According to the data from the online job platform JobStreet by SEEK, the year 2023 witnessed a resurgence in hiring trends, with companies prioritizing employee well-being and retention strategies, according to a recent industry report.
Data from the report indicates a significant uptick in salary increments, averaging 10.24%, an increase from the 7.3% average recorded in the preceding year.
“The current age of employment is here and it is progressing exponentially day by day, and as we see it, 2024 is a very promising year for the job market,” said Dannah Majarocon, managing director, Philippines, Jobstreet by SEEK. “We hope this new report will be able to guide our hirers and candidates in navigating the ever-dynamic world of work.”
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Jobstreet by SEEK surveyed over 680 hiring professionals from Philippine companies of varying industries, roles, and sizes. The study was conducted in September 2023 to help hirers revolutionize employment through creating innovative solutions and valuable insights into the future of work.
Salary benchmarking
In response to this upward trend, a majority of companies implemented salary benchmarking to retain current employees, alongside a thorough evaluation of pay guidelines and policies. There was a notable increase in performance bonuses, with the average rising to 2.3 months of salary, up from 1.3 months in 2022.
Staff promotions surged from 60% to 70% in 2023, underscoring companies’ commitment to fostering a positive and progressive work environment to retain existing talent.
Diversity and inclusivity initiatives also gained traction, with an increase in benefits catering to employees’ diverse needs. These included the introduction of birthday leaves, with 15% of companies planning to implement them in the future, and considerations for menstrual leave and family care leave, highlighting a concerted effort towards workplace inclusivity.
Employee benefits
Financial benefits such as medical insurance, health checks, and dental coverage saw an 8% increase, with plans for the introduction of retirement plans and mental health treatment coverage. Companies prioritized career development through apprenticeship/mentoring programs and training/self-learning initiatives.
Employee satisfaction was further enhanced through accommodation rental reimbursements, flexible working hours, and mental health support programs, indicating a growing emphasis on holistic employee well-being.
Despite workforce reductions, attributed to restructuring and downsizing in certain sectors, hiring remained robust, with 99% of companies hiring at least one employee in 2023, primarily focusing on permanent full-time positions.