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1Salary Watch 2020:Malaysia2 RGF Salary Watch: MalaysiaAbout this Report RGFs Salary Watch: Malaysia report has been conducted with the aim of better understanding the salary trends and data across all industries and job levels in Malaysia. This report is based on the RGF-owned candidate pool covering more than 90,000 candidates in our Malaysia database (collected from February 2019 to February 2020). The definition of annual basic salary used does not include allowance, stock, bonus or any other additional benefits, and the used is USD1 = RM4.Due to the real-time nature of some of this data, RGF encourages readers to use its insights at their discretion.3RGF Salary Watch: Malaysia16Table of ContentsAbout the ReportTable of ContentsMalaysiaOverviewKey TrendsJob Market Trends Salary Data ReferencesAbout RGF 23 578 12 41424 RGF Salary Watch: MalaysiaOverview of Malaysia5RGF Salary Watch: MalaysiaA Focus on DigitalizationLABOR MARKET SIZE22.4 MILLION1GDPUSD370 BILLION2PMI504FDIUSD7.5 BILLION3(Key Index 2019)Since 2018, Malaysia has been setting the groundwork to digitize and become a smart nation5. In turn, the country has garnered interest from international businesses looking to move into the region especially in the technology and industrial sectors. As these companies set up shop, they are looking to hire talent with niche, technical and digital skills. With the outbreak of COVID-19, Malaysia experienced limited export growth in the first quarter of the year due to its close business partnerships with Mainland China. This led to a revision of its economic forecast by the World Bank, moving from an outlook of 4.6% GDP growth to 4.5% as of Feb 20206. When the virus began to spread throughout Malaysia, the government ordered a nationwide lockdown beginning March 18th. Though this pause in productivity will impact the economy throughout the first half of the year, the stimulus package passed by the government should help keep the economy afloat, and it is expected that GDP growth will rebound in the near future7.Once workforce productivity is back to normal in Malaysia, the rapid pace of Industry 4.0 adoption is expected to resume, with automation driving transformation across many sectors, as well as driving up demand for tech-savvy job candidates.6 RGF Salary Watch: MalaysiaThe combination of the minimum wage increase that was put into place by the government in February 2020 and the very quick spread of COVID-19 that led to a movement control order has significantly impacted Malaysian businesses. These factors have certainly driven company stakeholders to be more cost-conscious, and leaders have learned and leveraged the current situation to restructure their businesses and adapt to the new norm.Because of the rapid changes that have been made to combat the global pandemic, the economic outlook for the region has changed drastically for the first time in many years. This means employees may not receive the annual salary increment they are accustomed to, and job seekers may not be offered compensation packages as per market practices in the past.Whats more, the volatility of the market has led to a slowdown in hiring as well as hiring freezes though the job market will pick back up eventually, it could be quite so time before companies feel secure enough to bring in new employees. Because of the sudden economic downturn, the Malaysian government introduced the Prihatin Rakyat Economic Stimulus Package (ESP), a series of short-term measures meant to help ease the financial burdens of Malaysians and the business community.The outbreak will change careers and the lives of many of us for the foreseeable future, therefore we anticipate the employment market and what are considered hot jobs will be skewed towards sectors that will help the business community adapt to the new norm. Because of this, it is likely there will be a rise in the need for new skill sets that include specialized knowledge and experience in sophisticated technology such as artificial intelligence, cybersecurity, and data analysis.New Wage Regulations are Great for Employees, Worrisome for EmployersnullnullAi Ling LeeManaging Director,RGF Executive Search Malaysia7RGF Salary Watch: MalaysiaSeeking Senior ProfessionalsAs industries across Malaysia digitize and begin moving toward reindustrialization, companies are in need of senior management professionals with experience leading transformative business efforts. Though most industries are being impacted by the governmental shift in focus to digitize, industries such as finance and automotive manufacturing are particularly important to the economy, requiring not just