Final Report - Professional Services Activities Environmental Scan Final Report - Professional Services Activities En

USA / 318.8M 1 : 1,300 1 : 390 1 : 39,750 1 : 19,800 1 : 69,100 1 : 5,360 - Based on the table of Professional to population ratio by selected countries, it is evident that Malaysia has talent shortages compared to other developed nations. Most of the professions in Malaysia has higher ratios and it is indicating that there is insufficient professional in the industry to cater the population. As a benchmark for developed nation, there should be 1 architect to 4,000 people, With the present ratio of 1: 15,150, our country is far below the ratio compared to most of the developed countries. Below is the summary of human capital challenges faced by the selected professional services activities: - Table 6: Summary of Challenges Professional Services Activities Challenges Accounting ▪ Skills gap in existing talent pool ▪ Talent migration ▪ Limitations in embracing digital evolution such as Industrial Revolution 4.0 Advertising / Market research ▪ Lack of supply of skilled talent Engineering / Architectural ▪ Potential shrinking talent supply pool in the future ▪ Difficulty in attracting good talent ▪ Lack of supply of skilled talent in areas of criminal Legal law and intellectual property Veterinary ▪ Lack of supply of skilled talent due to limited placements available in public universities Given the vast difference in the professional practices of respective sub-sectors, each practice faces its unique challenges in terms of human capital development and it is the objective of this study to explore and determine the key human capital/challenges constraining the growth of the sector. Environmental Scan – Professional Services Activities 32

Final Report - Professional Services Activities Environmental Scan Final Report - Professional Services Activities En | Page 34