The Philippine economy is continuing to soar new heights, and if it continues, it could be ASEAN’s second-biggest emerging economy by 2050—closely following the heels of Indonesia. The World Bank says that the Philippines will achieve a 6.4% growth forecast this 2019. Its growth has been consistent throughout the last several years, making it a very impressive candidate for business investors all over the globe.
With this in mind, it’s essential to know how the economic growth rate of the Philippines can affect the recruitment industry. This could influence the future of acquiring talent in the country. After all, every recruitment firm should familiarize themselves with the hiring landscape in a dynamic economy.
How Economic Growth Affects Recruitment
1. Creation of new jobs
While a growing economy doesn’t always correlate to job creation, the case is real for the Philippines. The same investors who are looking to put up their headquarters in the country also can’t help but notice that Filipino workers are cost-efficient and hardworking individuals. This inspires them to create a team based in the Philippines as well. These invaluable Filipino skills and the rising business investment opportunity equate to better job creation.
2. Competitive recruitment in a competitive global market
The creation of new jobs spells a more challenging time for recruiters all over the world to attract and retain top talents. The growing economy in the Philippines is due in part to both local and foreign investors with progressive mission-visions, which includes a modern stand on workplace policies and employee benefits. The adoption of technology in the current work landscape opens a lot of exciting opportunities for job seekers to find a job that’s compatible with their needs.
With the recruitment industry getting tighter and more competitive, it elevates the level of strategies and tactics for recruiters. They have to align themselves with the standards of the global market. The local recruiters find themselves catching up with the global market’s innovative processes.
3. The emergence of unique recruitment trends
At a time where jobs for professionals can be easily found left and right because of online job platforms, the competition continues for companies to bag the best recruits for their company. This paves the way for creative recruitment trends that may not have necessarily been in place before, such as recruitment marketing and creating a memorable yet professional application experience for the candidates. A competitive compensation package is not the only way to promote your job vacancies in today’s recruitment market.
A growing economy also entails that international recruitment opportunities for local recruiters enter the Philippine recruitment landscape. It provides an avenue for some of these recruitment trends to be tested with the Philippine job market.
4. Introduction of innovative recruitment technology
Following the need for more creative recruitment trends, high-tech hiring technologies are also being incorporated to keep up with global recruitment standards. Among these emerging recruitment trends are the introduction of virtual reality (VR), cognitive automation (CA), and natural language processing (NLP), to name a few. It won’t be odd to see a time where hiring processes become more efficient to satisfy the needs of growing companies at a faster rate—especially in thriving economies.
5. ‘Quality of hire’ as the primary hiring factor
Candidates may have more extensive playing fields now, but employers should be as selective in accepting a new hire in their wing. There will always be job seekers in the market but finding the right fit for your company can prove to be a challenge. For starters, it’s not just the credentials and technical skills that recruiters now consider, but also cultural fit and soft skills. Be sure that you don’t get too caught up in the requirement to fill that open slot in your company. Survey each applicant and assess how they can take your business goals to the next level.
In a dynamic and fast-paced economy such as the Philippines, it’s an additional responsibility for the companies to ensure the quality of hire. You bring people onboard that will propel your business forward.
6. Employer branding should be strengthened
Once again, the growing economy challenges employers to put their best foot forward at all times. Many companies are opening and expanding at every corner in the Philippines, and they are all potential for recruitment competition. Organizations that present a strong brand, user-friendly website, socio-civic involvement, social media presence, and impressive professional portfolios are the frontrunners in the industry for acquiring new talent. If you think about it, these companies are the same ones who can accomplish their goals faster as well. Improving your employee branding won’t just help with hiring but in reaching internal goals and KPIs as well.
7. A shift in leading industries
Some of the most significant economic drivers in the Philippines are logistics and infrastructure, tourism, and services sector. This can also influence or dictate the future kinds of companies that will invest in the country, as well as the type of skills that candidates must have so they can be hired for jobs related to these industries.
The recruitment industry has evolved dramatically over the years, and it will only get increasingly competitive in the long haul. Expect the growing economy of the Philippines to give birth to more innovative companies and create more jobs for the nation’s professionals.
Remember: Your people are your greatest assets. Without the right people to build a team, your company may not reach its full potential. The key to attracting top talent lies in balancing both creativity and skill to give the candidate a fulfilling experience working with your company.