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Philippines shaping up as top market for global workforce – survey
MANILA, Philippines — The Philippines may well emerge as the top market for the global workforce in 2023, as companies around the world embrace remote/hybrid setups and look to employ exceptional Filipino talent.
This is among the findings in the Robert Walters Global Salary Survey 2023, an authoritative analysis and benchmark on salary trends worldwide, including insights about recruitment in the Philippines.
It said the Philippines is expected to be a resource hub not only for traditional multinational companies but for startups as well. The overall impact would be an elevated jump in employment opportunities in 2023, with employers forced to grant more competitive salaries to attract and retain talent.
According to recruitment firm Robert Walters, foreign organizations have further ramped up their shared services centers in the Philippines, with many looking to supplement their workforce with talent in the Philippines.
“As more and more startups – especially those that specialize in technology, finance, and digital services – enter the market this year, we expect the Philippines to strengthen its position in the global workforce market by the end of 2023,” said Alejandro Perez-Higuero, director of Robert Walters Philippines.
With more companies moving their operations into the country, Robert Walters believes the Philippines is likely to become a candidate-driven market this year. Its survey reflects that not only are 81 percent of Filipino talent optimistic about new job opportunities available in their sectors, but 56 percent of professionals are also looking to change jobs in 2023.
Amid the increase in the cost of living and a possible recession in the near future, employees’ salaries are expected to climb by four percent in 2023. Professionals in the Philippines could expect higher salary increases when moving between jobs, hitting a high of 50 percent pay rise for talent with niche skills.
While 2022 was a year of recruitment for many employers, 44 percent of surveyed companies are concerned about facing retention in 2023 as the salary expectations of professionals rise and shortage of top talent. The survey revealed that 78 percent of companies have pro-actively put in place retention measures. Most common-adopted measures include increased wellbeing initiatives (75 percent), hybrid work policies (71 percent) and improved employee benefits (64 percent).
On the flip side, employees signal that besides excellent compensations (74 percent), 47 percent of them value flexible work arrangements, followed by an inspiring work culture (42 percent).
With the 2023 market driven mostly by prospective employees, companies are encouraged to focus on employer branding as the most effective recruitment strategy.
“Nowadays, especially given that the workforce is slowly being populated by millennials and Gen Z, work-life balance is non-negotiable. There is a whole community out there where they can check a company’s background and culture before they decide to be recruited,” said Perez-Higuero.
Source: https://www.philstar.com/business/2023/02/24/2247137/philippines-shaping-top-market-global-workforce-survey