Malaysia recorded a 2.6% year-on-year growth in online recruitment activity in March 2023 when compared to the same month a year ago, according to the foundit Insights Tracker (fit), formerly published as Monster Employment Index (MEI).

The tracker’s index rose to 78 in March 2023, this was up from 76 in March 2022. Furthermore, the tracker showed a 3% rise month over month from 76 in February 2023. The figures imply that the labour market is improving gradually and that demand for online jobs will continue to increase in the upcoming months.

Malaysia, Sekhar Garisa, CEO, foundit, said, "The job market in Malaysia has displayed remarkable resilience, showing consistent growth over the past year, reflecting a gradual but positive shift in the labour market. Despite ongoing concerns surrounding the global economic outlook, many companies are still actively seeking new talent, particularly individuals with specialized, high-demand skill sets. Hence, job seekers must stay up-to-date with industry demands and focus on building skills that give them an edge."

The tracker revealed that the Hospitality industry continued to dominate the job market in March 2023, with an annual increase of 59%. The Retail and BFSI (banking, financial services and industries) industry saw an annual increase in hiring demand in March 2023, with a 26% rise in Retail due to increasing sales in the consumer market, while BFSI saw a 17% increase driven by the development of digital banking ecosystems.

Meanwhile, the IT, Telecom/ISP, and BPO/ITES (Business Process Outsourcing/IT Enabled Services) industries recorded a decrease of 24%. This trend can be attributed to recent retrenchments and hiring freezes by major tech companies.

In terms of functional roles, Hospitality & Travel saw the most significant demand in March 2023 with a growth of 210% YoY, followed by Sales & Business Development, which registered a consecutive uptick in hiring demand of 15% over the year.

On the other hand, the pace of growth moderated further for Customer Service roles, which registered a double-digit decline of 51% over the year.

The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit.

The company Monster APAC & Middle East was rebranded as foundit last year.