Key Highlights of the Month
The Philippines saw a robust 20% year-on-year surge in hiring activity, with the foundit Insights Tracker (FIT) index rising from 118 in September 2023 to 142 in September 2024. This reflects a substantial increase in recruitment demand across various sectors, driven by the expansion of key industries, foreign direct investments, and infrastructure projects.
Month-on-month hiring activity remained stable, with no change from August 2024, suggesting steady job demand. Over the past six months, the index has grown by 8%, demonstrating sustained hiring activity, especially in emerging sectors and industries benefiting from economic reforms.
Hiring Trends – Industry
In September 2024, 10 out of the 12 monitored industries in the Philippines reported growth in online hiring activity compared to the same time last year.
In Demand:
- Retail (+70%) showed the highest annual growth, benefiting from increased e-commerce activity, consumer spending, and the adoption of digital retail platforms.
- Logistics, Courier/Freight/Transportation, and Shipping (+63%) also experienced strong demand, with a 19% increase month-over-month due to the growing need for efficient supply chain operations.
- Advertising/Media/Entertainment (+39%) continued its upward trend, fueled by the demand for digital content and marketing campaigns.
Facing Challenges:
- IT, Telecom/ISP (-17%) recorded a notable decline, reflecting a slowdown in hiring for tech-related roles. Similarly, Consumer Goods/FMCG (-1%) faced a slight decrease in hiring activity, indicating a cooling off in demand in this traditionally strong sector.
- Other sectors like Engineering, Construction & Real Estate (+9%), Hospitality (+36%), BFSI (+21%), and Healthcare (+16%) also reported positive year-on-year growth, benefiting from increased investments in infrastructure and industrial development.
Hiring Trends – Functional Area
9 out of 10 functional areas tracked by FIT in the Philippines reported year-on-year growth in September 2024.
In Demand:
- Sales & Business Development (+80%) emerged as the top-growing functional area, driven by the rise of retail and e-commerce, requiring enhanced sales strategies and talent to meet consumer demand.
- Purchase/Logistics/Supply Chain (+70%) also experienced strong demand as businesses focused on streamlining their supply chains to match the growth in online retail. Marketing & Communications (+44%) saw a significant boost, as companies invested in enhancing customer experiences and expanding their brand presence.
Facing Challenges:
- Software, Hardware & Telecom (-19%) continued to see a decline in demand, marking the only functional area with a year-on-year drop. This reflects the ongoing challenges in the tech sector as hiring remains subdued.
- Meanwhile, HR & Admin (+40%), Finance & Accounts (+22%), and Engineering/Production/Real Estate (+6%) functions saw sustained growth, highlighting the ongoing need for skilled professionals across a range of sectors.
About the foundit Insights Tracker
The foundit Insights Tracker (FIT) Philippines, formerly known as the Monster Employment Index, is a leading guide to the Philippines’ e-recruitment landscape. By examining millions of job listings, FIT provides valuable insights into hiring trends in the Philippines. For more information, visit foundit.com.ph
