Chief human resources officers with more than 20 years of experience could earn a minimum of RM30,000, or above RM45,000, per month.
Malaysia has been ranked the world’s third most attractive location for global services in 2023 due to relatively low operational costs and a large talent pool, according to data cited by Randstad.
Among various talent in demand, the nation is particularly seeing demand for individuals with a good understanding of regional or international legal frameworks. The increasing scrutiny on cybersecurity and data protection will also see higher demand for legal and human resources (HR) talent with expertise in technology fields, it was further shared.
In that vein, the latest 2024 Job Market Outlook and Salary Trends Report for Malaysia showcases an overview, key trends, as well as key salary insights for the country's emerging technologies, the oil & gas industry, HR, and the legal sector.
This article will highlight the key findings for HR professionals to note:
Breakdown: HR salary guide for Malaysia in 2024:
Most in-demand careers in HR
The top four most in-demand careers in human resources include the following:
- labour law compliance,
- human resources information systems (HRIS),
- compensation & benefits, and
- organisational design.
Overview of Malayia’s HR landscape
- The growth of shared services
The continued growth of shared legal services presents a wide range of career opportunities to talent in the sector. With the continuous growth of shared HR functions, there will be a greater demand for HR support across various departments both to recruit and retain talent, and therefore positively impact the HR industry
- Cybersecurity creates new skill demand for talent in in HR, alongside legal talent
Malaysia is making significant efforts in the development of 5G technology, with a target of achieving 80% coverage in populated areas by the end of 2023. Additionally, the government is allocating funds for cybersecurity measures related to 5G technology and proposing updates to the Personal Data Protection Act to strengthen data security. This technological advancement is expected to increase the demand for legal, and HR talent, especially those with expertise in technology fields, to ensure compliance with new regulations and strengthen data compliance functions.
- ESG is a national focus
Malaysia aims to meet 70% of its energy needs from renewable sources by 2050. As ESG is still in its infancy in Malaysia, demand remains modest. However it is expected that ESG talent will grow soon, especially when the deadlines approach.
- Digital transformation in HR
Research shows that in fact, 83% of Malaysians said that growth opportunities are critical, but only 61%t have adequate development opportunities. By tapping into these government programmes, companies can upskill their existing workforce while also bridging a vital gap between employee expectations and their experience.
Employer branding in talent acquisition
Going into 2024 with competition for talent increasing, employers must focus on creating and promoting comprehensive compensation packages that may encompass L&D opportunities, hybrid work arrangements, and a sense of purpose, aiming to attract individuals seeking employment that goes beyond monetary compensation.
According to the 2023 Employer Brand Research, as cited by Randstad, 96% of Malaysians value non-monetary benefits like positive workplace relationship, flexible work arrangements and greater focus on work-life balance, and this HR trend looks set to continue, and foresee a growing demand for HR talent who can drive these initiatives.
Lead image / 123RF