Filipino workers expect a median wage hike of 6.2 percent in 2024, according to the latest remuneration survey conducted by human resource consulting firm Mercer.
The projected hike in median salary can be attributed to factors such as the rising demand for skilled professionals, the need to attract and retain top talent in a fiercely competitive job market and persistent inflationary pressures, it said.
“Philippines is poised for economic growth despite some global headwinds. Some industries will continue to hire as businesses, particularly in shared services and outsourcing industry, retail and consumer sector expand,” said Mercer Philippines business leader Floriza Molon.
Salary increments are expected to remain consistent year-on-year across most industries in 2024, the Mercer report said.
The energy sector is projected to experience the highest salary increase at 7 percent, followed closely by high tech at 6.8 percent, retail and wholesale at 6.7 percent and consumer goods at 6.5 percent as these industries continue to invest more in talent management strategy including promotions and market adjustments.
“Besides compensation, companies would need to reassess their total rewards programs focusing on the employee benefits and work experience. According to the Mercer Global Talent Trends 2023 report, employees stay in organizations that provide job security, work flexibility and high pay. Employees are also expecting benefits and career opportunities within their organizations. The ability to provide these creates a more holistic and strategic management on talent in the workplace,” Molon said.
Based on the report, the country’s projected median salary increment of 6.2 percent is above Asia’s average of 5.2 percent, reflecting the varying pay progression between emerging and developed economies in the region.
India, Vietnam and Indonesia reported the highest projected median salary increments for 2024 at 9.3 percent, 7 percent and 6.5 percent respectively, while Japan, Taiwan and Hong Kong expect the lowest adjustment at 2.6 percent, 3.8 percent and 3.9 percent, respectively.
Other countries included in the survey are Singapore which expects a 4.2-percent salary increment, South Korea with 4.4 percent, Thailand with 4.7 percent, Malaysia with 5.1 percent and China (Shanghai) at 5.2 percent.
