Thursday, February 22, 2024

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The average salaries in the Philippines are expected to remain steady in 2023, according to JobStreet.


According to JobStreet, salaries in the Philippines remained relatively constant this year across various industries and specializations.

According to JobStreet’s 2023 Salary Guide report, the majority (97.6%) of industries reported consistent salaries, with a small percentage (1.2%) showing increases and decreases.

According to the statement, Filipino workers can make more precise predictions about their median salary due to minimal changes year after year.

Employers can now accurately determine the salary range needed to attract and keep highly skilled employees, thanks to the stable wages. This is beneficial for both parties involved.

In the previous year, Healthcare had the greatest median salary growth of 3.8%, amounting to P1,254. Meanwhile, the materials industry had the largest increase in median salaries at 57.1%, which is equivalent to a P40,000 raise.

The median salary for accounting and finance roles experienced a significant decrease of 26.7%, while the insurance sector as a whole reported the largest drop in median salary at 49.5%.

According to JobStreet, job seekers cited the lack of financial incentives, work-life balance, and retirement and insurance benefits as factors that would make them reject job offers.

According to Dannah Majarocon, the head of JobStreet Philippines, companies should offer a variety of benefits and forms of compensation in order to attract highly skilled employees.

According to John Victor D. Ordoñez, although salary remains a significant factor in motivating talent to join or remain in a company, other perks that offer work-life balance also attract them.