Online hiring in the Philippines went up year-on-year in the second quarter but has slightly declined compared to the previous quarter due to lingering concerns on rising inflation, research firm said.
In its second quarter Monster Employment Index (MEI), Monster noted in a year on year comparison, the months of April, May and June post an increase by 12%, 7% and 11%, respectively.
However, due to the stronger performance in the first quarter, the second quarter’s performance declined by 3%.
“Although it may not meet the government’s targets, the Filipino economy is performing well and on a solid growth trajectory, which is reflected in a steady demand for talent and online recruitment activity,” Monster said.
Online hiring for advertising, market research, public relations, media and entertainment in the Philippines posted the fastest growth in the months of April (21%), May (10%) and June (13%) compared to Malaysia and Singapore, Monster said.
“While a comparison with 2017 is positive, the sector decreased by 11% compared to the first quarter of the year. However, this is largely due to a very strong quarter, as the general upwards trend continues,” the research firm added.
Likewise, the Philippines also came out as the leader in the HR and administration sector. One of the industries with the largest online hiring demand since the start of 2018, HR and administration posted a 20% growth. However, demand for talent has decreased by 10% in the second quarter from the first.
Monster said that it will continue to be a priority in the second half of the year in Southeast Asia.
Over all trend, however, still posted double-digit growths year on year in the months of April, May and June by 28%, 24%, and 25, respectively.
Monster noted that despite the high demand for HR and administration, the “looming cloud-based HR tech solutions this sector may be disrupted in the near-future.”
The Philippines also saw a weaker performance in the second quarter for information technology and business process outsourcing sector, stagnating at a 9% growth all throughout the three months. This is 4% lower from first quarter results which noted a strong online hiring activity.
Monster noted that as this sector has always been a strong contributor to the country’s economy, it can further add to the Philippines’ advantage amid the US-Chine trade war.
Online hiring for banking, financial services and insurance in the Philippines registered double-digit growth in the second quarter, the highest being on April at 22%. Compared to the first quarter’s stronger performance, however, this is a 2% slip.
The research firm noted that as the inflation rate continues to rise, this might destabilize the sector.
Despite a slightly slower quarter on quarter growth, Monster said that the Philippines will continue to see a “healthy second half of the year” for online recruitment. — Anna Gabriela A. Mogato