PETALING JAYA: The oil and gas industry in Malaysia has recorded 19 consecutive months of year-on-year growth, up 13% in October according to the latest Monster Employment Index (MEI).
On a six-month basis, the sector recorded positive growth of 8%.
The only other industry monitored by the MEI which registered positive growth and online recruitment activity in the same period was the IT, telecom/internet service provider and business process outsourcing/information technology enabled service sector, which recorded growth of 25%.
“The oil and gas industry has had a tough couple of years, but the recovery and stabilisation of oil prices has paved the way for new investments and operations,” Monster.com CEO for Asia Pacific and the Middle East, Abhijeet Mukherjee, said in a statement.
“‘Smart drilling’ will be key in the future of the oil and gas industry, with business strategies linked inseparably to technology,” he added.
The MEI is a gauge of online job posting activity compiled monthly by Monster.com. It records the industries and occupations that show the highest and lowest growth in recruitment activity locally.
According to the latest MEI, Malaysia registered an overall year-on-year decline of 11% in online hiring activity in October, marking the eighth consecutive month of negative growth.
The banking, financial services and insurance industry recorded the steepest plunge in online hiring, down 16%. The sector has also been in steep, double-digit decline for eight months straight.
Occupation-wise, only one out of the nine job roles monitored by the MEI exhibited increased annual demand.
After five months of leading in positive annual growth among occupation groups, demand for hospitality and travel professionals saw the steepest decline in October, down 26% year-on-year.
Customer service roles, on the other hand, witnessed the most notable annual growth among occupation categories, up 25% in the first positive sign since February.
On a month-to-month basis, the job role recorded growth of 36%.
“By redesigning legacy practices and systems, oil and gas companies can begin the transformation into agile, flexible and fast-moving organisations,” Abhijeet said.
“With this re-engineering technology trend and the adoption of new innovations such as data analytics, robots, drones and other AI-driven capabilities, more new jobs will be created in the marketplace as well.
“This will create a demand for talents with niche skills who have both an understanding of oil and gas technicalities as well as the ability to use new technology.”
He also said workers would need to upskill in order to meet the needs of the industry.
He added that companies must show employees how these technologies support various career paths and keep their skill sets relevant as roles shift. - FMT
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