Much of what the Supply Chain & Procurement industry looked forward to in 2023 did not come to fruition.
According to Aaron Low, Director at Robert Walters Malaysia, companies have adopted a cautious stance towards production and sales forecasts. While international borders have re-opened, the supply chain remains disrupted due to factors like the ongoing Russia-Ukraine conflict.
Read on to find out more about Aaron’s expectations of the labour market and hiring trends for Malaysia’s Supply Chain & Procurement professionals in 2024.
Conservating hiring market in the year ahead
“Unless there is a significant change in macroeconomic conditions, companies are likely to approach hiring with a lot of reservation,” Aaron discloses.
For roles that will be filled, Aaron anticipates that hiring managers will keep an eye out for talent that are competent at business partnering, as it is a skillset that is perceived as instrumental for driving profitability for the business.
Companies seek help with supply chain resilience, responsible sourcing and digital transformation
“There’s been an increasing emphasis on procurement talents that can develop and support a sustainable, resource-efficiency supply chain,” notes Aaron. “More processes in the industry are also getting digitised and automated, so candidates who can embrace new technologies will really stand out. Some of the key skillsets and technologies here are supply chain analytics, data-driven decision-making, AI-driven procurement tools and robotic process automation (RPA).”
Talents who can help businesses assess and mitigate risks, and help the supply chain become more resilient to disruptions are also in high demand. The skillsets that are sought after in this area revolve around risk management, contingency planning and supply chain diversification. Experience in demand forecasting and integrated business planning are also extremely valuable.
“All in all, companies want highly adaptable candidates who can excel in both strategic and operational roles,” concludes Aaron.
Hiring managers continuously seeking supply chain and procurement talents with strong business partnering, as there’s greater emphasis of this function in driving company’s profitability.
Collaborate with employees on career development
For both existing and prospective staff, Aaron highlights the value of engaging employees in discussions about their career development. “Candidates want to know what’s on the roadmap – both short-term and long-term milestones – at a company, so it’s highly advisable that managers have open conversations on this,” he says. “Flexible work arrangements and competitive benefits are also factors that keep employees motivated.”
Companies stand a better chance at clinching the best candidates if they can streamline the recruitment process with shorter turnaround times. It is also recommended that companies hired candidates based on potential when the role asks for niche skillsets, and to benchmark salaries to market rates.
Salaries set to increase slightly
In 2024, a nominal increase of 3 – 5% is expected for most roles in the sector. Job movers can potentially command pay increments between 15 – 20% depending on their experience levels and if they possess 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 Supply Chain & Procurement industry in Malaysia.
