Philippines is hiring hot spot, says survey
Author: Sophie-Marie Odum | Date: 5 Oct 2016
Positive growth in financial sector, while Singapore and Malaysia report a rise in the need for IT professionals
E-recruitment in the Philippines grew by 14 per cent in the year to August 2016, and demand for finance professionals within the banking, financial services and insurance (BFSI) sector went up 3 per cent.
In comparison to Singapore and Malaysia, e-recruitment activity in Philippines led the way, according to the Monster Employment Index (MEI), which measures online job hiring activity across the three countries.
Malaysia reported a 3 per cent decline in hiring when compared to last year but the pace still picked up month-on-month. Singapore reported little change over the last 12 months.
The BFSI sector was the worst performing in Singapore (with a 5 per cent decline year-on-year) and Malaysia (down 13 per cent). Finance and accounts professionals were the least sought-after candidates in Singapore (down 8 per cent) and Malaysia (down 11 per cent).
Sanjay Modi, managing director of Monster.com – APAC and Middle East, said: “The BFSI sector is likely to continue to experience weak growth in online hiring. Jobs in the financial sector are likely to be strategically outsourced to other markets, such as India,” he said.
Commenting on the decline in Malaysia, Modi added: “Despite the global economic climate being uncertain, and the Malaysian ringgit being weak, local employers are still hopeful and remain positive that recruitment will pick up in the months ahead.
“According to The World Bank, Malaysia’s economy is growing at an above average rate, and is likely to stay strong in spite of the regional economic setbacks. The sectors that are strong will likely continue [to be strong].”
The report found that e-recruitment for IT candidates has grown for the first time in the country. Demand is up 10 per cent in Malaysia and 13 per cent in the Philippines, while Singapore continued to report the steepest annual growth in the sector (14 per cent). IT is the best performing industry in Singapore.
Modi said: “Technology remains an imperative aspect of businesses to help them stay competitive, and Singapore and Malaysia continue to see strong government support in the form of investment in this space."
"This can greatly boost business offerings, productivity and efficiency, which will in time propel companies ahead of the competition.”
He added: “Besides ramping up hiring efforts, employers should not neglect the existing workforce and must find ways to further upgrade current employees, so that no one gets left behind in this digital age.”