Like the previous year, job prospects in the year 2018 has seen pretty rough with some popular businesses close shop and retrenchments in the private sectors.
Ministry of Human Resources data as revealed in the Economic report 2017/2018 show a total of 26,638 workers were retrenched in the first 8 months. Higher than 26,367 in the previous year.
The ministry adds that the lay-offs were mainly due to downsizing, business closure and the reduction of productions.
But there is no secret that the number could be much higher, given that Malaysia businesses mostly comprise small and medium enterprise that may not disclose job cuts to the ministry.
Despite the higher retrenchment numbers, the unemployment rate remain stable at 3.8%.
Job prospect will very much depend on the economics growth of the country. If growth continues, there will be job creation. We see unemployment being stable going forward.
A survey by global recruitment specialist says 55% Job seekers in Malaysia are confident that the job market will improve in the next 6 months, driven by the technology field and shared service sectors.