73% of Philippines' employees willing to forgo higher salaries or job promotions for work-life balance: Michael Page
Sparked by the global pandemic, the Great Resignation has been happening in the Philippines for the past two years and will intensify throughout 2022.
Sparked by the global pandemic, the Great Resignation has been happening in the Philippines for the past two years and will intensify throughout 2022. There has been a wave of resignations in the Philippines with almost half (42%) of employees who have been at their current jobs for not more than two years and a significant 83% of employees looking for new career prospects.
Professional recruitment services firm, Michael Page Philippines, launched the 'Talent Trends 2022 Report', titled 'The Great X' which features prominent employment insights.
While salaries and bonuses are still top motivators for candidates, the survey shows a swing towards non-monetary benefits. A significant 73% of respondents in the Philippines are willing to forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.
Albert Pérez, Regional Director of Michael Page Philippines says, "With more private equity and venture capital investment in the Philippines, the demand for executive and senior-level talent grows. This is significant within commercial and strategic leadership roles that have a hand in scaling companies from the ground up. In these management positions, companies are looking for Filipinos living and working overseas open to returning home as well as expatriates already in the Philippines."
As economies improve, companies cannot underestimate the psychological effect merging "work" and "personal" life has had over the past two years. 69% of respondents want a hybrid work arrangement between working from home and the office.
In addition, 74% of professionals in the Philippines have asked or will consider asking about a company's DE&I policy at interviews and 32% say the lack of clear DE&I commitment would stop them from actively pursuing a job opportunity.
The pandemic has also shifted priorities, 74% of candidates believe that mental health and well-being should play a part in employee performance and appraisals. Companies must create a positive culture in which employees at all levels feel appreciated.
A significant number of employees has been found to not feel supported at work. 60% of respondents say that their workload has increased compared to before COVID-19. 91% believe that their company does not take active steps to ensure work-life balance. Companies need to change things and help employees work more efficiently.