Malaysia, where it has offices, from October to December 2023.
Number of job offers YOY：99%
Number of job openings YOY (past 3 years)：
| 2021 | 2022 | 2023 | |||||||||
| Jan - Mar | Apr - Jun | Jul - Sep | Oct - Dec | Jan - Mar | Apr - Jun | Jul - Sep | Oct - Dec | Jan - Mar | Apr - Jun | Jul - Sep | Oct - Dec |
| 150％ | 116％ | 95％ | 104％ | 105％ | 105％ | 131% | 61％ | 132％ | 78% | 111％ | 87％ |
Malaysia's economy demonstrated positive growth throughout 2023, with momentum continuing in the October-December period. While manufacturing sales saw a slight dip (-1.4%) due to declines in specific subsectors, Statistics Malaysia projects sustained growth for the latter half of 2023, contributing to a 3.9% overall increase. The outlook remains optimistic, with GDP growth forecast at 4.5-5% for 2024 (up from an estimated 4% in 2023) driven by a surge in external demand.
Malaysia's hiring landscape is undergoing a digital shift. Online job advertisements have surged across various fields, particularly in information technology, healthcare, engineering, finance, and e-commerce, sectors with consistent demand for skilled professionals. Emerging sectors like renewable energy, digital marketing, and data analytics are gaining traction, further fueling employment growth.
However, a skills gap persists, especially in digital technologies. Companies face challenges finding candidates with the necessary expertise, despite ongoing government efforts to bridge this gap.
Despite this challenge, the overall Malaysian labor market is on a strong recovery path. Projections indicate a return to pre-pandemic levels by 2024, a trend fueled by foreign direct investment, political stability, and a favorable economic climate.
Malaysia's recruitment landscape has become a candidate-driven market, with companies offering competitive salaries to attract skilled professionals. Job seekers need to adopt a proactive approach to stand out. This includes highlighting their expertise on resumes and interviews, effectively showcasing their value proposition. A strategic and well-prepared job search will significantly increase your chances of securing a top position.
JAC Recruitment Malaysia Managing Director
Nick Taylor
■JAC Recruitment Malaysia Overview
https://www.jacgroup.com/en/locations/country/malaysia
■JAC Recruitment Malaysia Website
https://www.jac-recruitment.my/
【JAC Recruitment Asia: Job Listing Comparison Report (Previous Quarter and YOY)】
| Change from previous period (Jul.-Sep.) | Year-on-year comparison | |
| Singapore | 91% | 80% |
| Malaysia | 87% | 99% |
| Thailand | 79% | 130% |
| Indonesia | 117% | 94% |
| Vietnam | 91％ | 155％ |
| Korea | 60％ | 78％ |
| India | 79％ | 122％ |
| Japan（※） | 95% | 100% |
*Recruitment related to overseas business of Japanese companies
Note: The number of job openings at Asian companies may increase or decrease depending on the strategies intentionally adopted by the Asian companies (e.g., specializing in jobs with high annual salaries or jobs for specialists). Therefore, increases or decreases in the number of job openings at Asian companies do not directly reflect the performance of each company.
