Singapore – The Southeast Asian markets Malaysia and the Philippines are seen to have its retail sector thrive with 63% and 45% in retail growth, while Singapore reports a -2% decline, new data from foundit has revealed
In terms of job demands, Malaysia demonstrated a relatively consistent result over the past three months, signifying a stable market. Malaysia has shown a positive resurgence with 1% month-over-month (MoM) growth and a robust 7% year-over-year (YoY) growth across various industries.
In contrast to this, Singapore is facing challenges with a decline of -1% MoM and a significant -14% YoY in hiring demand. Additionally, the tracker showed a 4% decrease in job demands over the last three months. These numbers signal a sign of vulnerability in the job market and a reduced pace of hiring.
Similar to Singapore, the Philippines has also witnessed volatility in its job market, with a 5% decrease in job demand over the same three-month period and negative 9% YoY trends. However, despite the decline, the country’s small MoM increase of 3% suggests a reviving job market and a potential recovery in the future.
Meanwhile, Malaysia experienced an extraordinary YoY growth of 88% in the hospitality sector, while Singapore and the Philippines reported more modest figures of 8% and 0%, respectively. The high numbers can be attributed to strategic government initiatives, including substantial investments in overseas promotions and digital content on international television channels.
In the retail sector, Malaysia (63%) and the Philippines (45%) both witness remarkable growth, with the latter undergoing a robust double-digit month-on-month increase. Luxury e-commerce and the expansion of retail outlets contributed to this surge. On the flipside, however, Singapore’s retail sector reported a -2% decline for August 2023, but an optimistic outlook prevails for the upcoming quarter in the industry.
Additionally, the logistics sector also saw increased demands in Malaysia (25%) due to significant e-commerce growth, but Singapore (-4%) and the Philippines (-35%) continue to face challenges in the same sector.
Also worth noting, however, is that despite Malaysia showing growth in other sectors, it is showing a decline when it comes to IT, telecom/ISP, and BPO/ITES, like Singapore and the Philippines. The unpredictable global landscape impacted these sectors, with the Philippines showcasing a unique pattern of IT, telecom (-22%), and BPO/ITES (0%).
But even so, data from the report showed Malaysia demonstrating growth and resilience in the tech sector, with a 3% YoY growth in software, hardware, and telecom roles. This growth reflects the ongoing digitization efforts across industries, demanding professionals with technology expertise to drive innovation and efficiency.
The country’s sales and business development roles show the same impressive 34% YoY growth, signifying a proactive approach by businesses to expand their market presence and seize emerging opportunities.
In the customer service sector, Malaysia witnessed a substantial -44% YoY decline due to evolving dynamics and automation’s increasing role.This is in contrast with the Philippines experiencing growth in the domain with a 6% YoY trend, which is in line with its position as a hub for customer service outsourcing activities within the BPO sector.
Based on the report, Singapore and the Philippines also share a -18% and -23% YoY contraction in the marketing and communications roles, possibly reflecting adjustments in marketing strategies amidst evolving market dynamics.
Regarding hospitality and travel roles, Malaysia continues to see a remarkable surge of 133% YoY growth, contrasting that of Singapore and the Philippines, with more conservative figures of 8% and 0% YoY growth for the same roles, respectively.
Meanwhile, the purchase, logistics, or supply chain professionals face diverse challenges, with Malaysia showing a slight 2% YoY increase, while Singapore (-9%) and the Philippines (-24%) report declines.
Commenting on the report, Sekhar Garisa, CEO at foundit, said, “Skill enhancement is crucial to navigating the ever-changing job market in this digital age successfully, and it is imperative that we remain flexible and well-prepared to embrace these changes. Malaysia is currently experiencing a favourable hiring environment, but there is an increasing demand for new skills across various sectors.”
He added, “On the other hand, Singapore has a moderated economic outlook, which provides a valuable opportunity for job seekers to enhance their skills and plan for the future proactively. Meanwhile, the Philippines exhibits a recovering job market, underscoring the continuous need for learning and growth in alignment with changing hiring trends. 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.”
