Despite potential risks from increased geopolitical tensions and persistent inflation, the Philippines is poised for economic growth. Industries such as shared services and outsourcing, as well as retail and consumer sectors, are expected to continue hiring, creating a highly competitive job market with a demand for skilled professionals.
Based on a 2023-2024 labor market survey, employees are more likely to stay in organizations that provide job security, work flexibility, and competitive pay. At a result, companies need to reevaluate salary increments and total rewards programs, focusing on employee benefits and enhancing the overall work experience. This calls for HR professionals to adapt and understand the factors influence the employee experience.
Several trends are expected to shape the employee landscape in 2024, with implications for both individuals and corporations:
Remote Work Policies: Philippine companies are increasingly adopting flexible and remote work policies to accommodate evolving work arrangements. This policies not only provide flexibility but also contribute to improved work-life balance and reduced commuting stress. Ignoring this trend risks alienating a significant portion of the workforce, while companies that adapt attract a broader talent pool and enhance employee satisfaction, leading to improved retention rates.
Employee Well-being Programs: Recognizing the importance of holistic well-being, companies that prioritize employee wellness contribute to a healthier and happier workforce. These initiatives result in increased productivity and engagement. Neglecting employee well-being can lead to burnout, higher turnover, and reduced organizational performance. Investing in programs that promote physical and mental health can enhance competitiveness in the local job market.
Professional Development Opportunities: Filipino workers highly value companies that invest in their professional growth. According to a global survey, 77% of workers express enthusiasm about upskilling and retraining. The absence of a clear career path is often cited as a reason for employee turnover. Upskilling not only equips employees with relevant skills but also fosters in-house talent development. This contributes to a more adaptable workforce, enhanced productivity, and a positive employee experience.
Inclusive and Diverse Workplaces: Recognizing diversity and inclusion as key priorities, companies are incorporating diverse hiring panels, blind recruitment, and regular diversity training for all employees and leaders. Implementing mentorship programs supports underrepresented employees, contributing to their advancement within the organization. Demonstrating a commitment to fostering an inclusive workplace culture sets businesses apart and resonates positively with the local workforce.
Technological Advancements: In an era of rapid technological advancements, companies embrace innovation gain a competitive edge. Integrating cutting-edge technologies into the workplace becomes crucial for success.
To gain a comprehensive understanding of the local job market, conducting a detailed market analysis is crucial. This helps businesses recognize current trends and anticipate future changes in employment. Additionally, conducting employee surveys is essential to gather insights into employee needs and expectations. By combining market analysis with employee feedback, organizations can develop a robust strategy to adapt and succeed in the evolving job landscape.
Lockton Philippines, with its dedicated People Solutions team, is committed to assisting companies in navigating and leveraging these trends to create workplaces where employees thrive. This contributes to the long-term success of the organization. For further questions or assistance, feel free to reach out to Lockton Philippines at info.philippines@lockton.com (opens a new window).
