Job market is a very important barometer of the economy. It is also the main pillar of support for all investments including property. When more jobs are lost than created, trouble is brewing. Singapore is already a major financial centre rivalling the top in the world while Malaysia’s only ahead of other ASEAN countries for now. Are there more jobs being created in the financial services sector? Or are there more retrenchments since transactions are really moving online and there’s little need for ever higher hiring of tellers or non-sales related staffs. In fact, IF supporting sites such as comparison sites like iMoney, CompareHero or LoanStreet are able to sell more credit cards or other financial services independently, banks would need to hire fewer people. The hirings would still be carried out, just not by the banks themselves. For the financial services sector, let’s just listen to what Bank Negara Malaysia has to say shall we?
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In 4Q 2017, total employment in the financial services sector, covering banking institutions, development financial institutions and insurance companies/Takaful operators increased by 0.3% to 164,885 persons (4Q 2016: 164,463).
Job creationexpanded by 8.7% for the full year 2017 (7,200; 2016: 6,624), despite a slight moderation in 4Q 2017 (1,170 jobs; 4Q 2016: 1,655 jobs), reflecting continued demand for high-skilled positions (96% of total jobs created).
Job vacancies increased by 7.3% to5,609 positions in 4Q 2017 (4Q 2016: 5,227 positions), due largely to the increase in job creation during the year, coupled with marginally higher job separations (4Q 2017: 6,417; 4Q 2016: 6,284).
The outlook of labour market conditions of the financial services sector remains positive with expected higher job creation in the first three to six months in 2018. Meanwhile, about 70% of the FIs do not expect any layoffs and discharge.
— end — There are also a few other charts too. Full report from Bank Negara Malaysia can be downloaded here.
Anyway, for an overall job market of Malaysia, this is what a survey carried out by JobStreet.com for Job Outlook Report 2018 says. “According to the report, stronger job opportunities are expected than what was available last year, with 30% of Malaysian employers indicating an increase in hiring activity, which is a 12% increase year-on-year. Meanwhile, 15% of the employers surveyed have mentioned that they will maintain the same hiring level in 2018 as they did last year.” The top 5 things employers MUST watch out for because they are desired by the employees include medical insurance, transportation allowance, medical coverage for family or dependents, pension or retirement fund and flexible working hours. The full article in freemalaysiatoday here.
Hopefully your employer has done enough to keep you, the best talent within the company. Happy looking for a new job after Chinese New Year which is also after the bonus has been paid. Just take note yeah, if our company does not appreciate us and yet we could not find a better job or a higher paying one outside, it’s nothing to do with the economy currently. The problem might just be us.
written on 20 Feb 2018
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