foundit Insights Tracker (fit) in the Philippines monitored a 5% drop in hiring activity in November’23 from November’22
Month-on-month, hiring activity witnessed a decline of 2%. According to the tracker, there has been a 9% decrease in hiring demand in the last six months. With an optimistic outlook, employers foresee a surge in hiring activity, buoyed by proactive government reforms aimed at enhancing the investment environment.
Hiring Trends – Functional Area* (YoY numbers)
Online recruitment activity surpassed the year-ago level in 3 of the 12 occupation groups monitored by the tracker
In demand:
Customer Service (+14%) professionals saw an increase in hiring and continue to stand out as a highly skilled workforce and a sought-after function in the region. This growth owes itself to the ongoing expansion in the BPO sector.
Similarly, Software, Hardware, Telecom (+4%) roles saw a rise in hiring demand. However, roles in Engineering/Production/Real Estate (0%) saw muted growth.
Facing Challenges:
In November’23, Finance & Accounts (-10%) and Purchase/Logistics/Supply Chain (-10%) job roles experienced the most significant decline, with the latter showing a consistent downward trend throughout the year.
Also, Hospitality & Travel (-9%) roles faced a substantial annual decline.
Other functions to witness a subsequent drop in hiring activity in November’23 include Sales & Business Development (-8%), Marketing & Communications (-6%), Healthcare (-3%). While HR & Admin (-1%) roles showcased a marginal drop annually.
Hiring Trends – Industry (YoY numbers)
In November’23, positive annual hiring growth was observed in 5 out of the 12 monitored industries.
In demand:
- The Retail (+37%) sector experienced a substantial annual growth in online hiring demand, maintaining its impressive trend.
- Following closely, the Education (+23%) industry showcased exponential growth, underscoring the region’s increased focus on upskilling, majorly in AI/ML.
- Additionally, the BPO/ITES (+10%) sector sustained its positive annual trend in November’23.
Facing Challenges:
The Logistics, Courier/ Freight/ Transportation, Shipping (-20%) faced the most significant annual decline followed by IT, Telecom/ISP (-16%), and Hospitality (-14%), all experiencing a downturn.
The initiatives undertaken by the Filipino government in digitalisation might have the way for high-quality jobs, potentially offering better remuneration opportunities, which could drive growth in certain sectors in the coming months.
In the monitored sectors, Engineering, Construction, and Real Estate (+1%) and Healthcare (+4%) showed slight but positive growth trends. However, Production/Manufacturing, Automotive and Ancillary (-6%), Consumer Goods/FMCG, Food & Packaged Food (-12%), BFSI (-12%), and Advertising, MR, PR, Media & Entertainment (-13%) displayed fewer annual opportunities in November’23.
About the foundit insights tracker
The foundit Insights Tracker (fit) Philippines, earlier known as the Monster Employment Index, is the leading guide to Philippiness e-recruitment landscape. By examining millions of job listings, fit provides insights into the hiring trends in Philippines.
