Professionals who are moving to new jobs next year can expect their salaries to increase by as much as 40 percent, according to a survey by a recruitment specialist.
The Salary Survey 2020 by Robert Walters reported a 20-percent to 40-percent salary hike for job movers in 2020, depending on their seniority levels and skill sets. As for those who will stay within their roles, they can look forward to salary increments of up to 10 percent.
The survey added 51 percent of professionals expect bonuses of 15 percent and above of their annual salaries, as they admitted competitive pay and incentives are their primary reasons for work satisfaction.
Among all sectors, job movers in technology and transformation can expect the highest salary hike of as much as 60 percent on the country’s surging requirement for information-technology security professionals, data analysts, engineers and scientists, as well as for development and operations engineers.
Robert Walters Director for the Philippines Monty Sujanani said candidates in the technology and transformation sector can get up to four job offers at any given time.
“It’s definitely [in] technology that we see the highest increment, which is about 60 percent. The reason behind that is, again, we’re talking about the maturity of digital skill sets,” Sujanani said. “It becomes a fight, a war of talent. Everyone’s knocking on the doors of highly skilled talents, whether it’s on artificial intelligence (AI) or we’re talking about machine learning, or analytics, which is driving key business decisions here.”
“Candidates will have three to four offers at any given time, [and] it becomes their decision as to what companies they want to choose,” he added.
Professionals in banking and financial services transferring to new jobs can expect salary hike of about 30 percent; in human resources up to 25 percent; and in sales and marketing of as much as 30 percent. On the other hand, job movers in supply chain, procurement and logistics can anticipate salary increments between 25 percent and 30 percent.
As such, Sujanani advised employers to provide not only competitive salaries, but programs for skills development as well to be able to keep their talents, adding they might want to consider coming up with flexible benefits and working arrangements that are highly attractive, especially to the new generation of workers.
The Salary Survey this year covered the insights of over 400 professionals in different sectors. In coming up with the salary hike projections, the survey made use of candidate expectations and industry commitments, as well as corporate figures.