Reflecting on 2023, there has been a surge in public and foreign investments, which boosts confidence in Malaysia’s position as a growing commercial and technological hub for regional and global businesses. This is evident from the increase of fintech start-ups, and global business services or shared services that have entered or launched in the Malaysia market in recent years.

This thriving landscape has sparked greater demand for talent with specialised skillsets.

“In light of this, companies are intensifying their recruitment efforts. They should remain vigilant for potential counteroffers, given the limited availability of these highly sought-after niche talents,” states EuJinn Teo, Manager at Robert Walters Malaysia’s Legal & Corporate Secretarial division.

Read on to find out more about EuJinn’s expectations of the labour market and hiring trends for Malaysia’s Legal & Corporate Secretarial professionals in 2024.

Takeaways heading into 2024

“Flexibility in work arrangements continues to be one of the key considerations or deciding factors for talents to stay in a job or take up a new one,” observes EuJinn. “This, along with the scarcity of talent, has led to companies using counteroffers more regularly as a strategy to retain their talent. Hence, we may also see more ‘boomerang employees’ who choose to return to or stay at their previous organisations.”

Companies are stepping up their recruitment efforts and must remain vigilant and prepared for potential counteroffers, considering the limited availability of these highly sought-after niche talents.

Demand for skillsets across industries and disciplines

In 2024, companies will search for candidates who are subject matter experts and can merge their legal expertise with additional industry knowledge such as legal and privacy, legal and corporate secretarial, legal and compliance, legal and regulatory, and legal, ethics and integrity.

Within the realm of private practice, it is anticipated that firms will have more interest in expanding into or strengthening niche practice areas such as projects, infrastructure and corporate real estate. The hiring demand in this space is expected to be driven by roles from mid- to partner levels.

The demand for qualified or licensed mid- to senior-level company secretaries will continue into 2024.

The upcoming year may see a demand for talents with sector or industry specialisations, such as IT, banking, construction, renewable energy, legal compliance, and more.

Furthermore, candidates who exhibit a commercial or business-oriented mindset, along with exceptional negotiation and persuasion skills, will continue to be highly valued by companies.

Hiring and talent retention strategies

Remuneration aside, EuJinn reveals that candidates now increasingly seek out roles where they have opportunities to explore new industries. Therefore, he says that companies should consider hiring candidates based on their potential, even if their past experience may be from a different industry.

Touching on advice to companies looking to attract and retain their talent, EuJinn shares, “Shorten the recruitment process. Be clear with the candidate about the job scope right from the beginning. As far as talent retention goes, revisit and revise your salary and benefits packages so that it stays competitive to market rates.”

Pay raises to hold steady

In 2024, salaries are expected to remain consistent, and job movers can expect increments of between 20 – 30%. There may be room to negotiate upwards if the candidate has in-demand skillsets.

Find out more

Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Legal & Corporate Secretarial industry in Malaysia.