Why do 90% of Malaysians believe reskilling is crucial post-pandemic?

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Nine in Ten Malaysians Believe Reskilling is Crucial for Post-Pandemic Job Market Relevance

A significant majority of Malaysian employees, precisely nine out of ten, perceive the acquisition of new skills or the expansion of their existing skill sets as essential for maintaining relevance in the job market following the Covid-19 pandemic. This strong sentiment, identified in the UOB Asean Consumer Sentiment Study conducted in July, is underpinned by widespread concerns regarding economic recession and its impact on employment prospects.
Economic Uncertainty and Job Market Toughness

The widespread belief among Malaysians that reskilling is crucial is directly linked to their expectations of a challenging job market. The study revealed that a substantial portion of respondents anticipate difficulties in securing new employment due to the prevailing economic recession. This outlook fuels the perceived necessity for continuous learning to adapt to evolving industry demands and remain competitive.
Preference for Multi-Skilled Employees and Digitalisation

Furthermore, a considerable number of Malaysians, 85 per cent, believe that companies will increasingly favour candidates possessing a diverse range of abilities capable of performing multiple functions. This expectation suggests a shift towards valuing versatility in the workforce. Concurrently, 83 per cent of respondents anticipate that employers will leverage increased digitalisation efforts as a means to reduce workforce size, indicating a trend towards automation and technological integration in business operations.
Cost-Cutting Measures and Workforce Downsizing

The prevailing economic climate has also fostered concerns about job security, with 78 per cent of Malaysians expecting companies to retrench employees as a cost-cutting measure. This apprehension is particularly pronounced among younger demographics. Specifically, 94 per cent of Generation Z (aged 18-23) expressed a strong belief that employers would resort to staff retrenchment or termination to manage costs if necessary. Similar concerns, though to a lesser extent, were echoed by 77 per cent of Generation X (aged 40-55) and 76 per cent of Generation Y (aged 24-39).

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Why do 90% of Malaysians believe reskilling is crucial post-pandemic?

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