Malaysia recorded a 1% year-on-year increase in hiring activity, with the FIT index rising from 82 in November 2023 to 83 in November 2024. However, hiring demand saw a 7% month-on-month decline, reflecting seasonal adjustments. Over the past six months, hiring dipped by 3%, but long-term optimism persists due to robust labor market dynamics fueled by strategic investments and expansion in the semiconductor sector.
Sectoral Growth Highlights
Of the 10 industries monitored, 7 posted annual growth in hiring.
- Oil & Gas (+29%): Strong demand supported by Southeast Asia’s rising energy needs and R&D investments.
- Hospitality (+21%): Rebound in hiring driven by the upcoming “Visit Malaysia 2026” campaign.
- Retail (+17%): Growth attributed to higher consumer spending and e-commerce expansion.
In contrast, IT & Telecom (-28%) saw a sharp decline, with a 16% decline just over the past month.
Functional Area Trends
7 of the 10 functional areas monitored reported annual hiring growth in November 2024.
- Engineering/Production (+40%): Growth supported by infrastructure projects tied to Malaysia Vision 2025.
- Finance & Accounts (+37%): A strong rise in demand for financial expertise across sectors.
- Marketing & Communications (+22%): Continued reliance on digital and multimedia marketing strategies.
The government’s focus on industrial development and digital transformation is expected to drive sustained demand for skilled professionals in the coming months.
However, Customer Service (-57%), and Hospitality & Travel (-67%) roles saw declines, reflecting automation trends and seasonal fluctuations.
About the foundit Insights Tracker
The foundit Insights Tracker (FIT) is a comprehensive monthly analysis of online recruitment trends, providing actionable insights into industries, functions, and geographies. It helps employers and job seekers adapt to the evolving hiring landscape. For more insights, visit foundit or contact PR@foundit.ai.
