THE job market this year is expected to be flooded with opportunities from technology, business management and sales and finance amid the growing shift to digitalization, according to a study by a professional recruitment consultancy firm.
The top trends are also being driven by the establishment of new businesses and the growth of the financial sector, Robert Walters Philippines noted in its Salary Survey 2022.
“These three trends will result in the high demand for professionals with experience in business management and sales operations, tech talent with expertise in automation, data analytics, cloud, and 5G, and workers skilled in risk, finance operations, and front office,” Robert Walters Philippines Country Manager Nic Sephton-Poultney said.
He warned, however, that there may be a lack of talent supply given the great demand for said jobs. The official added there may also be a shortage of qualified professionals for some jobs, particularly in technology given that it is “ever-evolving.”
For technology, the firm expects the following skill sets to be in high demand this year: machine learning design, development, installation, testing and maintenance.
The accounting and finance sector will be needing more financial controllers, business partners and tax managers, the survey revealed. In addition, the industry is seen to hire more professionals with project management experience, especially those who were involved in digital transformation and automation.
As for banking and financial services, the report said companies will look into employing professionals that had participated in developing digital products, finance and investments and risk and compliance amid the accelerated shift to digital platforms by financial institutions.
“With the ongoing digital transformation and rise of power plants in the country, there will be demand for roles in digital marketing and advertising, fintech sales, renewable energy sales, digital sales, and e-commerce management,” the study pointed out.
Lastly, companies are expected to hire human resource personnel equipped with skills in stakeholder management, employee engagement and performance management. This, as the “the move from physical to virtual workplaces demands for continuous engagement of employees to maintain high productivity and performance,” the survey explained.
Employee needs
Sephton-Poultney explained that companies should be able to provide a competitive salary and benefit package to attract employees, especially those who have niche skills.
According to the survey, 68 percent of the respondents identified compensation and benefits as priorities when looking for a job in the country.
“When it comes to offers, we see more candidates looking at base salaries and no longer at allowances or variable bonuses like before,” he said.
More important, health-care benefits that cover even the employees’ dependents are also primary considerations. He said that some job hunters will likely accept a slightly lower salary if it includes health-care coverage for their entire family.
Hybrid setup
Apart from salary and benefits, the Robert Walters official said that it will bode well for companies to offer remote and hybrid working arrangements as well, given that more are now accustomed to them amid the mobility restrictions.
“We encourage hiring managers to accommodate flexibility or work-from-home arrangements, as it is a factor in both attracting and retaining employees in 2022,” he said. “We have seen many employees leave or candidates reject offers when organizations require them to work in the office with no option for hybrid or work-from-home arrangements.”
In Southeast Asia, the Philippines ranked second next to Singapore in terms of remote work setups as the preference over on-site work, the firm noted.
Salary expectations
Meanwhile, the survey revealed that mid-to-senior level employees can expect a salary hike of 4 percent to 8 percent this year mainly because of inflation, Sephton-Poultney said.
“What is important to note is organizations would prioritize individuals that are strong performers. If you are a strong performer and you are staying in a current organization, you can expect it all. If you are an average performer, you can probably expect it maybe a little bit later than that,” he said.
If such employees will not receive the salary increase, he sees a chance they will look for another company that can offer more pay and benefits like health care and transportation allowance.
“The reality is, money does talk,” he said.
For job movers, the study said they can expect to have 15-20 percent salary increase.
The employees in niche and technical positions, on the other hand, can ask for a 30-percent or 35-percent hike in salaries.
“We have seen exceptionally high salary increments of up to 70 percent for job movers in tech positions because of the war for talent in the Philippines,” Sephton-Poultney added.