‘DIGITAL PUSH CALLS FOR DYNAMIC TALENT POOL‘
Skilled workers can expect salary increment of 15-20pc, says Ranstad study
MALAYSIAN financial institutions are capitalising on the digital trend and increasing customer acceptance to introduce new and creative online distribution channels.
A study by global recruitment and human resources services provider Randstad Malaysia showed that this trend calls for a dynamic talent pool equipped with specialised skills who are able to perform cross-functional roles.
“While financial institutions provide strong funding to these digital projects and start-ups and access to an established network, technology companies are able to support through the identification and development of fast-tomarket opportunities to attain more market share or revenue or both,” said Randstad.
Talents in banking and financial services who have these acquired skills would expect a salary increment of 15 to 20 per cent while employees within the support function can expect an average of three months’ bonus. Those at the front office may receive a two to four months’ bonus, it said.
The study said the construction sector should concentrate on building a talent pipeline that is largely made up of experienced civil engineering professionals to address candidate shortage.
“Despite the limited talent pool, we expect to see industry growth of eight per cent this year. Within the property sector, there is a high demand for project managers, sales and marketing professionals as well as architects specialising in planning and design,” said Ranstad.
The firm said recruitment processes within the property sector are usually poorly managed, as line managers are often not adequately trained to carry out proper candidate screening or background checks.
Randstad recommended that companies in this sector incorporate human resource technology to gain higher efficiency in their recruitment process.
The firm also noted the growing trend of companies hiring more contract workers compared to permanent employees.
“In order to manage fastemerging demands and constant change, companies are tilting the ratio towards hiring more contract workers compared to permanent employees.
“This approach provides companies with the flexibility needed to drive innovation.”
However, due to the social stigma attached to contract roles and the perceived lack of job security, candidates still prefer permanent roles, Randstad said.
As of now, the unemployment rate in Malaysia’s technology sector is less than three per cent, demonstrating an intense competition for the right talent.