The latest Southeast Asia Online Recruitment Trends Report by Monster.com revealed that overall job market activity in the Philippines was positive throughout 2017 while a positive outlook on online hiring for the remainder of 2018 is maintained.
The said Monster.com report gives an overview of the online recruitment landscape, market challenges, opportunities, hiring trends, and issues that matter most to talent leaders across Southeast Asia. The reports also include data points on recruitment activities in Philippines for Q1 2018.
The report said competition for technology talent in the country is expected to intensify this year.
The Monster Employment Index (MEI) in the Philippines registered a 14% growth in March year-on-year, with retail showing the steepest climb in terms of annual growth among all sectors. The MEI Philippines registered strong annual growth of 17% in February 2018.
Among job roles, HR and Admin professionals recorded the highest growth in demand year-on-year. The Philippines recorded an 18% year-on-year increase for the sector in January. February saw a 29% increase, while March soared by 30%. The demand in the first quarter is a continuation of the upward trend seen over the past six months, which accumulates to a 39% increase for that period, and a 34% increase for the first quarter of 2018.
The demand for talent in the Filipino banking and financial services sector is reflected in an increased online hiring activity across the industry. Within the first quarter of 2018, the MEI recorded an overall 19% increase, as well as a continued annual growth for January, February and March with 10%, 14% and 14% respectively.
The spike in hiring activity at the start of 2018 comes as no surprise for the Philippines, given its overall positive hiring trend earlier in 2017, driven partly by positive investor outlook on the country’s macroeconomic fundamentals. Job-generating foreign direct investments (FDI), a key economic driver for the Philippines, also witnessed strong growth in January.
As per a recent study by Microsoft and IDC Asia/Pacific, the Philippines is also expected to witness an increase in its GDP by $8 billion, owing to the expansion of digital transformation. This will likely boost job creation, salaries and training opportunities, pointing towards an even more promising hiring growth prospects ahead.
For more than 20 years, Monster has been a leading online career and recruitment resource, and with its cutting-edge technology it provides relevant profiles to employers and relevant jobs to jobseekers across industry verticals, experience levels and geographies. Monster today has more than 200 million people registered on the Monster Worldwide network, and with operations in more than 40 countries, provides the widest and most sophisticated job seeking, career management, recruitment and talent management capabilities.