October 21, 2020

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Malaysia Tech Job Outlook for 2020

Malaysia Tech Jobs Outlook

Malaysians with niche skills in technology will have far brighter prospects next year as many sectors are hiring in their push forward with digitalisation.

A Malaysia-based consultancy released its salary survey for 2020 today and said job opportunities and higher pay can be expected for those in mid to high-level management positions in eight sectors.

Overall, Malaysia can expect a 3-8 percent increment for those staying in their jobs, while those who are moving or are promoted can expect a 15-20 percent increment.

Talents with niche skills who are changing jobs, on the other hand, are looking at an increment of up to 30 percent due to demand outstripping supply, the firm’s Country Manager for Malaysia said in a statement accompanying the survey report.

The survey is also encouraging as employers may be more open to hiring job seekers with the necessary tech skills but who may have less industry experience.

The coming year is garnering much excitement from professionals as they are seeing that forward-thinking employers have begun to emphasise on the potential of the talent and transferable skill sets over market sector experience.

It is good news for those who are financial planning and analysis managers or senior financial/business analysts or financial controllers and looking for a workplace or even industry switch as accounting and finance are very keen to expand.

Malaysians with a knack for tech and talent management are also very in demand not only in human resources but will find more doors opening if they can reapply their skills to other sectors.

Experts have cautioned employers that they will have to show commitment to learning and developing if they wish to retain their current staff, especially if the workers are top professionals.

According to the consultancy, the eight sectors looking to hire tech specialists next year are Accounting and Finance; Banking and Financial Services; Engineering; Human Resources; Legal and Corporate Secretarial; Sales and Marketing; Supply Chain, Procurement and Logistics; and Tech and Transformation.

Of the eight, Procurement and Logistics, Accounting and Finance, and Engineering, which were the earliest sectors to adopt digitalisation technology, are most upbeat about hiring.

Using Tech to Grow the Malaysian Economy

Innovation helps enhance competitiveness and accelerate economic growth, an earlier OpenGov Asia report highlights.

Countries that invest in research and development (R&D), which is supported by effective commercialisation, and offer timely and adequate financing have nurtured companies to successfully introduce enhanced and new products and services nationally and worldwide capturing a significant global market share.

Innovation includes technological innovation as well as non-technological innovation (including organisation, market, business model and financial innovation).

Supported by the VC and Business angel incentives, Malaysia’s venture capitalists have transformed the nation’s venture capital and business angel financing landscape accelerating the growth of more tech companies

In addition, experts and leaders were pleased to see that Budget 2020 was providing the tax incentives, aimed at encouraging alternative sources of funding for start-up and attracting more foreign investments from venture capital and angel investors, would be extended until 2023.

This move will support the continuation of the strategies the Malaysian government is developing to support Malaysia’s technology-based businesses nearly two decades ago, laying the important foundation of innovation in financing to accelerate technological innovation.

Moreover, as Malaysia invests more into its technological infrastructure, the more it will see tech talent flooding into the nation, thereby growing its digital economy and pushing forward its Industry 4.0 goals.