Companies are Looking for Workers with Overseas Experience – Robert Walters Survey

In a significant development for Filipino professionals, the Philippine job market is witnessing a surge in demand, with enticing salary increments and bonuses on the horizon for 2024. Insights from the Robert Walters Global Salary Survey 2024 reveal a growing emphasis on compensatory benefits and the value of overseas experience among employers seeking key leadership roles.

The Robert Walters Salary Survey report, known for its comprehensive analysis of salary trends and recruitment patterns, underscores the increasing allure of overseas experience and compensatory benefits in the job market. Organisations are gearing up to offer substantial salary increases, potentially reaching up to 30 percent for job movers, particularly in high-demand sectors like technology and finance.

Despite the optimistic outlook, there exists a notable discord between employers and employees regarding compensation, benefits, and work-life balance preferences. This discord highlights the evolving landscape of employee expectations and employer offerings in the Philippine job market.

Employment Preferences and Trends

The survey indicates that a significant portion of employees (2 in 4) are actively seeking new job opportunities within the next year, primarily driven by prospects for career advancement. Key factors influencing their decision-making include attractive bonus schemes (86 percent), access to private healthcare insurance (82 percent), and flexible or remote work arrangements (57 percent).

Moreover, during the job search process, over half of employees (52 percent) remain open to counter-offers, particularly enticed by salary increments, promotions, and retention bonuses. Companies are adapting to meet evolving employee expectations, focusing on work-life balance, workplace flexibility, well-being services, diversity and inclusion initiatives, and innovative work structures.

Emerging Hiring Trends and Challenges

In response to emerging trends, the demand for skilled professionals in AI, technology, sustainability, and commercial leadership is expected to soar in 2024. Companies are increasingly turning to automation and digitalisation, emphasizing the need for professionals with international exposure and diverse skill sets.

Employers are implementing strategies like enhanced learning and development opportunities, hybrid work policies, increased well-being initiatives to retain employees. The most sought-after skill sets include automation, digitalisation, technology competencies, commercial leadership skills, and profit & loss management.

Industry Predictions

The Philippine job market is undergoing a transformative phase in 2024 with the growth of shared service centers and a shift towards digitalisation and commercial excellence. As international organisations establish shared service hubs in key cities like Manila and Cebu, there is a growing demand for business heads to lead these hubs.

Companies are increasingly focusing on hiring Filipino professionals with overseas experience for key leadership roles to drive innovation and competitive advantage in a globalised business environment. The trend of sourcing talent through initiatives like the Balik Bayan Campaign is gaining traction as companies seek skilled Filipino professionals with valuable overseas work experience.

Despite economic fluctuations, salaries are projected to remain stable in 2024 with significant rewards awaiting job movers amidst evolving market dynamics. The dynamic shift in the local job market reflects a strategic alignment with the nation’s growth aspirations and global competitiveness.