In the wake of unprecedented global challenges, the Philippines has emerged as a beacon of hope and resilience. The past 12 months have seen remarkable economic developments that have transformed the landscape for businesses and job seekers alike. As an offshore recruitment specialist, we have closely monitored these trends to bring you valuable insights into the evolving job market in the Philippines.
1. Soaring Employment Rates: A Win for Job Seekers: With unwavering determination, the Philippines has overcome the hurdles posed by the pandemic, witnessing a significant drop in unemployment. In November 2022, the unemployment rate plummeted to an impressive 4.2%, a stark contrast to the 6.5% recorded in the same month just a year prior. This remarkable turnaround has opened up exciting opportunities for job seekers in the country, making it a highly competitive market for recruiters and employers alike.
2. A Strong Rebound: Philippines’ Remarkable GDP Growth: The Philippine economy has showcased remarkable resilience, soaring above pre-pandemic levels. In the third quarter of 2022, the Gross Domestic Product (GDP) surged to an impressive 7.6%. This remarkable recovery has placed the country in an enviable position, attracting the attention of international investors and businesses seeking to expand their operations.
3. Inflation and the Cost of Living: Navigating the Challenges: While economic growth has been robust, the nation has faced the challenge of rising inflation. In January 2023, year-on-year inflation reached 8.7%, compared to a mere 3.0% in January 2022 and 4.4% in January 2019. This inflationary pressure has undoubtedly impacted the cost of living for Filipinos, prompting them to seek higher remuneration to maintain their standard of living.
4. Australian Firms in Need: Bridging the Talent Gap: As the Australian economy rebounds, businesses in the Land Down Under are experiencing a surge in demand for skilled professionals, particularly in the accounting and administrative sectors. Australian companies are now facing a talent shortage, driving them to look beyond their borders to countries like the Philippines.
What’s Driving the Talent Migration?
The dynamic shifts in the Philippine job market have spurred notable trends:
i. The Remote Work Revolution: A significant trend that has gained momentum in the past year is the preference for remote work opportunities. Filipinos are now prioritising work-from-home positions, seeking greater work-life balance and flexibility. For employers looking to tap into the Philippines’ talent pool, offering remote work options has become crucial to attracting top-tier candidates.
ii. Attractive Compensation Packages: Australian firms are leaving no stone unturned to secure the best talent from the Philippines. In an effort to fill their desperate talent shortage, they are offering highly competitive compensation packages. As a result, Filipinos are being presented with enticing opportunities, leading to a wave of job transitions.
iii. A Talent Exodus with High Expectations: In the face of growing demand from Australian companies, Filipino professionals are not only seeking new opportunities but are also demanding significant pay increases. It is not uncommon for job-switchers to expect a 50% salary hike or even more, highlighting the leverage they currently hold in the job market.
iv. Australian Accounting Experience: A Coveted Asset: Filipinos with Australian accounting experience are in exceptionally high demand. Their understanding of the Australian business landscape, coupled with their technical expertise, makes them highly sought after by Australian firms looking to expand their operations or streamline their financial processes.
In Conclusion, The Philippines has undoubtedly turned adversity into opportunity. As the economy continues to grow and evolve, the job market is experiencing unprecedented changes. As an offshore recruitment specialist, we are at the forefront of this transformation, connecting Australian companies with top-tier Filipino talent.
At Access Offshoring, we pride ourselves on staying ahead of the curve, providing you with the most qualified and talented professionals to meet your organisational needs. With our finger on the pulse of the dynamic Philippines job market, we are committed to securing the best talent for your business, ensuring that together, we ride the waves of opportunity and achieve new heights of success.
