Changing consumer preferences, disruptive technology and a challenging economic landscape will influence tech recruitment strategies in 2024, according to Hays, the global leader in workforce solutions and specialist recruitment.

In their latest report, The Inside Story of Technology, Hays breaks down technology trends in Malaysia and explores valuable perspectives on the challenges and opportunities leaders and professionals encounter in today's dynamic business environment.

Amidst a tech expansion slowdown, job seekers in Malaysia face a highly competitive job market with limited opportunities. As a result, more tech professionals are prioritising job stability over career advancement, with lower expectations for salary growth in a challenging market. 

“Even as companies scale back due to tightening budgets brought about by economic concerns, tech leaders are looking for growth opportunities,” said Natasha Ishak, Regional Director at Hays Malaysia. “With a strong national focus on the digital first agenda, Malaysia continues to be an attractive market for international tech investment. Consequently, we are seeing more demand for domain experts, including an emphasis on machine learning and AI engineers as businesses gear up to face the challenges ahead.”

To address these challenges, Hays offers the following recommendations:

For business leaders

1. Plan for long term: Benchmarking business requirements beyond the present will be essential for survival. A roadmap for the coming three to five years looks beyond the perils of today and towards the bigger picture. Determining which skillsets are needed to face the coming change will be key to developing a holistic strategy.
2. Recalibrate roles: Many existing tech roles today are merging as teams aim to streamline operations and improve efficiency. This consolidation can lead to cost-savings by assigning responsibilities to generalists capable of delivering end-to-end solutions. This will require re-evaluating your organisation to identify core competencies needed to meet these objectives, defining the critical roles, and mapping out the processes to implement these changes.
3. Engage passive talent: As technology continues to break new ground and the need for extensive domain knowledge rises, there will be an imperative to explore alternate talent streams. Recruitment specialists can engage otherwise passive candidates, identifying suitable individuals for reactivation, and act as intermediaries to better manage professional expectations of the company.
4. Focus on training: Hiring experienced professionals to plug gaps may prove costly and untenable for the tighter budgets teams face today. Develop your existing workforce employees through internal mobility incentives, training programs, and career development resources for qualified candidates.

For professionals

1. Update your toolkit: The urgency of a market where businesses are slowing on hiring necessitates an initiative-taking approach to upskilling and professional development. Be clear with prerequisites and consider upskilling and certification to fill any gaps within your toolkit.
2. Consider lateral moves: While the market may seem lean on positions, there will be pockets of industry demanding new talent to fulfil changing needs. Engage with peers and mentors for insights into emerging roles and specialisms in your industry, and research companies that are hiring for stable options.

For more insights on tech workforce trends and the most in-demand tech roles in Malaysia, download the Hays’ Inside Story of Technology in Malaysia.

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