FILIPINO professionals who have worked abroad are experiencing a notable increase in demand as the Philippine job market prepares for salary raises and attractive bonuses in 2024, findings from the Robert Walters Global Salary Survey 2024 showed.
Robert Walters said that the demand for overseas Filipino professionals is seen to help companies be competitive in an increasingly globalized business environment.
It added that the job market in the Philippines is undergoing a "transformative phase" this year due to the shift toward digitalization.
"As international organizations increasingly establish their shared service hubs in key cities like Manila and Cebu, the country's labor market is reshaping to meet new demands," it said.
Robert Walters Philippines Director Alejandro Perez-Higuero said that having employees with international experience is now vital as the hiring market becomes more competitive.
"Companies who can lay out a compelling story about the role they are hiring for and how it plays out in the company's vision will have a better shot at winning the candidates they are after," he said.
In relation to the surge in demand, Robert Walters said the companies are seen offering salary increases, potentially up to 30 percent for job movers, particularly in sectors like technology and finance, where skilled professionals are in high demand.
The survey also suggests that two out of four or 50 percent of employees are actively looking for new job prospects within the next year, mainly motivated by opportunities for career advancement.
However, decision-making of employees is mainly influenced by an attractive bonus scheme, access to private health care insurance, and flexible or remote work arrangements.
"Moreover, amidst the job search, over half of employees (52 percent) remain open to counter-offers, particularly enticed by salary increments, promotions, and retention bonuses," it said.
Likewise, demand for skilled professionals in generative artificial intelligence (Gen AI), technology, sustainability and commercial leadership is expected to soar in 2024. This was attributed to the increasing reliance on automation and digitalization.
The survey showed that to date, 25 percent of employers incorporate AI models to their tasks, with an additional 35 percent planning to do so within a year.
Based on the survey, companies mostly look for employees with skills in automation, digitalization, technology and digital competencies, along with commercial leadership and profit and loss management.
"Professionals with international exposure are particularly valued, given their broader market and stakeholder understanding," it said.
As an effort to retain employees, the firm said that companies have implemented strategies like enhanced learning and development opportunities, hybrid work policies, and increased well-being initiatives.
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