PETALING JAYA: As pandemic-induced uncertainty continues to lend gloomy economic forecasts around the world, graduating students in Malaysia are facing unprecedented challenges in securing their first job.
A recent report by the Institute of Student Employers and the International Network of Employers and University Careers Services found that although the direct impact of Covid-19 has been limited in Malaysia, the economic impact has been marked with substantial job losses predicted.
Recruitment has fallen this year and is expected to continue to fall next year. Some respondents anticipate that this will have a permanent impact on the graduate labour market in Malaysia and may shift the nature of the skills that employers are looking for.
Hays CEO Alistair Cox stressed the importance of business leaders to act.
“While of course, our young people are more than capable of helping themselves out of this situation, they can’t do it alone. They need us to hear them. They need our help and support. While it’s encouraging to see many governments around the world stepping in to help protect their careers – from job creation and employment guarantee schemes, to training incentives, apprenticeship programmes and job retention bonuses – employers also have a pivotal role to play in unlocking the ‘lockdown generation’,” Cox said in a statement today.
Cox said companies should continue with their graduate and intern schemes to help the younger generation, they should support their younger workers in working remotely, and onboarding processes will need to be adapted to reflect the new era of work. Cox also stated that employers must open their minds when hiring and move away from set pre-requirements.
“It shouldn’t matter where a candidate went to university, or even if they went to university at all. What matters is that they are the best person for the job. What matters is their potential. So, widen your net to consider those who have completed apprenticeships or vocational educational training going forward – the focus shouldn’t just be on university education.”
When it comes to reviewing grades, Cox said organisations must remember that due to the disruption caused during the exam season, grades which appear on a jobseeker’s CV might not be a fair reflection of their abilities. However, what can help build a more accurate picture of a candidate is understanding how they have used the lockdown period proactively, such as volunteering, caring for vulnerable family members, additional learning or taking on home projects. This information will help organisations gain a valuable insight into the character and potential of applicants.
Investing in the skills development of employees, regardless of their generation, is key to an organisation’s future success in the new era of work. Cox stated that the first step is to start at the beginning, and work to close the disconnect between the skills that are taught in formal education settings, and the skills that employers and industries actually need in the real world.
“It’s now absolutely essential employers work with educators to facilitate work-based learning and degree apprenticeships – albeit in a socially distanced world – and are given access to help frame the curriculum so we can be sure it is as relevant as possible for the new era of work.”
Cox added that it is the obligation of leaders to facilitate the sharing of practical, honest, real world careers advice to those young people still in education, such as mentorship programmes, industry days or even our own social media networks.
“This is particularly important now for a number of reasons: education has been disrupted due to the pandemic, young people are tending to stay in education longer and, lastly and perhaps most importantly, the world of work is changing faster than ever before.
“As leaders, we’re out there in the world, we’re on the ground, every day, so we’re uniquely placed to share our thoughts and guidance in order to ensure each student has a well-rounded view of the skills in demand and how they might fit into our world going forward.”
There is an increasing need for companies to define and articulate their purpose, their reason for existing. As company valuations and project expectations have been completely thrown out of the window by the pandemic, Cox said now could be the ideal opportunity for boards to do the right thing, to re-evaluate shareholder returns and devote proper investment towards their social purpose by helping the youth of today blossom tomorrow.
