The majority of Filipino jobseekers are feeling positive and confident about negotiating positions in the labor market, particularly in the areas of business, finance, and sales – according to the latest job report from JobStreet Philippines.
Seventy-eight percent (78%) of job seekers in the Philippines are more optimistic about judging their position in the labor market, a figure slightly higher than the global average of 68 percent.
A total of 97,324 respondents from the Philippines, Indonesia, Hong Kong, Malaysia, Singapore, and Thailand were surveyed in the report “What Job Seekers Wish Employers Knew: Unlocking the Future of Recruitment” released today, March 1, 2023, by the Boston Consulting Group (BCG) and The Network, a global alliance of recruitment websites which include SEEK’s JobStreet and JobsDB,
The Filipinos’ optimistic view about their negotiation power complements the following study results:
- 87% of Filipinos are approached multiple times per year about job opportunities; 29% of all talent are approached every month.
- The study found that 40% of Filipino respondents said they are not actively looking for a new job but are open to good offers including higher salary and upward career progress.
- 33% of Filipino jobseekers are actively searching and are motivated by finding a role with higher seniority or trying out a new profession.
- Filipino jobseekers also cite work-life balance (28%) as a deal breaker, ranking second after financial compensation (35%) when it comes to finding a new job.
- They also consider retirement and insurance benefits that come along with the job offer (27%).
- When it comes to the desired working conditions, Filipinos are more interested in having a hybrid setup (46%), followed by fully remote (28%). When it comes to working time, Filipino talents are in line with global results, preferring a traditional five-day workweek.
- The survey revealed that Filipino talents are slightly more interested in taking leadership positions and in building their own successful businesses one day.
SEEK Asia Chief Executive Officer Peter Bithos commented on the findings, “When faced with a possible recession, the balance of power in the labor market tends to shift towards employers as hiring tightens. However, we believe the situation is different this time as many organizations in Asia are still recovering from the jobs lost during the pandemic. While hiring growth may slow down during times of uncertainty, there is no doubt that it is still a jobseekers’ market right now, and so it’s important for employers to know how to attract, recruit and retain talent.”
The survey also reveals that those working in IT roles are the most coveted talent across Indonesia, Hong Kong, Malaysia, the Philippines, and Singapore, as they are frequently approached with job opportunities on a weekly and monthly basis.
Bithos says, “These last few years have been a wake-up call to many. Today, we are knee-deep in the era of ‘The Great Reconfiguration’ as employees are reconfiguring their work and personal lives, prioritizing the latter with greater demand for work-life balance and flexibility. Meanwhile, employers are increasingly looking for different skills, with a continued focus on digital and technology skills. Employers that want to attract great talent with the skills that their businesses require must cater to these changing needs.”
Ideal Hiring Journey
The survey also debunked and proved several recruitment myths and gave insight into what Filipino job seekers want in their recruitment journey.
- For instance, a smooth and timely process is the number one way for an employer to stand out during recruitment, as mentioned by 77% of respondents.
- 52% of respondents named “negative experience during recruitment” as the key reason they would refuse an otherwise attractive job offer.
- Indicating a salary range (53%) is the number one feature that matters to Filipino job seekers in a good job ad, and if included, this is the first piece of information candidates will look at.
- The survey also revealed that a recommendation by a friend is the best way to raise interest when a Filipino talent is not looking for a job. But once they are interested, most people will look for further information through social media and company websites. And when it comes to applying for a job, people either apply through their personal networks or use recruitment platforms.
JobStreet Philippines Country Manager Philip Gioca emphasized that talent is in demand and jobseekers know it. “More companies have started opening a lot of opportunities and more Filipino jobseekers have built their confidence in seeking jobs and negotiating positions that really fit their needs. Candidates will have the tendency to be more selective and this is a good challenge for hirers to improve their recruitment process.”
The report also provided recommendations for employers, including how to overcome their biases to increase their talent pool, calibrate their approach to different personas, get culture fundamentals right, and more.
More information on the reports can be found here:
.@JobStreetPH today launched the new labor market report which surveyed nearly 100k respondents from 6 Asian countries including the Philippines https://t.co/Q7gIFv7P7H
— GoodNewsPilipinas.com (@GoodNewsPinas_) March 1, 2023
Jobstreet had previously listed the top 4 Philippine industries with strong growth and recovery to pre-pandemic levels, and named Filipinos as the happiest workers in Asia.
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