The economy is bad. Companies are restructuring. People are losing their job.
Despite the bad employment outlook, the banking industry is staying strong and major banks in Malaysia still have job vacancies on the offering. The industry has also not announced any major layoff to date.
According to the CEO of Institute of Banks in Malaysia (IBMM), Dr Mohd Kamal Khir, banks are opening up new branches across the country and more staff are needed to power up new branch operations. The new employees needed include fresh graduates.
Additionally, new faces are also needed to fill the void left by those retiring and resigning, leaving for other companies. And the openings are not only applicable locally, there are also jobs available outside of the country including in Singapore, Hong Kong and Middle East, as the region is chasing to capitalize the growing popularity of Islamic banking.
A survey by the organization indicated that about 3,000 fresh graduates are needed to fill up various job vacancies in the banking industry.
In 2007, the Bank Negara announced the Financial Sector Talent Enrichment Programme (FSTEP) which is a training program designed to develop fresh graduates and nurture them into becoming competent banking personnel. The interesting part of the FSTEP program is its allowance and monetary incentive, which goes up to RM2,000 and is as competitive as the real salary of a bank executive.