Hiring is set to surge as a majority of Filipino employers are overwhelming positive about growth outlook, with 79% of employers saying they are largely “optimistic” of growth, while 67% have a “positive” intention to expand local headcount.
However, the struggle to locate and attract key talent is a big concern for Filipino employers, with 51% stating it is the biggest hiring challenge they face – much more so than a low hiring budget (23%) and company culture mismatch (14%).
These findings are part of RGF International Recruitment’s Talent in Asia report, a comprehensive analysis of more than 3,500 responses about hiring trends across 11 Asian countries and markets, and various industries. The aim of this inaugural report is to better understand the needs, demands and expectations of both candidates and employers in Asia.
For Fillipino talent, the most popular industry is the Industrial sector – which is perhaps no surprise, as more multinational companies shift their processing and assembly in the manufacturing of goods and electronics into the country, creating a demand for talent.
Above all else, compensation is the most important factor for Filipino talent when considering employment, with 91%of talent expecting a salary increase to switch jobs, and an average pay rise of 26%. When ranking factors to evaluate a new potential employer by, 75% say fair and marketing competitive compensation is the most important – followed by career advancement opportunities (11%) and good health benefits (14%).
The good news is, employers appear to be aware of talent expectations, with over one third (36%) saying their largest priority in the coming year is to review their salary, compensation and benefits to match the local market. Coming in second place is a renewed focus on employer brand (19%) and introducing flexible arrangements for work-life balance (17%)
From a hiring perspective, local employers are looking for local talent with strong industry expertise mostly (49%), but are equally concerned with soft skills such as having a strong sense of accountability (28%) and the agility for change (8%).
These priorities – coupled with the Philippines’ strong economic growth – means employers are wholly positive about the year ahead, with 67% feeling optimistic enough to expand their hiring plans.
“Although compensation and benefits appears to be the number one driver for local FIlipino talent, employers must keep in mind retention strategies that look beyond monetary value to ensure skilled talent have the desire and the support to grow with the business. There is a growing market of young Filipinos – who comprise more than 30% of the total population – and are seeking more work-life balance and integration. While attractive compensation might get their attention, what will keep them on board is a dynamic and winning culture where their ideas and initiatives are valued and where successes are celebrated, genuine feedback and growth opportunities from their leaders, and a strong sense or corporate social responsibility,” said Rubi Benitez Managing Director RGF Executive Search Philippines.
That being said, talent must evolve and be prepared to embrace the next technological wave in the world of work by sharpening their skillset and widening their knowledge base. With AI and advanced technologies creating jobs that place creativity and curiosity at the front, talent must look out for new ways of lifelong learning that keeps them at the forefront of change.”
Other key findings from the Talent in Asia report include:
- 66% of job-seekers across Asia say fair and competitive compensation is their highest priority when switching jobs
- Across all industries, talent want an average salary increase of 22% when changing jobs
- 71% of employers across Asia consider the shortage of talent their biggest hiring challenge
- 42% of employers understand they need to improve their employer branding to attract and retain top talent
- 15% are investing in artificial intelligence (AI) to aid their recruitment strategies and find the right talent