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Tuesday, April 23, 2024

Study: 4 in 5 firms to retain, expand work force in PHL

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Philippine businesses are becoming more optimistic, according to a study, which indicated that 35 percent of companies will increase their headcount while 45 percent will maintain the status quo this year.

“We are seeing positivity increase across the board with regards to recruitment and hiring in the Philippines. While the country’s e-commerce and logistics sectors aren’t as developed as other Asia Pacific markets, the traditional consumer markets have remained robust and are assisting in the economic recovery,” Olly Riches, managing director of Michael Page Indonesia and the Philippines, said in a statement.

Based on Michael Page Philippines’s Talent Trends 2021 Report, e-commerce, financial services, healthcare and life sciences, technology and telecoms, and fast moving consumer goods are the Top 5 sectors where hiring activities happen mostly in 2021.

The Top 5 job types that are in-demand are general management, marketing, supply chain, sales, and technology.

“Acquiring and retaining high potential talent will be crucial to enable companies to build sustainable operations to position for future growth,” he noted.

To bridge skill gaps resulting from their move to business recovery this year, 56 percent of the companies surveyed nationwide cited their continued investment in employees by upskilling them with training, 56 percent turned to the use of automation for basic processes, 31 percent opted full-time hires in key areas, 17 percent looked for short-term contract hires, and 19 percent considered outsourcing or engaging third-party service providers.

While the Philippine economy contracted between 8.5 percent and 9.5 percent in 2020, 63 percent of employers said they intend to give a salary increase and 55 percent plan to distribute bonus payments to their employees.

However, 30 percent of firms said they expect employee promotions will be postponed in 2021, with middle management employees likely to be the most affected.

Looking forward, 85 percent of firms still believe that things would change for the better from the second quarter of this year onwards.

A bullish prospect is, likewise, apparent among the workforce as 67 percent of those employed anticipate new job opportunities this year, while another 31 percent are passively open to new roles.

Before applying for a job, the study showed that 1 in 3 of the respondents did extensive research first on the company via its portal, social media, or review sites.

Sixty-eight percent of the survey participants stated remuneration and benefits as their top consideration when accepting a work offer.

Beyond this, Michael Page found out that professionals, whether baby boomers (born in or before 1965), Gen X (born in or between 1966 and 198), and Gen Y and Z (born in or after 1981) ranked career growth opportunities, healthy work culture and an aligned company mission to personal values as the top factors on their perception towards their employers of choice.

Read full article on BusinessMirror

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