Randstad: The Great Resignation Could Hit Malaysia

According to Randstad Malaysia, "The Great Resignation" wave may sweep Malaysia, as 39% of respondents in the Second Half 2021 (H2 2021) Workmonitor poll said they have changed jobs in the previous six months.

 

7 out of 10 would consider jobs offered by employers outside Malaysia

73% of respondents would also consider a job offered by an employer outside Malaysia if they are allowed to work locally. This is the highest percentage in the region, with Singapore, Mainland China, and Hong Kong trailing at 69%, 60%, and 65%, respectively.

According to the report, the percentage of respondents who have changed jobs has grown seven points, from 29% in March 2021 to 36% in September 2021.

When it comes to the elements that influence their career decisions:

• 51% value career progression prospects, 

• 37% value opportunities to gain more long-term marketable skills, and 

• 30% value working for a fast-growing organisation.

In September 2021, the Randstad 2H 2021 Workmonitor poll was carried out in 34 markets worldwide, with a minimum of 800 respondents in each region.

51% of responders were promoted during the health crisis, and 23% saw their ability to generate an income improve. However, 21% of respondents said their ability to earn a living has deteriorated.

 

Shortage of qualified candidates in Malaysia

According to Fahad Naeem, Head of Operations at Randstad Malaysia, the country remains a candidate-short market, despite the increasing employment rate.

He said that many industries suffer from hiring issues due to a mismatch between organisations' digital growth ambitions and the shortage of qualified candidates to satisfy those goals. 

He added that even as the workforce has become more educated and more people are re-entering the labour market, candidates lack the precise expertise to bridge the skills gap.

Fahad also said that the pandemic had exacerbated the problem of underemployment. Despite a more educated workforce in recent years, there is still a shortage of high-skilled professions, leading to people settling for occupations for which they are overqualified.

According to him, as Malaysia moves toward becoming a highly connected and digital-first nation, there is a vital need to upskill the entire workforce so that more people are qualified for the high-value jobs that companies are now offering.

More employees realise they must the importance of upskilling, but they are overwhelmed by deadlines and heavy workloads.

Respondents realise the need to upskill

Nearly nine out of ten respondents said the recent changes in the job market had made them realise that they need more training and development to stay relevant.

Fahad stated that the government wants to attract more foreign direct investments and build more cohesive private-public cooperation in the economic ecosystem to promote the country as a desirable business location.

While these efforts will result in more jobs for the local workforce, employees and undergraduates must be upskilled and re-skilled to stay up with company demands to continue attracting new investments.

More than nine out of ten Malaysians want their companies or the government to provide skills assessment tests so they can learn what skills they need to keep their jobs. Despite a sincere desire to learn new skills, many employees are overwhelmed by deadlines and the sheer volume of work they face daily.

Fahad explained that as a result, employers must devise an actionable long-term workforce upskilling strategy that aims to inform employees about the specific skills they need to acquire to advance their careers, as well as provide resources to assist them in achieving their professional objectives.

 

Source: The Malaysian Reserve