Salary survey shows high local demand for OFWs

Job demands for Filipino professionals with overseas experience are expected to surge, as the Philippine job market gears up for significant salary increments and enticing bonuses in 2024, according to insights from the Robert Walters Global Salary Survey 2024.

Robert Walters Salary Survey report, a comprehensive analysis of salary trends and recruitment patterns, emphasized the growing emphasis on compensatory benefits and the allure of overseas experience among employers seeking key leadership roles.

In response to sustained demand, 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.

Despite the optimistic job market outlook, there remains a notable discord between employers and employees regarding compensation, benefits, and worklife balance preferences.

According to the survey, two in four employees actively seek new job opportunities within the next year, driven primarily by prospects for career advancement. However, their decision-making is significantly influenced by an attractive bonus scheme (86 percent), access to private healthcare insurance (82 percent), and flexible or remote work arrangements (57 percent).

Amidst the job search, over half of employees (52 percent) remain open to counter-offers, particularly enticed by salary increments, promotions, and retention bonuses.

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. Employees prioritize worklife balance (91 percent), favoring options like a fourday work week, well-being services (36 percent) such as access to counselors, and diversity and inclusion initiatives (35 percent), signaling a paradigm shift in traditional work structures. The survey reveals a gap in expectations regarding work location. 72 percent of job seekers are willing to spend two to three days in the office, whereas 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,” Robert Walters Philippines Director Alejandro Perez-Higuero said.

In light of emerging trends, the demand for skilled professionals in AI, technology, sustainability, and commercial leadership is expected to soar in 2024.

The survey unveiled that companies are increasingly relying on automation and digitalization, driving the need for professionals with international exposure and diverse skill sets.

Currently, 25 percent of employers use AI models to automate routine tasks, with an additional 35 percent planning to do so within a year. Interestingly, some employees (43 percent) express little concern over AI impacts despite its role in enhancing their efficiency.

About 58 percent of survey respondents said that the primary challenges in talent acquisition across various industries are high salary and benefits expectations, shortage of highly specialized candidates, and a notable concern about the lack of technical skills particularly within the Technology sector.

To retain employees, companies have implemented strategies like enhanced learning and development opportunities (72 percent), hybrid work policies (60 percent), and increased well-being initiatives (55 percent).

The most sought-after skill sets include automation, digitalization, technology, and digital competencies, along with commercial leadership and profit and loss management.

Professionals with international exposure are particularly valued, given their broader market and stakeholder understanding.