Financial, telco industries seen driving hiring growth

THE financial services and technology and telecommunications industries are expected to drive demand for staffing as they gear up to respond to greater digitalization, according to global recruitment agency Michael Page International Pte Ltd.

Carla Lastimosa, partner at Page Executive Philippines, said that the Philippines will be experiencing “a dynamic shift in hiring trends” in 2024.

“(This will be) particularly driven by robust government initiatives in the financial services sector, which has seen an increase in job placement,” Ms. Lastimosa said in an e-mail.

“This growth is fueled by the Bangko Sentral ng Pilipinas’ push towards digitalization and financial inclusion, significantly impacting employment opportunities,” she added.

Meanwhile, she said that the technology and telecommunication industries are now emerging as the top choice for job seekers, reflecting expectations they will grow rapidly.

Michael Page estimates that demand will come from financial services (30%), retail (17%), fastmoving consumer goods (17%), and technology and telecommunications (13%).

“Financial services would be your traditional banks, remittance business, and financial technology and there’s a big chunk of demand coming from this industry, followed by the retail sector,” Ms. Lastimosa said.

“We are big consumers when it comes to the retail industry, but you will be surprised that the part of the retail industry that is really booming right now in the Philippines is sports retail and some of these retail companies are not concentrated in Metro Manila,” she added.

However, she said that employers still face talent shortages, talent retention issues, and challenges in keeping up with the demand for hybrid work.

She said that most talent will still choose to work overseas, resulting in a systemic talent shortage due to lack of investment in employee development and benefits.