July online hiring posts first 2017 decline
ONLINE hiring activity fell in July, the first decline posted during the year, according to an index of Internet job postings.
The Monster Employment Index (MEI) fell 2% year on year in July, said in a statement.
Online hiring by the retail industry rose 8% year on year in July, while activity in the advertising, market research, public relations, media and entertainment sector fell 17%, after having fallen 1% in June.
Banking, financial services and insurance (BFSI) and business process outsourcing (BPO) industries posted increases at 4% each. Education, engineering, construction and real estate posted declines at 11% and 10%, respectively.
By occupational group, customer service specialists remained the most sought-after occupations with a 5% rise in online hiring.
On the other hand, human resources and administration continued to show the sharpest decline across all occupational groups at 16%.
Finance and accounts and software, hardware and telecom followed customer service in the top occupational groups, despite posting declines at 3% and 4%, respectively.
Purchase/logistics/supply chain (12%) and marketing and communications (8%) occupations recorded the highest declines after human resources and administration.
“With growing competition from China’s presence in the global outsourcing sector, outsourcing activities within Philippines have eased, shaking the nation’s economy and contributing in part to the overall decline in hiring activity — where our MEI reported the country’s first dip this year. Additionally, weak remittances and trade deficits have weakened the peso, seeing the currency plunge to an 11-year low and further affecting hiring confidence,” Sanjay Modi, managing director of for Asia Pacific and the Middle East said.
Mr. Modi added that economists maintain a positive outlook about the Philippines’ growth and that the retail sector will continue to perform well: “Despite being faced with multiple immediate uncertainties, economists remain hopeful about the Philippines’ growth ahead, and this suggests opportunities for foreign firms from the region, such as Singapore, to come in and tap on the nation’s solid resources and infrastructure for commercial activities. The Philippines’ retail sector in particular is doing considerably well, and this trend will likely stick through for the months ahead.” —