Philippines Job Market Records a 10% Surge in Annual Hiring: foundit Insights Tracker

foundit (formerly Monster APAC & ME), one of the leading talent platforms, today published the foundit Insights Tracker (fit) for December 2023, formerly published as Monster Employment Index (MEI). According to the Philippines Fit report, there was a (10%) increase in the annual hiring activity from December 2022 to December 2023. The index reached 128 in December 2023, marking a significant leap from 116 in December 2022.

According to the tracker, the hiring activity in the region has been gradual and has revealed a continuous improvement in the labor market. There was a (10%) rise in hiring activity in December as well, as November reflected an index value of 116 (Same as Dec’22). Additionally, even the last three months saw an (8%) uptick in hiring activity in the Philippines. This surge in job opportunities, especially in the last month of 2023, was fuelled by heightened regional holiday spending, which led to an increased demand for goods and services. This provided a substantial boost to the job market, and with the upskilling initiatives by the Filipino Government, there has been a significant rise in the employment rate.

Commenting on the Philippines job trends for December 2023, Sekhar Garisa, CEO, foundit, said, “We have stepped into 2024 by showcasing remarkable growth and resilience across sectors. In this dynamic landscape, we need to also fundamentally reimagine the approach we take for recruitment. AI is now a global reality, and the local workforce needs to enhance its core competence. With the support and initiatives from the Filipino government and private sectors, issues concerning the ease of doing business, power, and upskilling would be addressed. The final quarter marked the economy’s best performance in the year 2023. We are hopeful that this encouraging trend would further push for good numbers in the region.”

Retail, Education, BPO/ITES, and Healthcare sectors lead in hiring activity, while the IT, Telecom/ISP, Consumer Goods/FMCG, Food & packaged Food, and BFSI industries witness a drop in recruitment

The fit reveals that the retail sector continued to dominate the job market with a (60%) increase in online hiring demand, driven by heightened demand for goods and services during the festive season. Simultaneously, the upskilling initiatives and apprenticeship programs initiated by the Government, have led to a (49%) increase in hiring in the education sector. Other sectors that have presented a positive trajectory include the BPO/ITES and Healthcare industries, witnessing an (11%) increase in hiring activity in both sectors. The healthcare sector in the region has always been welcoming of more doctors and nurses and the Philippines, being a large and popular market for the BPO sector, showcased a (9%) increase in hiring activity in November 23’ as well. Among others, Engineering, Construction, and Real Estate (+9%), Logistics, Courier/ Freight/ Transportation, Shipping (+7%), Advertising, MR, PR, Media & Entertainment (+6%), and Hospitality (+4%) registered positive growth trends.

Conversely, certain sectors such as IT, Telecom/ISP, and BFSI faced significant challenges owing to the skill gaps and global competition existing in the market, registering negative growth of (-18%) and (-4%) simultaneously. Logistics has always been a challenge for the Philippines, the scattered demand market makes it difficult for industries such as Consumer Goods/FMCG, Food & Packaged Food to flourish in the region, indicating a (-14%) annual downturn. However, basis the tracker, these sectors have exhibited growth in job demand over the last month, indicating a potential shift in the hiring landscape. Other sectors that have displayed fewer annual opportunities in December ’23 include Production/Manufacturing, Automotive, and Ancillary industries (-1%).

Customer Service, HR & Admin, and Marketing & Communications professionals lead the hiring trends

Customer service professionals witnessed a remarkable (26%) surge in hiring, primarily attributed to the continuous expansion within the BPO sector. To counter the impact of inflation,  the Filipino government is taking initiatives to support and empower the workforce and entrepreneurs to reach their full potential. To sustain a robust economy, it is crucial to attract and retain top talent. Following closely, HR & Admin professionals experienced an (18%) increase, while marketing & communications professionals also made a noteworthy stride with a (17%) growth in hiring demand over the year.

Other functions to witness a subsequent increase in hiring activity in December ’23 include Purchase/Logistics/Supply Chain (+15%), Sales & Business Development (+4%), Engineering/Production/Real Estate (+4%), Hospitality & Travel (+3%) and Software, Hardware, Telecom (+6%). The only function that showcased a minute decrease in hiring in December ’23 was finance & accounts (-1%). Meanwhile, Healthcare (0%) roles maintain a consistent but muted demand annually during the same period.

The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (FIT) presents a snapshot of employer online recruitment activity nationwide.

Period for the report 

The period considered for the foundit Insights Tracker (fit) data is December 2022 Vs December 2023.  (MCN)