Filipino professionals with overseas experience are witnessing a remarkable surge in demand as the Philippine job market gears up for significant salary increments and enticing bonuses in 2024, according to insights from the Robert Walters Global Salary Survey 2024.
Robert Walters Salary Survey report, a comprehensive analysis of salary trends and recruitment patterns, highlights the growing emphasis on compensatory benefits and the allure of overseas experience among employers seeking key leadership roles.
In response to sustained demand, organisations are poised to offer substantial salary increases, potentially up to 30 percentย for job movers,ย especially in sectors like technology and finance, where skilled professionals are in high demand.
Despite the optimistic job market outlook, there remains a notable discord between employers and employees regarding compensation, benefits, and work-life balance preferences.
Exploring employment opportunities and preferences
The survey indicates that 2 in 4 employees actively seeking new job opportunities within the next year, driven primarily by prospects for career advancement. However, their decision-making is significantly influenced by an attractive bonus scheme (86 percent), access to private healthcare insurance (82 percent), and flexible or remote work arrangements (57 percent).
Moreover, amidst the job search, over half of employees (52 percent) remain open to counter-offers, particularly enticed by salary increments, promotions, and retention bonuses.
As companies grapple with a shortage of qualified candidates, they are striving to meet evolving employee expectations, particularly in terms of work-life balance and workplace flexibility. Employees prioritise work-life balance (91 percent), favoring options like a four-day work week, well-being services (36 percent) such as access to counselors, and diversity and inclusion initiatives (35 percent), signaling a paradigm shift in traditional work structures. The survey reveals a gap in expectations regarding work location. 72 percent of job seekers are willing to spend two to three days in the office, whereas 70 percent of employers expect staff presence for at least three to five days per week.
โHaving a stellar candidate experience is now vital as the hiring market becomes more competitive, with more players vying over the best talent. Companies who can lay out a compelling story about the role they are hiring for and how it plays out in the companyโs vision will have a better shot at winning the candidates they are after,โ Robert Walters Philippines Director Alejandro Perez-Higuero said.
Emerging hiring trends and challenges
In light of emerging trends, the demand for skilled professionals in AI, technology, sustainability, and commercial leadership is expected to soar in 2024. Companies are increasingly relying on automation and digitalisation, driving the need for professionals with international exposure and diverse skill sets.
Currently, 25 percent of employers use AI models to automate routine tasks, with an additional 35 percent planning to do so within a year. Interestingly, some employees (43 percent) express little concern over AI impacts despite its role in enhancing their efficiency.
According to 58% of our respondents said that the primary challenges in talent acquisition across various industries are high salary and benefit expectations, shortage of highly specialised candidates, and a notable concern about the lack of technical skills particularly within the Technology sector.
To retain employees, companies have implemented strategies like enhanced learning and development opportunities (72 percent), hybrid work policies (60 percent), and increased wellbeing initiatives (55 percent).
The most sought-after skill sets include automation, digitalisation, technology, and digital competencies, along with commercial leadership and profit & loss management. Professionals with international exposure are particularly valued, given their broader market and stakeholder understanding.
Industry predictions
The job market in the Philippines is undergoing a transformative phase in 2024, marked by the growth of shared service centers and a substantial shift towards digitalisation and commercial excellence.
As international organisations increasingly establish their shared service hubs in key cities like Manila and Cebu, the country’s labor market is reshaping to meet new demands. With more shared services centers sprouting up in the country, Robert Walters Philippines expects that this will drive higher demand for business heads to lead the hub.
This trend will also lead to the increasing demand for Filipino professionals with overseas experience in leadership roles. Organisations across the Philippines are increasingly focusing on hiring Filipino professionals with overseas experience for key leadership roles. This trend, aligning with the nation’s growth aspirations, is creating a dynamic shift in the local job market.
Companies are keen on leveraging these international experiences to drive innovation and competitive advantage in an increasingly globalised business environment.
โAnother growing trend weโve seen is companies sourcing for talent to fill leadership roles through our Balik Bayan Campaign, which connects companies with skilled Filipino professionals based abroad with valuable, overseas work experience,โ Higuero said.
Despite economic fluctuations, salaries are projected to remain stable in 2024, with job movers poised to reap significant rewards amidst evolving market dynamics.
For more insights on the Robert Walters Philippines Salary Survey 2024, visit:ย https://www.robertwalters.com.ph/our-services/salary-survey.html
