Philippines job market experiences 10% surge in annual hiring

HR among most sought-after jobs in Philippines: Report

Philippines job market experiences 10% surge in annual hiring

In a significant boost for hiring managers, the Philippines job market has experienced an impressive 10% surge in annual hiring, as revealed by the latest foundit Insights Tracker (FIT) for December 2023. The index soared to 128, marking a substantial leap from 116 in December 2022.

This surge in job opportunities, particularly in the last month of 2023, was attributed to heightened regional holiday spending, resulting in an increased demand for goods and services.

However, despite overall growth in most business functions, finance & accounts experienced a slight decrease of -1% in hiring activity in December 2023.

The most sought-after professionals in the job market are Customer Service, HR & Admin, and Marketing & Communications, with notable surges of 26%, 18%, and 17%, respectively.

The FIT offers a snapshot of nationwide online recruitment activity from a real-time review of millions of employer job opportunities gathered from a range of online career outlets.

‘HR should prioritize quality of candidates over volume’

Sekhar Garisa, CEO of foundit, says it’s time for employers to reconsider their hiring processes.

“We have entered 2024 with remarkable growth and resilience across sectors. In this dynamic landscape, we need to fundamentally reimagine our approach to recruitment.”

Emphasizing the evolving recruitment landscape, he adds, “HR managers should prioritize the quality of candidates over the sheer volume of applicants, striking a balance between speed and quality.”

AI holds benefits for hiring managers

The global emergence of AI holds benefits for hiring managers, says Garisa.

“AI generates valuable insights from large datasets, enabling HR professionals to make data-driven decisions, identify recruitment trends, assess sourcing channel effectiveness, and refine hiring strategies.”

He also notes that AI-driven recruitment tools can mitigate unconscious biases, allowing objective evaluation of candidates and promoting diversity and inclusion.

Acknowledging challenges such as skill gaps, especially in emerging tech fields, Garisa affirms that AI has revolutionised hiring processes, making them more efficient.

Growing emphasis on skill-based hiring

In addition to increased regional holiday spending, government-driven upskilling initiatives have also contributed to a rise in the employment rate.

“There's a growing emphasis on skill-based hiring, especially in tech and digital domains, to meet the demands of a changing market.

“Educational background holds significance in the Philippines, so evaluating qualifications relevant to the job is important. Assessing both technical skills and soft skills, such as adaptability and resilience, is crucial, as Filipinos are known for their strong interpersonal skills,” he said.

The survey unveils sectoral trends, showcasing thriving hiring demand in Retail, Education, BPO/ITES, and Healthcare. Conversely, IT, Telecom/ISP, Consumer Goods/FMCG, Food & Packaged Food, and BFSI industries have witnessed a decline in recruitment. Positive growth trends are evident in functions such as Purchase/Logistics/Supply Chain, Sales & Business Development, Engineering/Production/Real Estate, Hospitality & Travel, and Software, Hardware, Telecom.

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