How To Use The Jobstreet Salary Report To Hire Better in 2022
When seeking the best candidates for any position, it’s always best to be equipped with the latest and most relevant information available.
Updating best practices allows employers to be ahead of the curve and become more proactive when it comes to finding the best person for the job.
Reviewing the latest salary information is vital for every employer focused on planning their company’s hiring strategies for the year.
The JobStreet Salary Report 2022, which you can download for free today provides timely data and insights ensures that the career packages being offered are fair, competitive, and desirable.
The report provides:
An overview of the job market across many industries, specializations, position levels, and regions in the Philippines.
Insights that employers can use to assess salary benchmarks for the year, while drawing comparisons with counterparts in the Southeast Asia region, such as Singapore, Indonesia, Malaysia, Thailand, and Hong Kong
Comparative analysis of salaries between 2020 and 2021
In-depth analyses in three major vantage points: Industry and Specialization, Location, and a section that discusses SME vs Corporate salaries.
Here are some of the key highlights found in the report, and how employers can maximize the wealth of information included here to improve their hiring in 2022.
Also read: Hirers, Here Are 5 Tips To Negotiate Salaries Effectively
Salary Report Overview: Industry and Specialization
According to the JobStreet Salary Report 2022, the Philippines saw a 6.6% increase across all industries. This accounts for all job ads–including job ads with unchanged salary positions.
On the other hand for the 50% of job ads that did see significant increase, there was on average, a 22.9% salary increase.This puts the Philippines as the highest in the SEA region, tied with Singapore, and compared to Malaysia, Indonesia, Thailand, and Hong Kong.
When it comes to the Top Salary Growth in the Philippines by Industry and Job Level, the Environment, Agriculture, Science and Technology, and Consulting industries lead the pack for entry-level positions.
Meanwhile, Food and Beverage, Insurance, and Transportation trailed behind, showing negative salary growth for entry-level positions.
An interesting highlight of this section focuses on the Top Specializations in the Philippines with Declining Salaries. The specializations included in the list also appear on the list for Top Specializations with Pay Cuts in Job Ads. Specializations in Engineering, Accounting/Finance, and Building/Construction were on these lists.
Salary by location: Growth in provinces
Provinces that saw median salary growth included those that experienced an economic boom, or were located in close proximity to NCR.
On its list of Top 10 Provinces of Salary Growth are:
Pampanga 45.12 %
Iloilo City 39.56%
Laguna 38.17%
Bulacan 37.69%
Cavite 36.45%
Palawan 36.11%
South Cotabato 35.71%
Batangas 35.65%
Cebu 35.21%
Benguet 35.19%
Salary Report Overview: SME vs. Corporate
Whether you’re an employer from a large corporation or come from a small to medium-sized enterprise, it helps to know how the other side does things, and employees’ salaries are an area that should not be overlooked.
The JobStreet Salary Report 2022 says that corporations offer higher pay in general. However, SMEs are just as competitive, with offers for some specializations at around the same level as that offered by larger corporations. This section offers salary insights that compare SMEs with corporations.
For entry-level positions, Legal, Healthcare, and Banking and Finance were top industries that have held stable. Meanwhile, Banking and Finance, Healthcare, and Consulting were the industries that proved most stable for junior executives.
Furthermore, SME specializations have remained stable during the pandemic including: Computer/IT, Sciences, and Engineering for entry-level positions. For junior executive positions, specializations in Arts/Media/Communications remained stable, along with Computer/IT and Services.
These findings show that SMEs are a workforce to be reckoned with, providing competitive salaries and job stability to workers from some of the largest industries and specializations today.
NCR Highlights
In NCR, 20 out of 43 industries saw major salary decreases. This decrease is mainly due to COVID-19 cases. April 2021 saw NCR saw cases peak ay 5,400 per day. By August 2021, 167,000 workers saw pay cuts. Despite this, 16 industries still managed to see major salary increases from 2020 going into 2021.
Industries with positive change include:
Public Service
Legal
Science and Technology
Repair and Maintenance
Beauty, Health, and fitness
However it is also important to note that while NCR is the only region that saw decreases across all position levels (entry level through C-Level), the region also has the highest starting median salary compared to other locations.
And as far as specialization is concerned, 13 out of 14 specializations saw a major decrease in median salary.
The Employer’s Action Plan in 2022
Employers like yourself can benefit from the salary benchmark data and actionable insights to better inform your hiring plans and strategies.Here are some key takeaways.
Understand key attractors
Filipino employees value job security more than ever. Work-life balance, career growth, workplace relationships likewise matter to them.
Understand your candidates’ needs better to maintain an edge over the competition. Furthermore, it pays to be proactive by reaching out to quality candidates before other hirers get a chance to do so.With a database of 13.5 million jobseekers, Talent Search lets you fill hiring gaps faster by connecting you to the right talent.
Build a diverse workforce
In the future workplace, you can now look beyond geographical and physical boundaries to build a hybrid–and more inclusive–workforce. Check out our 8-step checklist to help prep your business for hybrid work.
Work on your employer branding
Finally, take this opportunity to improve your employer branding–and what you have to offer to candidates. Utilizing Jobstreet’s branded ads and premium ads is a great place to start. Learn how to write a good job ad with these tips and examples.
Remember, attracting them with a good offer is the first step. Retaining talent will be contingent on other factors such as the values of the company–and how these align with what matters to employees.
Read more about the changing values and work behaviors of Filipino employees by downloading the Decoding Global Talent reports here.
To learn more salary trends in your industry, specialization, and location, make sure to download the JobStreet Salary Report 2022.
And for more expert advice, visit Inspirations.