To meet the growing cost of living in the nation, more than one-fifth of employees (29%) in the Philippines are looking for new employment possibilities and demanding greater compensation from their existing employers.
According to the 2023 PwC Hopes and Fears worldwide Workforce Survey, the percentage of Filipino employees searching for new jobs in the next 12 months is higher than the worldwide average of 26%, but somewhat lower than the regional average of 30%. According to PwC Philippines Managing Principal Veronica Bartolome, these findings show that Filipino employees are increasingly restless and willing to seek salary hikes and promotions to fulfil cost of living issues.
“Business leaders and organisations must consider not only financial but also non-financial rewards to meet increasing expectations of employees,” Bartolome added.
Martijn Schouten, PwC Southeast Asia Workforce Transformation Leader, emphasised that while 25% of employees worldwide wanted to change jobs in the next 12 months, the global crisis made it difficult for them to jump to the next opportunity due to a lack of job security and their own high demands for increased salaries, career advancement opportunities, and development opportunities.
Despite the fact that there are a significant number of employees in the Philippines who wish to leave their positions, many are prepared to exhaust and attempt options and possibilities inside their existing businesses. According to Bartolome and Monserrate, the onus is on employers to go beyond financial recompense and counter-offers for individuals looking to leave in order to improve their workers’ overall workplace well-being.
