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Sunday, May 19, 2024

Hiring plans of most big firms now back at pre-pandemic levels

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Half of the big companies in the Philippines reported that their hiring plans are now back to the pre-pandemic levels, according to online employment portal JobStreet by Seek.

Based on “2022-2023 Outlook – Hiring, Compensation, and Benefits Report”, one in two companies with over 160 employees in the Philippines said they returned to their preferred mode of hiring prior to the pandemic, but the emergence of remote working technology also affected the type of jobs being hired.

“As we return to pre-pandemic conditions, the competition for talent will also increase given current global conditions. Companies need to be able to strategize on their talent attraction and retention to remain at the top of employees’ minds. This includes providing compensation, benefits, and other programs that can enrich the working experience,” said JobStreet Philippines country manager Philip Gioca.

JobStreet surveyed 438 firms from large, medium to small companies in the Philippines, with the majority of companies surveyed being large.

Most companies surveyed had hired employees full-time, and only one in four companies laid off at least one employee in the past six months.

Based on the job functions, information technology, transportation and logistics, accounting, administration and HR and customer service are recovering in terms of hiring.

The survey also showed that the job functions most impacted by remote working technology and flexible working culture were those related to customer service, with most roles being hired on a part-time basis as the pandemic subsided.

JobStreet also found that small companies were more likely to increase their permanent full-time staff in the next three months including roles in sales/business development, admin and HR and information technology.

Large companies are looking to increase their workforce by maintaining or improving the number of part-time staff or hours worked, a signal that most small companies are expecting an uptick in sales and demand, it said.

Only 5 percent of the companies are planning to reduce their dependence on part-time staff. These part-time employees work in various job functions such as admin and HR, information technology and sales and business development.

Despite the hiring trends from companies, especially the increasing pattern of hiring part-time employees, the competition to attract talent remains high.

JobStreet said organizations believe that aside from salary, factors such as compensation, benefits and special leave are critical in attracting talent.

Seven of 10 companies provided performance, guaranteed or contractual bonuses, with large companies being more likely to provide at least one type of bonus.

Staff promotion also remains one of the top of ways to attract employees. Birthday leave, currently only provided to 41 percent of Filipino employees, is expected to grow by 14 percent.

Companies surveyed also indicated that accommodation benefits, with housing allowances and loans, are expected to grow by 8 percent in the next 12 months.

“Additionally, for the Philippines, we foresee that human resource digitalization which allows HR process transformation, will make companies stay competitive. Companies should consider what the employees need and want, and be able to adapt to shifting expectations. This will be critical to attracting talent given the competitive labour market,” the report said.

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