Skill enhancement crucial amid 'ever-changing job market' in digital age
Employee re-skilling and upskilling is crucially needed in Malaysia, Singapore, and the Philippines to adapt to a dynamic job market, according to foundit's latest Insights Tracker report.
The report for August 2023 reviewed the hiring trends in the three Southeast Asian markets to highlight the evolving employment landscapes there.
"Across these three diverse markets, the constant remains re-skilling and upskilling. The common thread connects job seekers and employers on their journey to success and progress in this rapidly evolving landscape," said foundit CEO Sekhar Garisa in a statement.
According to Garisa, skill enhancement is important to successfully navigate the "ever-changing job market" in the digital age.
"It is imperative that we remain flexible and well-prepared to embrace these changes," he said.
Malaysia's resilience
By nation, the report discovered that job opportunities in Malaysia soared by seven per cent year-over-year (YoY), and one per cent month-over-month (MoM).
"Malaysia is currently experiencing a favourable hiring environment, but there is an increasing demand for new skills across various sectors," Garisa said.
The country's hospitality and travel roles posted a massive 133% YoY growth. According to the report, the surge in hospitality can be attributed to the government's substantial investments in overseas promotions and digital content on international television channels.
Other sectors in Malaysia that displayed growth include its retail (63%), tech (3%), and logistics (25%) sectors.
Its Customer Service industry, however, faced significant challenges after posting a 44% YoY decline due to evolving dynamics and the growing role of automation within the sector, according to the report.
Malaysian Human Resources Minister V. Sivakumar previously underscored the need to retrain 50% of the nation's workforce following the rise of artificial intelligence.
Singapore's hiring challenges
Meanwhile, Singapore posted a significant 14% YoY decline in hiring demand, with a one per cent dip in MoM data.
According to the report, this is aligned with the country's moderated economic growth curve, which signals vulnerability in the job market and a reduced pace of hiring.
Singapore logged an increase in job demand in its hospitality sector (8%), while there were declines reported in its retail (-2%), logistics (-4%), and marketing and communications (-18%) sectors.
"Singapore has a moderated economic outlook, which provides a valuable opportunity for jobseekers to enhance their skills and plan for the future proactively," Garisa said.
Philippines' volatile job market
In the Philippines, a nine per cent YoY decline in job demands in the country reflects a volatile job market.
In the three months leading to August, job demand also declined five per cent, but the report noted a MoM uptick of three per cent that could signal potential recovery.
"The Philippines exhibits a recovering job market, underscoring the continuous need for learning and growth in alignment with changing hiring trends," Garisa said.
Per sector, the Philippines posted a six per cent YoY growth in its Customer Service industry, reflecting its strength as a hub for customer service outsourcing activities within the Business Process Outsourcing sector.
It also logged an increase in the retail sector with 45%, while also recording a double-digit month-on-month increase, according to the report.
Declines, however, were reported in the country's logistics (-35%), as well as marketing and communications (-23%) sectors.
