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ONE of the indicators that will be closely watched as the economy reopens is the employment figures.
As more businesses prep for a post-Covid-19 market resurgence, FastJobs Malaysia general manager Joelle Pang says talent acquisition has become a more urgent business for many companies looking to fill vacancies that will enable them to operate at a higher capacity and capture the market rebound when the economy starts recovering.
Over the course of the year, Pang notes that hiring activities have seen a slow, but steady rise.
“While this most recent spike in Covid-19 cases have slowed down hirings, we anticipate this to be temporary.
“As vaccinations continue to roll out and the economy begins to open back up, we anticipate talent acquisition to not only return to normal but in fact, spike to fill a slew of job vacancies as entire industries open back up,” she says.
Such can be seen in markets like Australia where companies are facing a labour shortage. Tight border controls along with solid business confidence and profitability have helped tighten the labour market, with some sectors such as IT, engineering, hospitality and healthcare facing severe shortages.
In Malaysia, the unemployment rate has been on a downward trend since February this year. According to the Statistics Department, unemployment in May was at 4.5% or 728,100 people – an improvement from the all-time high of 5.3% or 826,100 unemployed persons a year ago.
Compared with April, the unemployment rate improved from 4.6% with 742,700 unemployed then.
As is the case with most sectors, the talent acquisition space has been affected by the pandemic whereby there has been an overall decrease in job opportunities. Also, given that more entrants had joined the market prior to the pandemic, the landscape is now more competitive than before.
But Pang views this as a good thing.
“Both employees and employers will have more options to choose from.”
FastJobs is a job platform for entry-level and non-executive employment.
Pang says the increasing competition among recruitment firms will force them to be more creative and innovative as they look for opportunities to help employers fulfill hiring needs. Players have also changed their method of interface and interaction with clients as the market becomes more tech-focused.
This, says Pang, is where FastJobs has a clear advantage as it is a tech-enabled company from the get-go, putting it in a position to capture opportunities in a digital environment.
“With data analytics a big part of how businesses work nowadays, FastJobs is in a position where it can best serve the job seekers. With almost 1.5 million job seekers providing us with trends and insights on job seeking activities, FastJobs is able to then use that information to come up with even more innovative solutions that best serve both the employers as well as job seekers,” she says.