JobStreet — among the Philippines’ leading employment marketplace by SEEK has recently released its latest findings and forecast, “2022-2023 Outlook – Hiring, Compensation, and Benefits Report”, wherein they were able to pinpoint that 66% of companies are optimistic about the job market for the first half of 2023.
This report dove into the data and provided fresh insights into the Philippine job market. The data that JobStreet was a survey that totalled 438 parties coming from the diverse sectors of businesses operating in the country. This ranged from large, to medium, to small companies. The majority of the companies that were able to participate were considered large business entities in the market.
Results, trends & forecasts
Results of the survey reflected that one in two companies that are in the category of being large businesses having more than 160 employees unanimously reported that their hiring plans are back to the pre-pandemic levels. The strongest trend on this that also influences their plans was the pandemic’s impact of the emergence of remote working technology — creating another niche or consideration in the hiring process.
The report also showed that most companies had hired employees full-time, and only one in four companies laid off at least one employee for the past six months. The strongest job positions that are making a comeback and considered favourite full-time jobs are the ones in information technology, transportation and logistics, accounting, admin & HR, and customer service. These were the same job functions that faced layoffs during the pandemic.
A notable trend keeps reappearing as common answers in the survey where remote working technology has become one of the most sustainable jobs as it can be on a part-time basis. This has also brought about how having a flexible working culture can help through tough times.
You might also want to read: DOT 2022 exceeds target at 2.65 million tourist arrivals
As for small companies, JobStreet saw data that these business entities were more likely to increase their permanent full-time staff for the next three months which include roles in Sales/Business Development, Admin & HR, and Information Technology.
Large companies though are leaning more toward increasing their workforce by maintaining or improving the number of part-time staff or hours worked — which also signals that most small companies are expecting an uptick in sales and demand.
A mere 5% of the total companies surveyed are planning to reduce their dependence on part-time staff. Most of these part-time employees work in various job functions, with Admin & HR, Information technology, and Sales / Business Development as the top three.
Higher salaries, More benefits to attract the best candidates
JobStreet also saw a marked competition among employers to attract the best candidates they can hire even though the trend was on having part-time employees at the moment. Organizations firmly believe in providing higher salaries as well as compensation, benefits, and special leaves all of which present a great package to have excellent applicants.
Among the examples that the companies considered in the survey were bonuses related to the employee’s performance metrics, or this can be contractual bonuses — with large companies willingly providing this reward. There will also be staff promotion on hand for long-term employment.
Other encouraging news is the possibility of having birthday leave — currently provided by only 41% of those surveyed but this is expected to grow by 14%. Companies are also considering accommodation benefits with housing allowances and loans — the possibility of which is expected to grow by 8% in the next 12 months.
Philip Gioca, Country Manager of JobStreet Philippines, further added, “As we return to pre-pandemic conditions, the competition for talent will also increase given current global conditions. Companies need to be able to strategize on their talent attraction and retention to remain at the top of employees’ minds. This includes providing compensation, benefits, and other programs that can enrich the working experience. Additionally, for the Philippines, we foresee that human resource digitalization which allows HR process transformation will make companies stay competitive. Companies should consider what the employees need and want, and be able to adapt to shifting expectations. This will be critical to attracting talent given the competitive labour market.”
Fingers crossed that this piece of good news will be on solid ground for years to come. Truly, the pandemic hit everyone hard and more than two years of a standstill — even regression — in finding a job created heartbreaking effects on everyone. Just comment below and let us know your insights on this, too. We always look forward to hearing from you. Would you like us to share more news that is connected to this topic, too? Hope to hear from you soon!