Article by Sree Nair
on 11 Nov 2013
Malaysia continues to be a growing knowledge and service-based economy but the lack of workforce planning and insufficient investment in staff training and development could present challenges to those recruiting in 2014.
Recently, Andrew Ch'ng, Group CEO of JobsDB Asia discussed the following online recruitment trends, sibling rivalry with JobStreet.com and industry challenges on BFM 89.9 radio station:
JobsDB was established in 1998 and has presence in 7 locations within Asia-Pacific (China, Hong Kong, Indonesia, Singapore, Malaysia, Philippines and Thailand). Their company currently commands the leading market share in China, Hong Kong, Singapore and Thailand, which are also the main contributors to its revenue, with the rest coming from the Indonesian, Philippines and Malaysian markets.
JobStreet.com is presently covering the employment markets in Malaysia, Singapore, Philippines, Indonesia, India, Japan, Thailand and Vietnam. In Malaysia, it has over 2 million jobseekers and 75,000 employers in its database, while regionally, it has 12 million jobseekers and 220,000 employers. Malaysia is still their largest market and the group recently expanded into Vietnam.
JobsDB have estimated the upcoming 3 years they will be having 10%-15% growth in market share across the region which would result from a swift adoption from print media to online job advertising. This growth is mainly contributed by the SME companies.
According to Andrew, for past 10 years 85% of companies have been choosing online advertising and only 15% are still preferring print media in Malaysia. That will gradually decline in the near future by looking at the current market trends. Apparently, JobsDB are shifting from their conventional methods of branding awareness (job fair, career fair, brochures etc) and are now moving into online brand awareness.
Andrew also noted that Malaysia is a strong and growing economy where internet penetration is high and mobile usage is growing at some 80% year-on-year. JobsDB’s share of job advertisements in Malaysia has increased threefold to over 20% in the last four to five months from only 6% early this year. This translates to 9,000 job ads a month, which Andrew believes is the fastest growing job portal in Malaysia.
It also saw its market share increasing by 84% last year, while the number of jobseeker visits grew 40%, and mobile visits rose 80% from 2011.
“The biggest challenge for SMEs is typically financial capital and human capital. Previously, they used word of mouth, newspaper or agency recruiters, but now SMEs have begun to realize the value of using online channels to search for talent. It's a chance for SMEs to access the huge number of jobseekers out there," Andrew Chng, Group CEO of JobsDB Asia.
What do you think will be the biggest challenges facing businesses in Malaysia throughout 2014?