Against the backdrop of challenging economic times, the job market is back on its feet. Based on the latest research of online employment platform Jobstreet, 66% of companies are optimistic about their hiring strategies, at least for the first half of 2023.
In terms of job functions, information technology, transportation and logistics, accounting, admin & HR, and customer service are recovering when it comes hiring as favorite full-time jobs, as they were previously job functions that faced layoff.
“As we return to pre-pandemic conditions, the competition for talent will also increase given current global conditions,” said Philip Gioca, country manager of JobStreet Philippines. “Companies need 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.”
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According to the Jobstreet report, most companies in the Philippines are now hiring for full-time positions. However, 1 in 4 companies laid off at least one employee for the past six months.
In the Philippines, 1 in 2 companies made up of primarily large companies with more than 160 employees reported that their hiring plan is back to the pre-pandemic levels. However, the pandemic’s impact, which includes the emergence of remote working technology, also affects the type of jobs being hired.
For the latest report, JobStreet surveyed 438 from large, medium, to small companies in Philippines, with the majority of companies surveyed being large.
The survey also showed that the job function most impacted by remote working technology and flexible working culture were jobs related to customer service, with most roles being hired on a part-time basis as the pandemic subsided.
JobStreet also found that small companies were more likely to increase their permanent full-time staff for the next three months including roles in sales/business development, admin & HR, and information technology.
Large companies are looking to increase their workforce by maintaining or improving the number of part-time staff or hours worked, signaling that most small companies are expecting an uptick in sales and demand. Only 5% are planning to reduce their dependence on part-time staff. These part-time employees work in various job functions, with admin & HR, information technology, and sales/business development as the top three.
JobStreet also found that the organizations surveyed believe that aside from salary, factors such as compensation, benefits, and special leave are critical in attracting talent. For example, 7 out of 10 companies provided performance, guaranteed, or contractual bonuses, with large companies being more likely to provide at least one type of bonus. Besides bonuses and salary increases, staff promotion remains at the top of ways to attract employees. Birthday leave, currently only provided to 41% of Filipino employees, is expected to grow by 14%. Companies surveyed also indicated that accommodation benefits, with housing allowances and loans, are expected to grow by 8% in the next 12 months.
“For the Philippines, we foresee that human resource digitalization which allows HR process transformation will make companies stay competitive,” said Gioca. “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 labor market.”