The foundit Insights Tracker (FIT) for the Philippines has surged to unprecedented heights, marking an impressive 18% annual increase in hiring activity as of February 2024.
In February ’24, the FIT index saw a significant surge in hiring activity in the country.
Month over month, there was a notable 13% rise in hiring activity.
The latest insights from the tracker reveal a remarkable 17% growth observed over the last three months, highlighting a dynamic transformation in the recruitment landscape.
This surge is driven by the rapid integration of emerging technologies, reshaping traditional practices and opening new avenues for talent acquisition, showcasing the resilience and adaptability of the Philippines job market.
Hiring Trends – Industry
9 out of the 12 monitored industries monitored by FIT saw a remarkable hiring growth.
In Demand:
- The Retail sector leads the surge with an extraordinary (+49%) annual growth, driven by the rise in mobile commerce and the increasing prevalence of digital payments.
- The Education industry follows closely with a significant (+42%) increase in hiring demand.
- The Logistics, Courier/Freight/Transportation, and Shipping sector witness a substantial (+36%) surge, propelled by heightened demand in social commerce.
Challenges Faced:
- The IT, Telecom/ISP sector continues to experience a notable reduction in hiring activity, with a (-21%) decline annually. However, the sector has witnessed a (+6%) growth over the last three months.
- Consumer Goods/FMCG, Food & Packaged Food, and Healthcare sectors register significant annual decreases in hiring demand in February ’24.
Notable Growth:
The BPO/ITES sector records a positive annual uptick, bouncing back with a (+16%) increase in jobs over the last month.
BFSI, Production/Manufacturing, Automotive and Ancillary, Hospitality, Engineering, Construction, and Real Estate, and Advertising, MR, PR, Media & Entertainment sectors all exhibit positive growth trends annually in February ’24.
Hiring Trends – Functional Area
Online recruitment activity surpassed the year-ago level in 7 of the 10 occupation groups monitored by the tracker.
In Demand:
- Purchase/Logistics/Supply Chain professionals witness remarkable demand annually, with continued surge and double-digit growth over the last month.
- HR & Admin roles mark substantial growth, followed closely by Marketing & Communications job roles, attributed to the rise of personalized marketing strategies.
Challenges Faced:
Healthcare roles see a plummeting annual growth, while Sales & Business Development and Hospitality & Travel roles experience marginal declines in annual hiring activity in February ’24.
Notable Growth:
- Customer Service roles witness a notable upturn, registering a 17% growth annually and a 16% increase over the last month.
- Engineering/Production/Real Estate, Finance & Accounts, and Software, Hardware, Telecom roles also witness subsequent increases in hiring activity in February ’24.
About the foundit Insights Tracker
The foundit Insights Tracker (fit) Philippines, earlier known as the Monster Employment Index, is the leading guide to Philippines e-recruitment landscape. By examining millions of job listings, fit provides insights into the hiring trends in the Philippines.
