Mid-level professionals expect up to 60% higher pay in 2019, says survey
Experienced employees in key industries – those with around seven to eight years of work experience – may enjoy pay rises of anywhere between 20 percent and 60 percent in 2019 as employers seek to attract top tier talent with international exposure and specialized skill sets, according to the annual salary survey of global professional recruitment consultancy firm John Robert Walters.
on the 2018 Salary Survey of John Robert Walters, mid-level executives and senior executives in accounting and finance, banking and finance, human resources, sales and marketing, and technology and transformation expect an increase of up to 60 percent in compensation offers in 2019 from their current pay.
Monty Sujanani, Philippine country manager for John Robert Walters, said salaries were up by between 20 percent and 40 percent in 2018 as hiring for top company positions become candidate-driven due to the scarcity of top professionals with above 10 years of experience because of the country’s relatively young talent pool.
Year 2018, he said, was an active year for recruitment amid a relatively stable economic environment influenced by the influx of foreign companies and surging growth in local demand for goods and services.
“Companies will continue to look for professionals with strong technical expertise across different industries and will seek skilled local talent to fill more senior-level positions as the market matures,” Sujanani said.
Increased digitization across industries is causing employers to look for workers with digital or e-commerce experience.
“There was also a greater demand for niche specialization due to new regulations in the banking and financial services sector, migration activities from abroad, and increasingly digital and cashless banking activities,” Sujanani said.
The survey covered the salaries and hiring trends for mid-level professionals and senior-level professionals across greater China and Southeast Asia.
Sujanani said that along with greater demand for ex- ecutives with strong technical skills, employers are also looking for company leaders with strong soft skills. These skills go hand-in-hand for functions that involve the revenue side of businesses.
“In accounting and finance, for example, companies are looking for senior professions who can face the revenue side of the businesses. They are not looking only for number crunchers. It uses soft skills, how they communicate with clients and various stakeholders,” he said.
In banking and finance, the imposition of stricter requirements by the Bangko Sentral ng Pilipinas (BSP) fuels the demand for compliance officers and risks analysts.
In human resources, employers are looking for executives who have knowledge in regional operations of firms as well as knowledge in changes in the ongoing tax reform agenda of the government.
Sales and marketing executives who have experience in industrial sales and marketing are now much sought-after because of the infrastructure boom in the country.
The hardest executives to recruit are technology professionals, causing companies to dangle as much as 60 percent pay increase for job movers. Most in demand are professionals who work with big data as clients now increasBased ingly use analytics to grow their businesses.
Other IT professionals in demand in the Philippines are those who specialize in robotics, automation, and internet of things (IoT).
“It has come to a point when tech talents can choose their jobs. It is now a talent-driven sector,” Sujanani said.
For professionals in these fields who are still climbing the corporate ladder, the good news is that companies have been making significant investments in training and grooming junior-level employees for mid-level to senior roles.
Such investments can contribute to the maturity of the Philippines labor market, the majority of which are young professionals.
“In 2019, we expect these companies to begin reaping the rewards of their investments, as there will be an increase in professionals with soughtafter skill sets in the market,” Sujanani said.
“However, there is still a scarcity of top professionals with above 10 years experience due to the relatively young talent market in the Philippines,” he said.
To attract and retain talent, Sujanani said hiring managers need to ensure that the vision of the company is “conveyed to prospective candidates right at the start of the recruitment process.”