Malaysia’s per capita GDP has raced past its neighbours to US$ 10,380, compared to Thailand’s US$ 5,473 and Indonesia’s US$ 3,556. However the country remains an upper-middle-income nation rapidly losing high-value talent to global hubs such as next-door Singapore, with the emigration rate of the tertiary-educated at a high 10.5%.
According to Bernama, by 2011 there were already 1 million Malaysians working overseas, with the drain increasing in pace: 305,000 Malaysians emigrated between March 2008 and August 2009 compared to 140,000 in 2007. This has caused Malaysia’s economic growth rate to fall to an average of 4.6% per annum in the 2000s compared to 7.2% in the 1990s, threatening the vision for Malaysia to attain high-income status by 2020.
There is therefore a need for Malaysia to start acting on the great vision today to attract, retain and reward talent to meet the growing economy’s human capital needs – both to get high-skill Malaysian workers to return, and to optimise existing talent within.
Sharpening Business Acumen and Boardroom Relevance of the HR Profession
HR Technology Congress Asia 2014 (25-26 September 2014, Kuala Lumpur, Malaysia) focuses on developing global intelligence in the organisation, which enables you as a leading employer to collaborate across cultures, integrate your organisation’s best capabilities, and build a superior global leadership team that creates a sustainable competitive advantage for your company.