KUALA LUMPUR – Malaysia’s job market is now stabilising, with median salaries throughout most sectors reporting no substantial modifications from the earlier 12 months, mentioned on-line employment platform, JobStreet.
In keeping with its newest Wage Information 2023, JobStreet mentioned the pc and Info Know-how (IT) business noticed the best median wage progress, with a 28 per cent improve to RM4,800 from RM3,750 beforehand.
Laptop and IT specialists even have the best median wage amongst all specialisations at RM6,000.
JobStreet Malaysia managing director Vic Sithasanan mentioned Malaysia’s heightened deal with digital transformation initiatives, spurred by the federal government’s ongoing push on this space, was probably the rationale for the surge in demand for IT professionals.
“Nonetheless, it’s additionally clear from the layoffs impacting main tech corporations world wide earlier this 12 months that this progress might not be sustainable in the long term.
“Ideally, academic reforms needs to be carried out to put a stable basis to supply extra expert IT specialists within the long-term,” he mentioned in an announcement at present.
Whereas median wage ranges have been constant year-on-year (y-o-y), the rising price of residing remained a priority, thus there was an elevated deal with salaries amongst at present’s jobseekers, mentioned Sithanasan.
He additionally famous that discovering and hiring prime abilities continued to be a problem for corporations, significantly for extremely specialised or hard-to-fill roles.
“Over the previous 12 months, we recorded a ten per cent improve in job functions by way of JobStreet Malaysia, indicating that extra Malaysians are looking out for brand new alternatives, and companies might want to discover methods to face out as employers of selection as a way to rent and retain high quality expertise,” he mentioned.
In the meantime, JobStreet mentioned regardless of a decrease variety of pc and IT jobs marketed, compensation for entry-level, senior govt and manager-level positions all recorded y-o-y will increase, highlighting the sturdy demand for entry-level IT professionals and driving up salaries.
Laptop and IT features have been the highest-paid specialisations, and the company pc and IT business noticed a excessive 57.4 per cent wage progress – far surpassing the second-highest wage progress which was recorded by the communication service business (7.7 per cent), it mentioned.
Conversely, small and medium enterprise professionals specialising in pc and IT skilled a ten.3 per cent wage lower.
The manufacturing business can also be experiencing some progress, posting the best variety of job advertisements for the second consecutive 12 months (+12.6 per cent) in 2023, in step with the business’s regular, ongoing enlargement, though salaries supplied have been largely unchanged.
In the meantime, the meals and beverage (F&B) sector recorded wage drops throughout all place ranges, apart from senior managers.
JobStreet mentioned senior executives within the F&B business skilled probably the most vital wage drop (-18.8 per cent) in comparison with all different positions in different industries, whereas entry-level positions begin at barely above minimal wage at RM1,600.
Given the business’s excessive turnover charges and the challenges employers are going through in hiring high quality candidates, the decline in compensation could also be an important issue that companies might have to rethink of their recruitment methods, it mentioned.
Performed by JobStreet, the Wage Information analyses full-time month-to-month wage knowledge extracted from JobStreet advertisements within the inner database. – BERNAMA / Pic MUHD AMIN NAHARUL