A survey shows a strong local demand for Filipino professionals with overseas experience as the Philippine job market gears up for significant salary increments and enticing bonuses in 2024.
The Robert Walters Global Salary Survey 2024 notes that the growth in business establishments will necessitate a shared demand for Filipino professionals with overseas experience in leadership roles.
“Another growing trend we’ve seen is companies sourcing for talent to fill leadership roles through our ‘Balik Bayan’ campaign, which connects companies with skilled Filipino professionals based abroad with valuable, overseas work experience,” said Robert Walters Philippines director Alejandro Perez-Higuero.
The survey presents a comprehensive analysis of salary trends and recruitment patterns and the growing emphasis on compensatory benefits and the allure of overseas experience among employers seeking key leadership roles.
It says that with the growth of shared service centers and a substantial shift towards digitalization and commercial excellence, organizations are poised to offer substantial salary increases, potentially up to 30 percent for job movers, especially in sectors like technology and finance, where skilled professionals are in high demand.
Salaries in general are projected to remain stable in 2024, with job movers poised to reap significant rewards amid evolving market dynamics, according to the results of the survey.
The survey indicates that two in four employees are actively seeking new job opportunities, driven primarily by prospects for career advancement. However, their decision-making is significantly influenced by an attractive bonus scheme, access to private healthcare insurance and flexible or remote work arrangements.
More than half of employees, or about 52 percent of respondents, remain open to counter-offers, particularly enticed by salary increments, promotions and retention bonuses, it says.
As companies grapple with a shortage of qualified candidates, they are striving to meet evolving employee expectations, particularly in terms of work-life balance and workplace flexibility, the survey says.
Employees prioritize work-life balance, favoring options like a four-day work week, well-being services such as access to counselors and diversity and inclusion initiatives signaling a paradigm shift in traditional work structures.
The survey reveals a gap in expectations regarding work location. While 72 percent of job seekers are willing to spend two to three days in the office, 70 percent of employers expect staff presence for at least three to five days per week.
“Having a stellar candidate experience is now vital as the hiring market becomes more competitive, with more players vying over the best talent. 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,” Higuera said.