KUALA LUMPUR, 1 FEBRUARY 2024: Demand for technology talent largely outstrips supply in Malaysia, leading to increased competition for talent, according to a newly released report.
“With hiring activities projected to be higher this year, employers will have to align with evolving employee expectations to attract top talent, and invest in relevant learning and development programmes to keep pace with market competition,” according to Randstad’s 2024 Job Market and Salary Guide for Malaysia.
As a result, the report noted that the government has expanded its support to develop the sector in its 2024 budget, including funding for cybersecurity and a plan to increase investment in e-sports.
The report noted that on the face of it, it seems like the tech industry had a challenging time in 2023, with significant layoffs across the sector, including FANNG companies. However, it’s important to note that many of the redundancies were made in non-tech functions such as HR, sales and marketing.
The headline figures overlook tremendous growth both within the tech sector itself, and in technology roles within the broader economy as companies in other sectors double down on digital transformation, it added.
The report also noted that gaming was a serious business in Malaysia – so much so that the University of Wollongong Malaysia has launched a bachelor’s degree in game development.
“The presence of a growing talent pool has attracted major developers, including PlayStation and Bandai Namco, to set up studios in Malaysia. Alongside these industry giants, a thriving start-up scene further adds to the dynamic landscape,” it said.
The government has provided strong support, including allocating RM30 million in the 2024 budget to promote Malaysia as an e-sport development hub.
“We’re also seeing private-sector initiatives to develop local talent. For example, this includes gaming commerce company Xsolla’s launch of the Xsolla Curine Academy. There is also the joint partnership between virtual production company 3Particle Solution Sdn Bhd and Asia Pacific University of Technology & Innovation (APU) for talent development programmes centred around extended reality (XR), augmented reality (AR), and virtual reality (VR),” it said. –TMR
