CHANGING careers is an option that the majority of Filipinos are considering in order to earn better salaries and achieve financial stability, according to Monster.com.
Based on the results of Monster.com’s latest survey, around 88 percent of Filipinos said they are considering leaving their careers for a better job in another industry.
Monster.com said around 54 percent of Filipinos would like to switch careers to get better salaries and achieving financial stability, while 23 percent said they lacked growth opportunities in their current field.
“The prospect of a career change is worrying for a majority of the work force in the Philippines, but it’s also the most desirable option to earn more money and explore opportunities beyond what they have studied,” said Abhijeet Mukherjee, CEO of Monster.com for the Asia Pacific and Gulf regions.
Data showed 58 percent of mid-career professionals would change jobs for a better salary. Monster.com said this was expected considering 43 percent of these workers are breadwinners for their families.
Currently, around 48 percent of mid-career professionals said their current career path isn’t working for them because they feel underpaid, while 24 percent said their job did not meet their expectations.
For Filipino professionals with over 15 years of experience, Monster.com said around 89 percent said they plan to switch career paths immediately or in the near future. The main reason for this, according to 38 percent, is the need to do something more purposeful and challenging.
The most desirable industry for young Filipinos to switch to is Travel and Tourism at 10 percent followed by Education at 9 percent and Banking, Financial Services, insurance at 8 percent. The survey also found 46 percent of Filipinos believe those who make a career switch are “brave” for doing so.
“The notion that one might have jobs across two or even three completely different industries in a lifetime is not something so taboo anymore—in fact, it’s almost expected as employees practice lifelong learning, gain new skills, expand their networks and become more tech-savvy,” Mukherjee said.
Around 66 percent of new entrants to the labor force believe they need to widen their skill set and another career will give them that. However, the biggest concerns about doing this is inexperience in the field they wish to pursue at 33 percent and a lack of qualifications at 21 percent.
Mukherjee recommended that employees should provide their staff with opportunities to challenge themselves. This will help companies and their talents to adjust to changing work conditions, especially due to job displacements and automation.
“While financial stability is a main driver for career switching, you are likely to be able to retain talent for longer by providing learning opportunities. Filipinos are tech-hungry, confident and creative individuals—many with an entrepreneurial mindset—so it’s important to cater to this constant need to upskill and get rewarded for their efforts,” Mukherjee said.
These responses are part of a wider #IMadeTheSwitch campaign, in which Monster polled more than 2,400 respondents across the Philippines, Singapore and Malaysia to examine and raise awareness on issues around career transitioning across Southeast Asia.
It also aims to identify these issues for employers, who might want to understand why employees would consider changing careers, and how they can retain their work force.