The Workforce of the Future Report 2024

MALAYSIA RANKS AMONG TOP COST-COMPETITIVE TALENT NETWORKS GLOBALLY ACCORDING TO NEW HAYS REPORT

Market emerged 1 st for top emerging talent network in Engineering, 2 nd for technology, banking, financial services and insurance, manufacturing and life sciences

Malaysia, 10 Dec 2024 – Malaysia was identified as an emerging talent networks across five industries in a new Hays report that details markets with the strongest talent profiles, those struggling with the biggest talent deficits, and where organisations can find the most cost-effective talent networks to hire the skills they need.

The report, ‘The Workforce of the Future: Navigating the Skills Disruption', examines five sectors - technology, engineering, banking, financial services and insurance (BFSI), manufacturing and life sciences - in over 30 countries.

“In many countries we surveyed, a significant proportion of the workforce have over eight years of experience, some upwards of 75%,” says Natasha Ishak, Regional Director at Hays Malaysia. “Malaysia stands out uniquely among these countries, with a high volume of talent possessing between 0-3 years of experience.”

Among these countries, Malaysia ranked 1st for top emerging talent networks in Engineering. The market was also ranked 2nd for technology, banking, financial services and insurance, manufacturing and life sciences, and 1st within Asia.

Malaysia was also identified as among the most resilient locations for tech talent, making it an attractive choice for organisations looking for robust talent profiles considering cost and experience.

“Skills shortages have been negatively impacting organisations for years, leading to stagnant productivity, decreased innovation and stunted long-term growth. Malaysia’s workforce is well positioned to solve many of the issues plaguing companies today,” says Natasha.

While emerging talent networks can provide long term solutions to today’s problems, these networks come with their own set of challenges, including the need to invest in and develop the appropriate skills sufficient to handle an organisation’s needs.

“Establishing a presence in this location represents a long-term commitment. Leaders need to ensure they have the right workforce planning in place for a mutually beneficial relationship with aspiring professionals in their chosen field,” said Natasha.

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About Hays 

Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional, and skilled people worldwide, being the market leader in the UK, Germany, and Australia and one of the market leaders in Continental Europe, Latin America, and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As of 30 June 2024, the Group employed over 11,100 staff operating from 236 offices in 33 countries. For the year ended 30 June 2024: 

  • The Group reported net fees of £1,113.6 million and operating profit of £105.1 million. 
  • The Group placed around 57,700 candidates into permanent jobs and around 225,000 people into temporary roles. 
  • 13% of Group net fees were generated in Australia & New Zealand, 32% in Germany, 20% in United Kingdom & Ireland and 35% in Rest of World (RoW). 
  • The temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees. 
  • Technology is the Group’s largest division, with 25% of net fees, while Accountancy & Finance (15%) and Engineering (11%), are the next largest. 
  • Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK, and the USA.