KUALA LUMPUR: Malaysian financial institutions are capitalising on digital trends and increasing customer acceptance to introduce a myriad of new and creative online distribution channels.
A new study by global recruitment and human resources (HR) services providers Randstad Malaysia showed despite the technology push, this trend calls for a dynamic pool of talent equipped with specialised skills and who are able to perform cross-functional roles.
"While financial institutions provide strong funding to these digital projects and startups and access to an established network, technology companies are able to support through the identification and development of fast-to-market opportunities to attain more market share, revenue or both," said the firm.
Talents in the banking and financial services that has these acquired skill would expect a salary increment between 15 to 20 per cent while employees within the support function can expect an average of three months bonus, while those in the front office may receive a two to four months bonus, it said.
The research survey also said construction sector should concentrate in actively building a talent pipeline that is largely made up of experienced civil engineering professionals, in order to address the candidate shortage.
"Despite the limited talent pool, we expect to see an industry growth of eight per cent in 2018. Within the property sector, there is a high demand for project managers, sales and marketing professionals as well as architects specialising in planning and design,” said Ranstad.
The firm said recruitment processes within the property sector are usually poorly-managed, as line managers are often not adequately trained to carry out proper candidate screening or conduct thorough background checks.
Randstad recommended companies within this sector incorporate HR technology into their operations to gain higher productivity and efficiencies in their recruitment process.
The firm also noted the growing trend of companies hiring more contract workers as compared to permanent employees.
"In order to manage fast-emerging demands and the constant change, companies are tilting the ratio towards hiring more contract workers as compared to permanent employees.
"This approach provides companies with the flexibility and agility needed to drive innovation," said the note.
However, due to the social stigma attached to contract roles and the perceived lack of job security, candidates still prefer permanent roles that can offer them with full employee protection and benefits, Randstad said.
As of now, the unemployment rate in Malaysia’s technology sector is less than three per cent, demonstrating an intense competition for the right talent equipped with not just specialised skills but also soft skills needed to lead change.