Malaysia has established itself as a significant contributor to the global chemical industry, leveraging its advantageous geographical location, proficient workforce, and supportive governmental policies. With Malaysia’s recent accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the chemical sector is poised for further growth and enhancement. This agreement, encompassing 11 countries such as Canada, Peru, and Singapore, among others, is anticipated to bolster Malaysia’s position as an attractive investment destination. Particularly, it presents an opportunity to fortify local capabilities, notably in the specialty chemicals domain.
The Malaysian government has implemented proactive measures to sustain the competitiveness of the country’s chemical industry on the global stage. To catalyse innovation and technological advancement, various tax incentives and grants have been introduced to incentivize investments in research and development. Additionally, initiatives are underway to stimulate the creation of novel technologies and products within the sector.
While the industry remained resilient during recent challenges, fluctuations in currency valuation have led to price escalations in goods and distribution channels, impacting market dynamics. Noteworthy transformations have been observed, especially in the plastics sector, driven by increased consumer demand during the pandemic. Notably, there is a discernible trend of companies diversifying into the food and beverage (F&B) and personal care segments, with instances of strategic mergers such as Connell and Caldic & Novozymes and Chr Hansen.
The chemical landscape in Malaysia presents a fertile ground for both chemical production and consumption, presenting ample opportunities for industry stakeholders worldwide to participate in this burgeoning market. With a conducive regulatory framework, access to skilled labour, and a robust consumer base, Malaysia stands poised to emerge as a prominent player in the global chemical industry.
HIRING ADVICE
With robust growth and companies undergoing substantial transformations for enhanced competitiveness, the Malaysian chemical sector offers abundant opportunities for attracting and retaining top talent. In this evolving landscape, adopting innovative hiring models and identifying key talent capabilities are crucial. Here are strategic approaches to secure top-tier candidates.
PARTNERSHIPS WITH UNIVERSITIES
Establish connections with educational institutions can be beneficial towards attracting fresh graduates. Whether in a form of internships, workshops or even guest lecturing, these will benefit students by exposing them to real-world scenarios.
COMPENSATION THAT MATTERS
Salaries should reflect the complexity of roles and the level of expertise required, and should be benchmarked against both local and global industry standards. Remuneration extends beyond a simple salary. A comprehensive benefits package may include healthcare coverage, retirement contributions, professional development opportunities, and work-life balance initiatives.
STRONG EMPLOYER BRANDING
Showcase your company’s culture, values, and vision through various channels such as websites, social media, and recruitment videos can entice potential candidates. Highlighting success stories, employee testimonials, and corporate social responsibility initiatives can also boost your company’s reputation in the industry.
RETENTION AND ATTRACTION
Understanding the factors that influence employee retention is crucial for fostering a conducive work environment that retains top talent while also attracting new recruits to your team.
FROM ATTRACTION TO RETENTION
Securing top talent is just the beginning; retaining them is equally crucial. It’s essential to invest in nurturing their growth to drive business success. Effective management and retention strategies are key to establishing your organization as a leader in workforce development.
COMPETITIVE REMUNERATION PACKAGE
A competitive salary and benefits package linked to the current market rate will attract high-quality professionals. Reviewing and updating these packages regularly, taking into account the cost of living and inflation, will ensure your company remains competitive in the employee market. Be aware of your competitors and watch when they’re providing increments / bonuses so you can stay ahead of the crowd.
OPPORTUNITIES FOR GROWTH
Offering robust training and development programs can attract ambitious candidates who are eager to further their skills and expertise. These programs, whether in the form of seminars or online courses, should be tailored to meet the unique challenges and requirements of the sector, covering critical areas such as chemical safety protocols, regulatory compliance, quality control, and the latest technological advancements.
FOCUS ON EMPLOYEE WELLNESS
The industry is one of the most stressful industries out there. Creating a culture of health and wellness can be beneficial towards employee satisfaction and retention. Employers should invest in employee programs that aim to reduce stress and promote well-being. This may include offering flexible working arrangements or providing mental health resources, such as counseling and stress management workshops.
INVEST IN TECHNOLOGY
Utilizing cutting-edge technology is crucial for enhancing the efficiency and job satisfaction of employees. Investing in technology can significantly reduce workload and mitigate workplace hazards. Employers should also provide training for employees to adeptly use these technologies that can ultimately boost their confidence and skill set, making them feel valued and up-to-date with industry trends. Advanced technology can lead to more accurate experiments, safer procedures, and more reliable results, all of which contribute to employee satisfaction and retention.
Work with A Recruiter
As a major contributor to the Malaysian economy, the Chemical industry is poised for positive growth in the upcoming year. This sector consistently witnesses an escalating demand for skilled professionals. Recruiters, armed with an in-depth comprehension of the industry, play a pivotal role in connecting the right candidates with suitable employers.
Drawing from a diverse pool of candidates, recruiters possess the insight to align individual aspirations with employer requirements. In the face of expanding employment opportunities, engaging a recruiter can expedite the hiring process while ensuring access to high-caliber candidates backed by a reputable track record.
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