Malaysia’s Job Market in 2024: Navigating Economic Challenges
As Malaysia faces a complex economic landscape in 2024, understanding the dynamics of the country’s job market is crucial for both employers and job seekers. Based on Jobstreet’s platform data, Vic Sithasanan, Malaysia Managing Director, revealed that a significant portion (86.6%) of job seekers are youths aged 18-24. This trend aligns with broader statistics from the Department of Statistics Malaysia (DOSM), noting that 85.4% of the country’s 5.92 million graduates are engaged in the labor force.
However, despite the promising youth engagement in the job market, Malaysia’s economic challenges present a mixed outlook. Factors such as the weak ringgit, slow domestic consumption, high inflation rates, and rising costs of living contribute to this complexity. Nevertheless, Sithasanan highlighted that, based on DOSM data, the unemployment rate is relatively low at 3.3% and is expected to remain stable in 2024. “This suggests that many Malaysians remain employed, and job opportunities are available to them,” he added, emphasizing the importance of economic confidence.
Sithasanan also noted that the projected GDP growth rate of 4% to 5% in 2024, as reported in the Economic Outlook 2024 by the Ministry of Finance, could spur job creation and offer a positive outlook for job seekers.
Empowering Informed Career Decisions
To help job seekers navigate the dynamic job market, Jobstreet has integrated advanced AI technologies into its platform. These technologies improve job matching, optimize search results, and personalize recommendations. With job cuts in China affecting the global job market, Malaysian businesses have a unique opportunity to attract local talent by offering competitive employment packages.
“We advise employers to review their salary benchmarking and benefits packages,” Sithasanan said, referencing the 2024 Compensation & Benefits report. He also stressed the importance of learning and development opportunities, bonuses, and salary adjustments in maintaining competitive offerings.
Addressing the Skills Gap and Retaining Talent
Sithasanan acknowledged that the trend of Malaysian job seekers pursuing overseas opportunities poses a challenge for local employers. “As more job seekers look for overseas roles, it creates a large skills gap in Malaysia,” he said. To counter this, Jobstreet by SEEK is promoting initiatives to retain local talent, such as the Top Talents Programme, known as the ‘Digital Expert and Leadership Accelerator’ (DELA). “This programme aims to nurture Malaysian youths to become future digital experts and leaders,” Sithasanan explained.
He urged companies to invest in talent development and offer competitive salaries and benefits to attract and retain skilled workers. Citing the Jobstreet 2023 Salary Guide, he noted that 27% of Malaysians prioritize financial compensation as a significant factor when accepting job offers.
Despite the challenges, Sithasanan remains optimistic about the Malaysian job market. He said, “Given the current economic climate, the stable unemployment rate and projected GDP growth are both considered as positive signs for the country’s job outlook.”
