SENIOR and mid-level professionals switching jobs can expect pay hikes of 20%-60% as a survey of hiring activity indicated a strong job market extending to 2019, Robert Walters said in a statement on Thursday.
The recruitment firm said: “2018 (was) an active year of recruitment for the Philippines, amid a stable economic environment led by the influx of foreign companies and surging local growth and demand.”
For 2019, RW projects its Salary Survey to return strong results.
“We see the recruitment market being active… and it’s going to be very active in 2019,” Robert Walters Philippines Country Manager Monty Sujanani said during a briefing, in which he also noted the “more buoyant economy” as responsible for the growth.
“Lots of… international companies are opening up here and lots of local companies are scaling up,” he added.
In 2018, the firm found that workers changing jobs in 2018 received an average raise of 20% and the trend is expected to continue until next year. Professionals in certain sectors will be much more in demand in 2019 in mid to senior-level positions, it said.
Mr. Sujanani said: “Companies sought to hire professionals with digital or e-commerce experience, while new-technology tools and solutions being offered to the market played a key role in the creation of new sales and marketing positions.”
He added: “There was also a greater demand for niche specializations due to new regulations in banking and financial services, migration activities from abroad, and increasingly digital and cashless banking.”
For 2019, accounting and finance professionals can expect a stable recruitment market. The Salary Survey also notes that new tax regulation in the Philippines will further increase demand for professionals with tax and audit experience, with raises of 20%-30% expected in 2019 for professionals changing jobs .
Banking and finance professionals also face similar demand levels next year for specialists in compliance, audit, and risk. The Salary Survey also notes stronger demand for anti-money laundering and financial crime compliance specialists. Professionals with such credentials can expect raises of 10% to 15% in 2019.
IT professionals can look forward to a “robust recruitment market” in 2019 due to “sustained uptrend in job vacancies and average salaries.” Certain niche skills within the sector are likely to attract higher salaries especially data science and analytics; robotics and automation; and the Internet of Things (IoT). IT professionals switching jobs can expect raises of 30% to 60% next year.
The market for sales and marketing professionals will be competitive in 2019, particularly for candidates with experience in e-commerce, analytics and start-ups at the regional or international level.
Professionals do not only consider salary, the firm said, but gravitate towards incentive and bonus schemes, allowances, signing bonuses and convertible reimbursements.
The Salary Survey also pointed that the Human Resources sector will be affected by the tax reform law’s next phase which will amend the corporate tax and incentive regime. Professionals in the sector who change jobs can expect raises of 20 to 25%, similar to 2018 levels. — Gillian M. Cortez