PHL salaries mostly flat in 2023
Salaries across industries and specializations in the Philippines were largely flat this year, according to online job portal JobStreet.
In its 2023 Salary Guide report, JobStreet said 97.6% of industries reported steady salaries, while 1.2% posted increases and 1.2% decreases.
“With minimal year-on-year fluctuations, Filipino talent can predict their median salary more accurately,” it said.
“The stability of wages is also good news for employers, who can more easily estimate the salary range they must offer to attract and retain talent.
Healthcare reported the highest median salary increase in the past year at 3.8%, equivalent to P1,254, while the materials industry saw the highest increase in median salaries of 57.1%, or equal to a P40,000 increase.
Accounting and finance positions saw the biggest decline in median salary with a 26.7% drop, while the insurance industry collectively posted the biggest drop in median salary at 49.5%.
JobStreet noted that job seekers reported that the absence of financial incentives, work-life balance, and retirement and insurance benefits were dealbreakers in deciding whether to accept job offers.
Dannah Majarocon, managing director of JobStreet Philippines, said employers must diversify their benefits packages and other forms of compensation to attract more skilled professionals and workers.
“While salary is still a huge contributor (in motivating talent) to apply for or stay in a company, they are also enticed by other benefits that allow them to balance their job and life,” she said.
Source: Business World