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The chief human resources officer could be earning between RM25,000 and RM50,000 per month this year.
According to the World Bank (2021), Malaysia is projected to transition from an upper-middle-income economy to a high-income economy between 2024 and 2028. As it stands, Malaysia's Gross National Income (GNI) per capita was recorded at US$11,200 — only US$1,335 short of the current threshold that defines a high-income economy.
While Malaysia's economy is expected to remain on its upward trajectory, the world economy is also expected to continue growing, albeit at a slower pace compared to recent years, PERSOLKELLY's 2023/24 Malaysia Salary & Employment Outlook highlighted.
That being said, the rising cost of living, inflation and other uncertainties remain, putting a damper on economic growth globally. On a more positive note, the Asia Pacific region is forecasted to contribute about 70% of global growth — and Malaysia is expected to make up 1.1% of it.
In tandem with the positive economic trend globally, employment trends expected for Malaysia in 2024 also remain positive. Notably, the overall unemployment rate is expected to remain low.
"For businesses to continue thriving, ensuring the resilience and agility of the workforce is a must amidst continuing and emerging global challenges."
Growth of 2.7% in number of jobs
Citing data by the Department of Statistics of Malaysia (DOSM), the report noted that the number of jobs in Malaysia rose to 8.81mn (2.7% y-o-y increase) in the first quarter of 2023. At the same time, the number of job vacancies advertised online also grew the same quarter, recording a total of 211,509 — an increase of 3.5% from 204,420 in Q4 2022.
By industry, nearly half (47.9%) of the job vacancies were observed in the professional category, followed by:
- Technicians and associate professionals (17.5%)
- Managers (13.8%)
- Clerical support workers (8.7%)
As employee expectations fluctuate post-pandemic, it is important for companies to stay focus on identifying what matters to stay relevant, the report reaffirmed.
The report also identified key employment trends shaping Malaysia's labour landscape in 2024.
Employee experience
To retain employees, it is crucial to prioritise their engagement and wellbeing. Employers can start doing so by promoting open communication and providing timely feedback. After all, employees are willing to give their best to companies when they feel connected to and supported by the company.
Learning & development
As the report cites, there was a skills mismatch observed in Malaysia's employment market in 2022, all the way from 2017. Evidently, employers in Malaysia should prioritise learning and development (L&D) programmes — especially as demand for skilled workers increase amidst employers looking to automate and digitise operations.
Flexible work arrangements
Many studies have shown that hybrid and remote work has become more popular than ever, with the trend continuing to rise as it results in many benefits.
"Offering flexible work options can be a potent recruitment and retention strategy, and even enable employers to tap into talent beyond geographic boundaries."
Other key trends include:
- Focus on ESG and DEI
- Expanding employer branding efforts
- Growing need for leadership and mentorship
Interestingly, the report also pointed out the prevalence of wage pressures, stating that with wage growth slowing post-pandemic and the rising cost of living, employees are feeling the pressure on their incomes.
Against this backdrop, it provided a snapshot of salary trends across different sectors in Malaysia. Read on for excerpts of these trends across functions, below.
Human resources and administrative
| Role | Min (RM) | Max (RM) |
| Chief Human Resources Officer | 25,000 | 50,000 |
| HR Director | 20,000 | 35,000 |
| HR Business Partner | 10,000 | 15,000 |
| HR Manager | 9,000 | 20,000 |
| HR Executive | 3,500 | 7,000 |
| HR Assistant | 2,800 | 3,500 |
| Compensation and Benefits Director | 20,000 | 35,000 |
| Compensation and Benefits Manager | 12,000 | 20,000 |
| Learning and Development Director | 15,000 | 25,000 |
| Learning and Development Manager | 8,000 | 15,000 |
| Talent Acquisition Director | 15,000 | 25,000 |
| Talent Acquisition Manager | 8,000 | 12,000 |
| Office Manager | 6,000 | 10,000 |
Accounting and finance
| Role | Min (RM) | Max (RM) |
| Chief Finance Officer (MNC) | 40,000 | 75,000 |
| Finance Director | 25,000 | 40,000 |
| Senior Accountant | 10,000 | 15,000 |
| Accountant | 8,000 | 12,000 |
| Senior Accounts Executive | 5,000 | 6,500 |
| Finance Manager | 10,000 | 15,000 |
Banking and financial services
| Role | Min (RM) | Max (RM) |
| Managing Director, Corporate Finance | 35,000 | 50,000 |
| Director | 25,000 | 35,000 |
| Vice President | 18,000 | 25,000 |
| Head of Investment/Chief Investment Officer | 35,000 | 50,000 |
| Head of Research | 25,000 | 35,000 |
| Regional/District Manager, Consumer Banking | 12,000 | 16,000 |
Engineering and technical
| Role | Min (RM) | Max (RM) |
| Technical Sales Director | 25,000 | 40,000 |
| Technical Sales Manager | 10,000 | 20,000 |
| Construction Director (High Rise, Residential) | 25,000 | 45,000 |
| Plant Manager, Engineering & industrial | 15,000 | 25,000 |
| Engineering Manager | 13,000 | 20,000 |
| Lean Manager, Quality Assurance/Control | 15,000 | 25,000 |
| Environment Director | 20,000 | 50,000 |
| Safety Director | 20,000 | 50,000 |
| HSE Manager | 7,000 | 20,000 |
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Lead image / 123rf
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