Despite the best money-saving practices, sometimes the most practical way to keep up with the costs of living is to increase your income. For some Malaysians, that could mean creating a side income stream. For those of us who can’t expend that sort of time or energy, it could mean having to rely on a high-paying job.
But as we grapple with the current global economic downturn, salary projections will likely be more muted compared to previous years. Hiring efforts are also expected to be more conservative. As businesses accelerate their digital transformation in order to recover from dismal economic projections, digitisation, electronics, and tech continues to drive many of the roles and skills in demand this year.
So if you’re looking for your first job, thinking of making a career switch or negotiating a salary raise, here is what you need to know about salary trends in Malaysia this year.
What are the highest paying industries in 2023?
The answer lies in whether you are going to work for an SME or at a bigger corporation. According to Jobstreet findings, the highest paid industries show some rather big contrasts between the two sectors.
Here are the average salaries for the top three industries in both the corporate and SME sector.
| Corporate | SME | ||
|---|---|---|---|
| Telecommunications | 5.5k | Insurance | 5.25k |
| Insurance | 5.15k | Computer & IT | 4.8k |
| Banking & finance | 5.125k | Electrical & electronics | 4.35k |
Source: JobStreet
What are the industries with the highest paying managerial roles?
These roles earn the top monthly salaries for managers in Malaysia. However, there are interesting contrasts in salaries if you work in a large corporation compared to a small and medium size enterprise (SME).
| Industry | Manager | Senior Manager | ||
|---|---|---|---|---|
| Corporate | SME | Corporate | SME | |
| Agriculture | 8.25k | 7.5k | 16.5k | 13.5k |
| Banking & finance | 8.4k | 8.25k | 12.65k | 12.65k |
| Computer & IT | 8.25k | 8.25k | 16.5k | 12k |
| Electrical & electronics | 9k | 10k | 16.8k | 16.8k |
| Telecommunications | 9k | 8.25k | 15.5k | |
Source: JobStreet
What about non-managerial positions?
It’s no surprise that managerial positions offer higher salaries that come with bigger responsibilities. But what about the rest of us?
Here are some in-demand industries with the highest paying jobs for newbies.
| Industry | Non-executive | Entry-level | ||
|---|---|---|---|---|
| Corporate | SME | Corporate | SME | |
| Banking & finance | 2.25k | 2k | 3.15k | 2.75k |
| Computer & IT | 2.6k | 2.6k | 2.85k | 3k |
| Consulting | 2.25k | 2.25k | 3.25k | 3k |
| Electrical & electronics | 2.16k | 2.16k | 3.25k | 3k |
| Telecommunications | 1.8k | 6k | 3k | |
Source: JobStreet
Still looking for a job?
Hey, you got this. It has been a tough year for jobseekers. The global economic headwinds combined with rising inflation and interest rate has made 2023 a challenging year to grow your income.
But don’t let it get you down. Polish your resume, keep sending in your applications and seek help from government agencies, friends and family.
Need more information for your job hunting? Read on.
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