Did you know that Jobseekers in the Philippines consider financial compensation and work-life balance as top deal breakers when accepting a job
Despite a possible economic slowdown, 2023 remains to be a jobseekers’ market in Southeast Asia and Hong Kong, according to SEEK, the parent company of Asia’s leading online employment marketplaces JobStreet and JobsDB. This is backed by findings from a new study, titled “What Job Seekers Wish Employers Knew: Unlocking the Future of Recruitment”, released today by SEEK, the Boston Consulting Group (BCG), and The Network, a global alliance of recruitment websites which SEEK’s JobStreet and JobsDB are a part of.
The study – which surveyed 97,324 respondents in the Philippines, Indonesia, Hong Kong, Malaysia, Singapore, and Thailand – found that 34% of the talent surveyed are actively looking for a new job. In the Philippines, 40% of the respondents said they are not actively looking for a new job but are open to good offers including higher salary and upward career progress. Meanwhile, 33% of Filipino jobseekers are actively searching and are motivated by finding a role with higher seniority or trying out a new profession.
Talent feel confident to look out for new opportunities despite fears of recession as the majority surveyed are aware of their attractiveness to employers. In fact, the study found that 74% of talent around the region are approached multiple times per year about new job opportunities — and 36% of those are approached every month. Relatively, 87% of Filipinos receive multiple job offers per year, and 29% of those are approached every month.
In addition, Filipinos are more optimistic about judging their position in the labor market—78% feel positive and confident about negotiating positions, particularly in the areas of business, finance, and sales. This figure is slightly higher than the global average of 68%.
SEEK Asia Chief Executive Officer Peter Bithos commented on the findings, “When faced with a possible recession, the balance of power in the labor market tends to shift towards employers as hiring tightens. However, we believe the situation is different this time as many organizations in Asia are still recovering from the jobs lost during the pandemic. While hiring growth may slow down during times of uncertainty, there is no doubt that it is still a jobseekers’ market right now, and so it’s important for employers to know how to attract, recruit and retain talent.”
The survey also reveals that those working in IT roles are the most coveted talent across Indonesia, Hong Kong, Malaysia, the Philippines, and Singapore, as they are frequently approached with job opportunities on a weekly and monthly basis.
“Despite the waves of layoffs by tech companies in the region and around the world, the demand for tech talent still remains based on the report’s findings. This is consistent with SEEK’s observation of a 29% YoY (2021 vs 2022) increase in job ads for tech roles in the region, based on data from our JobStreet and JobsDB platforms,” added Bithos.
Talent’s Top Priorities
About Boston Consulting Group (BCG)
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.
Scan the QR code to download the report: