The working Filipino population is largely content with their current remuneration levels as the professionals’ salary satisfaction has been found to be at 7.1 (on a scale of 10), according to the UK-based recruitment consultancy Robert Walters Plc. The poll also suggests that most industries in the country will witness a healthy salary growth in the near future.
The findings of the annual survey which measures salary satisfactions levels in different countries quizzed accountants, bankers, IT professionals, HR professionals, and marketing personnel in the Philippines between January and October this year, were released last month.
Salary growth sentiment
93% of the respondents in the survey felt ‘confident’ about job opportunities in their industry – signaling an upbeat and optimistic job market sentiment. In 2018, the average hike received by Filipinos when they moved to another job was about 20%. Senior-level employees with niche roles earned an increment of around 40% in their wages in 2018. The trend of double-digit salary growth is expected to continue in 2019 as well, and the average hike is expected to be 20% – the same as this year. IT professionals can expect a bigger-than-average-hike, between 30% and 60%, in the next year.
- 42% of all the respondents expected an increase of at least 10% in their salaries in 2019.
- In addition to rising costs of living, feeling valued in their company and reinforcing their self-worth was the primary reason why the respondents felt they deserved a raise.
- Candidates who realise that their skills are in demand are able to negotiate a hefty increase in their salary when taking up a new job.
- For instance, data analysts are demanding nearly a 60% increase when taking up a new role and employers are obliging.
- Filipino employees are also increasingly choosing companies that provide training programs and the option to work-from-home.
On the back of “positive economic conditions”, a robust hiring and recruitment activity has been prevalent in the economy in the last year and it is expected to maintain its momentum in the coming year as well. The report lauded the current administrations’ policies to “stimulate hiring activities in certain industries.” Monty Sujanani, Country Manager at Robert Walters Philippines says, “The tax reform law is seen boosting demand for talents with experience in taxation and audit.
The private sector’s shift to automation and preference for data-driven decision making pushes them to hire more IT specialists and data analysts... Meanwhile, the construction boom stoked by the state’s ambitious infrastructure program is expected to create a “space” for sales and marketing professionals.”
The results show that the Filipino economy and workforce has had a good 2018 and is on course to sustain the positive activity in the next year as well. The findings also reiterate changing employee expectations which put a premium on feeling valued at work. Furthermore, they suggest that niche digital roles are high in-demand and are likely to get paid most lucratively. However, this is no time to get complacent. Cautioning recruiters and hiring managers regarding the challenges ahead, the report says, “In 2019, hiring managers may encounter challenges finding professionals with strong technical skills in digital as well as risk and compliance... There is still a scarcity of top professionals above 10 years’ experience due to relatively young market in the Philippines.”