A higher number of investments and a strong workforce – this powerful duo represents a big part of the emerging economy in the Philippines.
Together with Filipino corporations, foreign investors contributed a total of P274.2 billion worth of investments in the first quarter of 2019, according to data from the Philippine Statistics Authority.
Many factors are responsible for this milestone. For one, the country’s government has been supportive of foreign trade and has initiated a forward-looking program to entice more investors to come to the Philippines.
It’s also a bonus that the Philippines has a young, competent, and English-speaking workforce. Here are some steps you can take to help you get the most out of Filipino talent while establishing your business operations in the country.
1. Focus on their strengths
Filipino workers possess both the knowledge and skills that make them competitive worldwide. Based on surveys, the Philippines ranks first in having a knowledge-based workforce, while also placing second in having the highest number of skilled workers.
These characteristics make it easy for you and your recruitment company in the Philippines to build the country’s pool of talent in many aspects of professional and skilled labor.
When it comes to the quality of work, Filipino managers and information technology (IT) experts are comparable to their foreign counterparts.
The kind of work ethic that Filipino employees have is another factor that further sets them apart from others. According to Philippine writer and economist Dr. Bernardo M. Villegas, Filipino workers worldwide are generally known as hard working, responsible, and pleasant people to work with.
2. Maximize the young working demographic
According to PricewaterhouseCoopers (PwC) forecasts, by 2020, half of the global workforce will come from the millennial demographic. In the Philippines, millennials represent one-third of the country’s total population, and they also perform different functions in the workforce.
Millennial employees for rank-and-file positions as well as management roles are passionate about taking on challenges and making an impact in the workplace. That said, they can provide the energy and creativity that your organization needs to be competitive.
These young professionals are also adept at using digital technologies, which makes them a powerhouse of talent fit for global standards.
3. Communicate on a consumer level
Lately, Filipinos have been spending their money via online marketplaces and physical stores in unprecedented levels.
One of the things that may have fueled this economic condition is the so-called demographic dividend. This phenomenon happens when the growth of a young population and a modern workforce results in an empowered consumer base.
As a business, you’ll need to be someone that Filipino consumers can relate to. And in order to know the trends, mindset, and language that appeal most to this large base of consumers, you’ll have to get your Filipino employees involved in creating and delivering the right kind of goods and services.
4. Bring out their flexibility in dealing with different cultures
Filipinos have an excellent ability to adapt to the most difficult or unfamiliar situations in life. In the professional world, Filipino workers have no problems assimilating learning as long as you provide them with opportunities for training as well as cultivating their personal experiences.
In the business process outsourcing (BPO) industry, the establishment of call centers in the Philippines has given the country the distinction of being the call center capital of the world. BPO companies employ millions of Filipinos because of their natural proficiency in English, while also finding them highly adaptable to foreign cultures.
Also, in recent years, many Filipinos have been saving their salaries and earnings to go to local and international destinations alike. For Filipino travelers, this gives them valuable opportunities to gain a wide perspective and first-hand experience of different cultures.
5. Immerse in the local culture
The kind of work culture that Filipino employees have varies by generation, which is why you might see different approaches in the way Filipinos work.
Older generation Filipinos are very career-oriented and have a strong sense of professionalism. They expect to work with individuals and organizations that give importance to the same or similar values.
On the other hand, millennials who are part of the Philippine workforce place a higher premium on career growth, as data from the 2016 Deloitte Millennial Survey shows that 64% of Filipinos see themselves leaving their current job in favor of something that will help them nurture their leadership potential.
6. Provide benefits and incentives
The cost of doing business in the Philippines is relatively low compared with developed nations. You don’t have to pay exorbitant fees for expenses related to establishing an office, such as building your headquarters, setting up communication facilities, and funding other on-site requirements. Labor costs are also quite reasonable compared to other parts of the world.
These savings make it possible for business owners especially in the BPO industry to maintain a big return on their investment. Since a job satisfaction survey conducted among Filipino employees revealed that bonuses are one way to attract and retain talent, this may be an excellent reason for you to reward your employees with a competitive salary and benefits package.
Tap Filipino Talents for Your Global Success
The current state of the economy in the Philippines offers potentially lucrative opportunities for your business. On top of it, you have the privilege of working with some of the most talented people in the global workforce. You only need to know the best practices in managing the Filipino talent, so they can become your company’s greatest asset in achieving world-class success.