MALAYSIAN firms are digitalising their work processes as they re-strategise operations to adapt to Covid-19-induced disruptions, the World Economic Forum’s Future of Jobs Report 2020 revealed. 

A survey on the impacts of the pandemic on company strategies revealed that all respondents were looking to adopt digital tools and videoconferencing in their work processes.

Meanwhile, 75% of firms surveyed revealed they were willing to provide more opportunities for staff to work remotely.

Some 58.3% were looking to accelerate digitalisation through re-skilling and up-skilling their workforce, of which 33.33% have chosen to accelerate the process.

Another 33.33% said they have reallocated their resources by temporarily reassigning workers to different tasks.

The firms also identified 10 jobs that are high in demand.

These include data analysts and scientists, strategic advisers as well as those who specialise in internet of things, digital transformation, digital marketing and strategy as well as big data. 

Other roles that are highly sought after are artificial intelligence and machine learning specialists, cybersecurity specialists, software and application developers as well as renewable energy engineers.

Administration-related jobs such as data entry clarks, administrative and executive secretaries, accounting, bookkeeping and payroll clerks, as well as human resources specialists, on the other hand, are becoming increasingly redundant.

Mining and petroleum extraction workers; mechanics and machinery repairers; professionals in environment, occupational health and hygiene; assembly and factory workers; accountants; auditors as well as business services and administration managers were also on the list of redundant roles identified by the respondents. 

Some 86% of the respondents added that they were looking to automate their work process.

The same number of respondents also expressed their intention to hire new permanent staff with skills relevant to new technologies while also expecting existing employees to pick up the necessary skills while on the job. 

Meanwhile, 71% said they were open to hiring new temporary staff with the skills relevant to new technologies while 64% would turn to outsourcing some business functions to external contractors.

Firms are looking to harness analytical thinking and innovation, active learning and learning strategies, critical thinking and analysis as well technology use, monitoring and control in their employees through up-skilling and re-skilling programmes.

Apart from that, other skills they are focusing on include leadership and social influence, emotional intelligence, quality control and safety awareness, service orientation, resilience, stress tolerance and flexibility as well as management of personnel.

About 36.1% of the companies surveyed said they will use internal learning and development to re-skill and up-skill their employees while 22.9% preferred online training.

Others said they will resort to private training providers (22.1%), public educational institutions (8.2%), public training providers (5.9%) and private educational institutions (4.8%).

The third edition of the report sheds light on pandemic-related disruptions, which is also contextualised within a longer history of economic cycles as well as the expected outlook for technology adoption in jobs and skills in the next five years.

It explores the views of business leaders such as chief executives, chief strategy officers and chief human resources officers, who are on the frontlines of decision-making regarding human capital. The report also looks into the latest data available from public and private sources to create a clearer picture of both the current situation and the future outlook for jobs and skills.

Malaysia is one of the 26 advanced and emerging economies used as samples for the report.

The report also provides in-depth information for 15 sectors such as professional services; manufacturing; digital communications and information technology, financial services; consumers; mining and metals; education; government and public sector; health and healthcare; automotive; agriculture, food and beverage; transportation and storage; energy, utilities and technologies; oil and gas, and advanced manufacturing.

The target companies were specified as the largest multinational and national companies, significant in terms of revenue or employee size of 100 and more.

The data, collected over a nine-month period from January to September, contains 291 unique responses by global companies, collectively representing more than 7.7 million employees worldwide. – October 21, 2020.