Optimism remains in job market

The Covid-19 pandemic has led to massive job losses, but for a small proportion of the workforce, there still are reasons to remain hopeful.

In selected sectors, the job market remains buoyant, but only for those with specialised skills.

There are companies that have not only avoided cost-cutting measures but are even looking at giving a raise to employees this year.

In its 2021 Salary Guide survey report, Hays Asia, a global recruitment agency, noted that while 42% of Malaysians expect the local economy to weaken this year, up to 24% of businesses may still give their employees a raise of 3% to 6%.

“A significant number (of companies) are also likely to give a more modest raise of up to 3%,” Hays Malaysia managing director Tom Osborne said in the report.

He describes the current job market as a “mix and match”. “It is driven by both employers and job- seekers,” he told theSun.

As expected, the volume of recruitments has eased as a result of the economic impact of the pandemic and the restrictions enforced to curb the spread of Covid-19.

“Wages may be reaching stagnation in Malaysia, with most organisations not expected to give employees a raise, just like in Singapore and Hong Kong,” he said.

Nonetheless job-seekers are still optimistic, when it comes to salaries.

While 27% of employees surveyed expect their pay packet to remain unchanged, up to 20% anticipate a raise of 3% to 6%. A small number of them, just 3%, are even more bullish. They are looking at raises of 6% to 10%, way above the maximum of 6% that employers are prepared to offer.

But in reality, Osborne said, 2021 is not the year for employees or job-seekers to hope for a substantial augmentation of their remuneration.

He pointed out that employers across the region had already implemented cost-cutting measures to counter shortfalls in revenue as a result of the pandemic.

But for employees, money remains utmost in their minds. A total of 58% of workers pick salary increases as their main reason for switching jobs, compared with 69% in China and 64% in Hong Kong, a trend unchanged since 2017.

The Hays survey also showed that the most sought-after professions today are in green energy, insurance, human resource, technology, cloud computing, marketing, supply chain and sales, as well as legal and financial roles.

Osborne said an overwhelming majority of those who responded to the Hays DNA of the Future Workplace survey regarded upskilling as very important, particularly in digital and remote work-related skills.

As expected, the increasing need for remote work has led to a high percentage of opportunities for people to hone their remote leadership skills (73%) and remote orientation skills (69%).

Job Xcel Sdn Bhd director Manohar Ramachandran said although the job market has turned into an employer’s playing field, they are not hiring yet because of economic uncertainties.

“Many have lost their jobs as a result of the pandemic, and this has raised the number of job-seekers in a market with limited job opportunities,” he told theSun.

Manohar pointed out that there also are many fresh graduates and youngsters who are still waiting to be hired.

“At the same time, there are many senior people who have lost their jobs and are hoping to be re-employed,” he added.

Over and above that are the estimated 50% of self-employed people who have also lost their source of income.

“On the bright side, those with exceptional skill sets and qualifications will stand out in a market that has limited opportunities. If they are flexible and can adapt to change well, their chances of getting hired will be enhanced,” Manohar added.

 

Source:
https://www.thesundaily.my/home/optimism-remains-in-job-market-KN8168826