The first edition of LinkedIn’s “The Future of Talent” report saw that nearly 9 in 10 companies in the Philippines prefer soft skills when recruiting applicants. Employers are now looking at candidates who are adept in problem-solving and are team players.
Companies are preparing for economic recovery by recalibrating their business processes to adapt to the new landscape. To address the skills gap, the LinkedIn report said more companies in the Philippines are willing to tap existing talent to fill open roles aside from hiring externally.
During the lockdowns last year, many people lost their jobs and livelihood as a result of companies shutting down. And those employees, with their qualifications, skills, and experience, are now candidates to fill in certain roles.
LinkedIn, a professional social network, commissioned independent market research firm GfK to conduct this research across the Asia Pacific region, including Australia, China, India, Japan, Malaysia, Philippines, and Singapore. A quantitative 20-minute online survey was conducted with over 3,500 respondents from small, medium, and large enterprises.
The report also found more companies in the Philippines prefer to hire candidates with technical skills (38%) and transferable skills (28%) over traditional qualifiers like education (12%) and minimum years of experience (16%). The survey saw 3 in 5 companies are open to hiring employees from another industry if they match the job requirements.
“As a result of the pandemic, new roles have been created and existing ones have evolved,” said Feon Ang, VP, Talent and Learning Solutions, LinkedIn, APAC. “Hiring talent with the right skills set for these roles is very important to organizations. These days, it matters less that the talent has the traditional qualifications or industry experience. Going forward, we can expect to see a skills-based economy take shape, with skills becoming the new currency for workers in the future world of work. I encourage all individuals to adopt a growth mindset and keep learning to stay relevant.”
Companies that continue to operate are shifting their strategy from hiring more to reskilling or upskilling their employees to fill available roles. The LinkedIn report found nearly 9 in 10 companies in the Philippines are willing to hire internally as they can leverage existing employees’ insider’s perspective (65%), provide a sense of progress to employees (65%), and encourage loyalty (45%).
Data and insights
To implement a hiring process based on skills, HR leaders are tapping on the power of data and insights. More than 9 in 10 companies in the Philippines understand the importance of using data-driven insights in their hiring decisions. The top areas of data usage are in identifying skills needed in the future (57%), getting information to measure employee performance (57%), and knowing the top technical skills required for a particular role (57%).
Data can also help companies design practical employee engagement activities. With 37% of companies in the Philippines experiencing higher employee attrition due to COVID-19, companies have to double down on employee engagement efforts to help employees stay inspired and connected. According to the report, flexible working plans are the most effective activity in boosting engagement level, and this is especially important with hybrid and remote work here to stay. On average, companies in the Philippines aim for a mix of 46% remote employees and 54% physical employees.