Job street is actively doing their research and study to see what jobseekers wish employers knew.
Philippines, 1 March 2023 – 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.
● New study by SEEK’s JobStreet and JobsDB, the Boston Consulting Group and The Network reveals that 70% of talent in Southeast Asia and Hong Kong believe they have strong negotiation power.
● 87% Filipinos are approached multiple times per year about job opportunities; 29% of all talent are approached every month.
● 46% of Filipino employees prefer a hybrid work arrangement; 28% want fully remote
● Jobseekers in the Philippines consider financial compensation and work-life balance as top deal breakers when accepting a job
97,324 people were surveyed for the study in the Philippines, Indonesia, Hong Kong, Malaysia, and 34% of the talent assessed in Singapore and Thailand are actively looking for work, according to the study. 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 job seekers are actively searching and are motivated by finding a role with higher seniority or trying out a new profession.
Talent feels 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.
Furthermore, 78% of Filipinos feel optimistic and secure about negotiating positions, particularly in the fields of business, finance, and sales. This indicates that Filipinos are more enthusiastic about assessing their position in the labor market. This percentage is slightly higher than the 68% average for all countries.
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 finds that IT professionals are the most likely to seek employees in Indonesia, Hong Kong, Malaysia, the Philippines, and Singapore, as demonstrated by the frequency with which they are contacted about employment possibilities both weekly and monthly.
“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
Most respondents (71%) to the survey in Southeast Asia and Hong Kong said that they desire, above all, a stable job with a good work-life balance. This preference is dominant across job roles, countries, and age groups. However, the survey revealed that Filipino talent are slightly more interested in taking leadership positions and in building their own successful businesses one day.
This is consistent with the deal-breakers identified by Filipino job seekers when searching for a new position, where 28% cite work-life balance as the second-most important factor (after financial compensation, at 35%). They also take into account the insurance and retirement perks that come with the employment offer (27%).
Filipinos are more interested in having a hybrid configuration (46%), followed by a fully remote setup (28%), when it comes to preferred working conditions. Filipino talent is consistent with international results when it comes to working hours. favoring a standard five-day workweek.
Ideal Hiring Journey
The survey also debunked and proved several recruitment myths and gave insight into what Filipino jobseekers want in their recruitment journey.
For instance, a smooth and timely process is the number one way for an employer to stand out during recruitment, as mentioned by 77% of respondents. Moreover, 52% of respondents named “negative experience during recruitment” as the key reason they would refuse an otherwise attractive job offer.
Indicating a salary range (53%) is the number one feature that matters to Filipino jobseekers in a good job ad, and if included, this is the first piece of information candidates will look at.
The survey also revealed that a recommendation by a friend is the best way to raise interest when a Filipino talent is not looking for a job. But once they are interested, most people will look for further information through social media and company websites. And when it comes to applying for a job, people either apply through their personal networks or use recruitment platforms.
JobStreet Philippines Country Manager Philip Gioca emphasized that talent is in demand and jobseekers know it. “More companies have started opening a lot of opportunities and more Filipino jobseekers have built their confidence in seeking jobs and negotiating positions that really fit their needs. Candidates will have the tendency to be more selective and this is a good challenge for hirers to improve their recruitment process.”
The report also provided recommendations for employers, including how to overcome their biases to increase their talent pool, calibrate their approach to different personas, get culture fundamentals right, and more.
For more information on the reports in Asia, they can be found here for the Philippines.
