E-recruitment in Malaysia saw a 14% year-on-year increase in August 2024, according to the latest foundit Insights Tracker (fit).

The tracker shows the index rising from 79 in August 2023 to 90 in August 2024, indicating a positive trend in the Malaysian job market. However, there was a slight month-on-month decrease from 95 in July 2024 to 90 in August 2024, reflecting some seasonal fluctuations.

Sekhar Garisa, foundit CEO, said in a press release, “Malaysia’s job market is demonstrating remarkable resilience and adaptability. The 14% year-on-year growth in August is a testament to the country’s economic recovery and the evolving needs of various sectors.”

“While we’ve observed some seasonal adjustments, the overall trend remains positive, suggesting that Malaysia’s job market is well-positioned for continued growth in the coming months,” Garisa said. “The diverse growth across sectors, particularly the impressive 83% annual growth in retail and 55% in engineering, construction, and real estate, highlights the dynamic nature of Malaysia’s economy. This shift underscores the importance of upskilling and adaptability in today’s rapidly changing job landscape.”

By sector, the retail sector has demonstrated remarkable growth, with an 83% year-on-year increase in hiring activity, despite facing a 17% month-on-month decline in August 2024. This recent slowdown marks the sector’s weakest result since April 2024, with a notable deceleration in sales growth across various categories, including general retail outlets, specialised household equipment stores, and niche goods retailers.

The engineering, construction, and real estate industry experienced a 55% year-on-year increase and double-digit growth over the last month. This surge is primarily driven by increased activity in both residential and commercial projects, reflecting a robust real estate market and ongoing infrastructure development in Malaysia. 

On the other hand, the banking, financial services, and insurance (BFSI) sector recorded a 9% year-on-year decrease in hiring activity, with a notable decline over the last month. This trend could be attributed to ongoing digital transformation efforts in the financial sector, leading to a shift in skill requirements.

By job function, engineering/production roles witnessed the highest demand, with 91% year-on-year growth and a 26% increase over the last month. This surge is particularly driven by heightened activity in the retail sector over the past year and supported by growth in the automotive and engineering, construction, and real estate sectors.

On the other hand, traditional hospitality & travel roles continued to face challenges, experiencing a steep 63% year-on-year decline. This was the only function to register a drop in demand, indicating significant shifts in the hospitality industry, possibly due to the adoption of new technologies and changing consumer behaviours.

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