Economic sentiment reflects optimism in recruitment
The rapid marriage of finance and technology has created a disruption in traditional modes of operation. As such, specialized talent will be increasingly rewarded as demand for their services increase.
The past few years have seen employers adopt a cautious approach towards recruitment.
Although the financial sector faced a series of layoffs in 2015 and 2016, 2018 has been a good start for the Malaysian economy.
Rising business sentiment and economic fundamentals have encouraged companies to look towards creating more business opportunities again.
Finance, Regulatory, IT sectors to benefit
According to Robert Walters Malaysia’s Salary Survey 2018, credit risk and regulatory reporting talent will be highly in demand as a result of tightening regulations from Bank Negara.
Meanwhile, top IT talent will be hard to come by as businesses compete for software developers, the survey found.
In the Salary Survey, Robert Walters advises Malaysian employers to motivate and retain staff by providing attractive remuneration packages and regional exposure.
Meanwhile, salaries in the financial sector have continued to rise year-on-year, and 2018 is expected to continue this trend.
The country’s improving economic outlook also bodes well for businesses and job market participants. Malaysia’s GDP is expected to grow 5.4 percent this year, according to the World Bank’s projection, and the financial sector’s contribution to the economy is expected to increase to between 10 and 12 percent in 2020.
High demand for talent
TRX as the upcoming international financial district, is set to be home to some of the world’s largest financial giants, paving the way for Malaysia to create a world-class financial capital in the region.
Like Pudong before it, TRX aspires to attract the best talent by attracting the best companies. The last 10 years have seen financial companies favour Shanghai as its preferred location, and TRX is striving to be the next draw for multinationals.
Major finance and insurance players such as HSBC and Prudential have already signed on to set up their headquarters in TRX.
This move, along with other financial institutions that will join them in the future, is expected to create a clustering effect that can be a catalyst for job creation not just in the banking and finance sectors, but also in related professions such as IT professionals, human resource services, legal expertise, and advertising, to name a few.
When this happens, Malaysian talents in all these sectors can expect to benefit in terms of better compensation, cross-sector knowledge transfer, and increased regional opportunities.
The goal is to have the best of international talent here in TRX, where they will be able to hone their expertise alongside equals from a diversity of backgrounds, creating a rich breeding ground for innovation and growth.
Photo Credit: Robert Walters