Job-market trends to spot in Malaysia in 2018 post EIS
Every change opens a plethora of opportunities for a business to grow and prevents it from becoming stagnant in the running. This becomes even more relevant in today’s times when technological advancements & digital transformation have created a world where ideas & innovation thrive. The key to success in every sector lies in staying relevant and updated and being agile at the same time.
The recent implementation of EIS (Employment Insurance System) Act, 2017 is a welcome change in the Malaysian market. The act aims at protecting workers who have lost their jobs under different circumstances like retrenchment, bankruptcy, closure of businesses, restructuring, automation leading to redundancy and others. The initiative aims at giving Malaysian economy a much-needed boost by benefitting over 6.6 million private sector workers and involving about 430,000 employers across the country. The retrenched workers will also be eligible to receive a financial assistance for a maximum of six months. The whole process is regulated by the Social Security Organisation (SOCSO) which will enhance staff workability through measures such as assistance in job profile matching, up-skilling and training the workers and helping them in securing new employment.
It will not only increase the re-employability options but also help the retrenched workers up-skill themselves to become relevant to the changing job market scenario.
It is important to stay abreast of the changes ahead and the major ones will include the following:
Malaysia Job-market trends in 2018:
- Automation paves way for new jobs
Automation is no foe, but a friend. Introduction of new technologies will pave way for new job opportunities for Malaysians. Employers now look for skilled workforce who can think out-of-the-box and contribute in achieving the business goals. It is all about the big picture now and every employee’s contribution in it.
- Up-skilling keeps trending
The change ahead needs workforce to be smarter and more agile. Immense up-skilling is required to thrive in these changing times and survival will come to those who adapt quickly.
- IT sector continues to thrive and create more job opportunities
With the introduction of new technological trends around the world including blockchain and big data analytics, the demand for skilled IT professionals continue to thrive opening immense opportunities in the IT sector.
In short, 2018 is going to be about the survival of the fittest.
In the successive blog, I will discuss the immediate effects of EIS implementation on employers and employees and how both sides can make friends with it through simple tips and tricks.