The Inside Story in Malaysia

When the financial impact of the global pandemic first became clear, Malaysia’s engineering industry may have feared the worst, that projects slated for the year ahead would grind to a halt as the economy inevitably shrunk and a period of austerity followed. 

Malaysia’s moratorium on loan repayments as well as the ongoing pandemic have significantly impacted the workings of its banking and financial institutions.

 

While many sectors continue to be impacted by the events of this year, Malaysia’s legal sector has remained a key function through times of crisis.

 

While jobs in some sectors in Malaysia continue to be impacted by fallout from COVID-19, business critical roles like accounting & finance continue to display stability.

As digitalisation permeates the lives of most in Malaysia, the endeavours of banks in the country to reach digital maturity by 2020 are spurred by the growing demands of Malaysian consumers.

2019 has been a difficult year for global economies, particularly within the ASEAN region, owing to the US-triggered trade war and its power struggle with China that still has no end in sight. 

According to We Are Social’s new Digital 2019 Q4 Global Digital Statshot report produced in partnership with Hootsuite, a wealth of new data has contributed to impressive growth across various aspects of digital across the globe.

With recent trade tensions putting the spotlight on other Asian countries like China and Singapore, Malaysia’s economy may not be a trending topic. It is, however, one of the most open economies in the world, with an average economic growth of 5.4 percent since 2010. 

With predictions of stable growth throughout this year, organisations in Malaysia should be looking to capitalise and expand. However, while there is confidence in the market companies are concerned that the long-term skills shortage and talent mismatches that have plagued the country may diminish their ability to function.

If the victory of Tun Dr. Mahathir Mohamad in Malaysia’s May election came as a surprise, the surge of positivity and optimism that has overwhelmed the country that followed was perhaps even more so. But it is undeniable; Malaysia is looking up.

 

As digitalisation permeates the lives of most in Malaysia, the endeavours of banks in the country to reach digital maturity by 2020 are spurred by the growing demands of Malaysian consumers.

 

 

 

Sometimes considered an unattractive option when compared to the glamorous world of banking, Malaysia’s insurance industry has in the past been seen as a less rewarding career path by the nation’s salary-chasing Generation Y.

 

“The reason why this government is business-friendly and willing to help business people is because only businesses create wealth… and government by itself cannot create wealth,” asserted Malaysian Prime Minister Tun Dr Mahathir Mohamad in a recent The Sun Daily report.

As the adage goes, “A company is only as good as its people”. HR leaders, therefore, have a significant impact on the businesses in which they operate.