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Technology and digitalisation will continue to shape hiring and requirement trends across the Philippines and Southeast Asia, with hybrid skills, ‘glocal’ talent, potential and transferable skills expected to be in stronger demand as more companies embrace digitalisation. These are the key findings in the Salary Survey 2020 released by Robert Walters, a global recruitment specialist group headquartered in England and with regional offices in Southeast Asia.
According to the survey, professionals looking to stay in their current roles can expect salary increments of up to 10 percent while those moving jobs can expect to receive a 20 percent to 40 percent salary increase depending on their seniority level and skill set.
The continued shift to digitalisation will also boost demand for risk and compliance professionals, who will play an essential role in helping companies and organisations address the evolving regulatory requirements and guidelines across the region brought by the growth of digital banking, fintech and online payment solutions.
‘Glocal’ talent, or professionals with expertise in both local and international culture, mindset and market, will also be in greater demand as more companies embrace internationalisation.
Hiring for potential instead of deciding based on experience will influence the decision-making process of more hiring managers as demand for professionals with strong expertise in their own field, technological knowledge, and commercial mindset surpasses supply. Remuneration or salary is no longer the sole key motivator for professionals to stay in a job, with an increasing number of employees looking for career progression and learning and development opportunities.
A data-driven Philippines
Businesses in 2020 will emphasise more on a data-driven approach, strengthening the demand for technologically and digitally savvy professionals across all functions and ensuring an organisation-wide transformation. Professionals with a commercial mindset who can leverage their industry expertise with available data and new technology platforms to make effective business decisions will be in greater demand.
Although competitive remuneration and benefits remain a top driver of employee satisfaction, 29 percent of those surveyed say they will change jobs for career progression. This highlights that in order for companies to retain talent, they will also need to show their commitment to the learning and development of their employees.
Robert Walters Philippines director Monty Sujanani emphasises the importance of companies moving with the times. “We encourage hiring managers in the Philippines to listen and understand the shift in the hiring trends and what this shift means for the company and its employees. The Robert Walters 2020 Salary Survey will help employers satisfy the changing needs and preferences of their highly skilled employees and achieve a high retention rate.”
The takeaways from the Robert Walters Salary Survey 2020 in different industries include the following:
- Accounting and Finance: The top areas seeing demand are finance business partnering, transformation in shared services and tax. Career progression and opportunity to work internationally motivate employees to move jobs while competitive remuneration and benefits, good working culture and environment, and work-life balance are the top drivers of satisfaction at current jobs. At present, 98 percent of accounting and finance professionals are optimistic about job opportunities in the sector, with 24 percent of professionals staying in a role expecting up to 6 percent annual salary increment.
- Banking and Financial Services: Corporate banking and wealth management, data privacy, and risk and compliance are the areas seeing strong demand. Among surveyed financial services professionals, 16 percent stay in a role for less than two years, with 64 percent of those staying in current positions expecting an increase of 7 percent to 15 percent in their annual pay. The top reasons employees move jobs are better compensation and benefits, and career progression, at 28 percent and 24 percent, respectively.
- Human Resources: Shared services and BPO, start-ups, pharmaceutical and consumer goods are the areas with strong demand. Good working culture and environment, good work-life balance, and competitive remuneration and benefits provide employee satisfaction while career progression and better compensation and benefits motivate job movers, who expect a salary increase of 20 percent to 25 percent in their new jobs.
- Sales and Marketing: The top sectors seeing demand are fintech and e-commerce, FMCG and retail, and construction, with competitive salary and benefits, good working environment, and good work-life balance as top drivers of job satisfaction. On average, candidates who decide to move jobs are expecting a 20 percent to 30 percent salary increment while more than 50 percent of employees staying in their current roles expect as much as 15 percent salary increase.
- Supply Chain, Procurement and Logistics: Twenty percent of professionals in this sector stay less than two years in their current roles. Logistics managers, purchasing managers, supply chain managers and demand planning managers are in demand. Career progression motivates employees to move jobs, followed by better compensation and better company culture. Candidates moving jobs are expecting a 20 percent to 25 percent salary increase on average.
- Tech and Transformation: IT security professionals, data analysts and DevOps engineers are in demand, with competitive remuneration, good working culture and good work-life balance as main drivers of job satisfaction. Better compensation and career progression motivate employees to move jobs, with candidates exploring new roles expecting as much as 60 percent increase in their salary.