process transformation, but workforce transformation, as well. Because of the need to upskill and reskill employees alongside implementing new technologies, workflow processes and best practices, many companies are looking for candidates with a wealth of experience in business transformation and knowledge of the local market.Additional Benefits Employees Look forHowever, compensation includes more than just a salary and talent in Malaysia want to work for companies that offer the following benefits10:PROFIT-SHARING SCHEME SUCH AS STAFF EQUITYPERFORMANCE-BASED BONUSESGUARANTEED REMUNERATION, SUCH AS A FIXED BONUS AND ALLOWANCEEmployees Salary Increment Expectationswhen they change employers9.32%80%53%74%Employers Annual Salary Increment Range8%8Key Trends(Data given was collected by RGF before February 2020)8 RGF Salary Watch: MalaysiaJob Market Trends9RGF Salary Watch: MalaysiaTalent TrendsWhen candidates in Malaysia are evaluating whether or not to accept an offer, they look at much more than just the salary offered. Whats more, Malaysian talent rate the opportunity to expand their knowledge and skills as slightly more important than salary, which comes in as the second most important factor in considering a job offer. In addition, they also consider the position title and responsibilities, whether or not they can grow with the company, the type of leadership style and the level of work-life balance they would be afforded. Employers looking to both attract and retain talent would be wise to offer a healthy mix of these benefits in compensation packages11.Job Market TrendsMoving toward Industry 4.0After launching a national policy on Industry 4.0 in November 2018, Malaysias manufacturing industry has been working to digitize and automate its processes in order to reach the nations goals of becoming an Industry 4.0 hub for Southeast Asia, increasing sustainability efforts and increasing GDP per capita as well as higher skills-based employment opportunities12. As companies move toward meeting this goal, advanced technologies such as Internet of Things, artificial intelligence and machine learning are being adopted in order to automate processes and increase productivity, leading to the need for businesses to upskill their workforces and seek out talent with knowledge and experience in engineering, data analysis and robotics.67% 65% 47%SALARY INCREMENT TITLE AND RESPONSIBILITIESEXPAND KNOWLEDGE & SKILLSAI Scientists with 810 years of experience working at large local companies earn up to USD63,000 annually in Malaysia.Digital Transformation Engineers with 35 years of experience working at large local companies earn up to USD24,000 annually in Malaysia.10 RGF Salary Watch: MalaysiaCombatting the Talent CrunchAs Malaysian companies adopt increasingly sophisticated digital tools, including Industry 4.0 operations such as automation, machine learning, artificial intelligence and Internet of Things, businesss talent needs are two-fold: first is for experienced professionals with specialized tech skills, and second is to upskill the current workforce.To assist with upskilling, the Malaysian government has partnered with General Assembly to help candidates develop their skill, especially in the realm of digital skills15. Beyond investing in this type of employee development, companies in Malaysia can also focus on strengthening employer brand, reevaluating their talent strategy and tailoring it to current talent trends, and ensuring compensation packages are competitive in order to attract talent.What employers are looking for in talent:RELEVANT KNOWLEDGE AND EXPERIENCE16CULTURE FIT17Mobile Banking BoomInternet banking across Malaysia was close to a 100% usage rate at the end of 2019 according to Bank Negara13, so it comes as little surprise that mobile banking tools such as fintech, insurance technology, blockchain and crowdfunding are also gaining momentum. With more than 200 startups in the financial technology space across Malaysia, theres no shortage of options for Malaysians looking for on-the-go finance solutions, be it e-wallets, loans, or know-your-customer processes. Cybersecurity goes hand-in-hand with the expansion of the mobile banking industry, and as more businesses scale their operations, there is also a lift in demand for cybersecurity specialist and data scientist roles to help protect customer information14.ADAPTABILITYSoftware Developers with 1015 years of experience working at a local SME earn between USD30,000 and USD42,000 annually in Malaysia.Cybersecurity Engineers with 35 years of experience working at a local SME earn between USD19,500 and USD27,000 annually in Malaysia.
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