Philippines Achieves Record-Breaking 18% Annual Surge in Hiring Activity for February 2024: foundit Insights Tracker

Manila, Philippines, Mar 28, 2024 - (ACN Newswire) - foundit (formerly Monster APAC & ME), one of the leading talent platforms, today published the foundit Insights Tracker (fit) for February 2024, which was formerly known as Monster Employment Index (MEI). According to the Philippines FIT report, February 24’ recorded an exponential rise in hiring activity, with the index climbing to 150, marking a significant increase from the previous value of 127 registered in February 2023. This surge indicates a substantial leap in hiring activity, highlighting the dynamic growth of the job market.

The tracker recorded an impressive (+13%) rise in hiring activity month-on-month, with January 2023 reflecting an index value of 133. The latest insights from the tracker reveal a remarkable (+17%) growth observed over the past three months, reflecting a dynamic transformation in the recruitment landscape. This transformation is propelled by the rapid integration of emerging technologies, which are reshaping conventional practices and opening new avenues for talent acquisition. It reflects the resilience and adaptability of the Philippines job market amidst shifting technological and economic dynamics.

Commenting on the Philippines job trends for February 2024, Sekhar Garisa, CEO, foundit, said, “The notable increase in hiring activity showcased by the foundit Insights Tracker underscores the resilient and dynamic nature of the Philippines job market. Our findings emphasise the significant influence of emerging technologies on recruitment strategies, indicating a transformative change in talent acquisition methods. In the face of shifting economic conditions, businesses must adapt and harness technological advancements to meet the increasing demands of the workforce effectively.”

The Retail, Education, and Logistics, Courier/Freight/Transportation, and Shipping sectors lead the surge in hiring activity, while the IT, Telecom/ISP, Consumer Goods/FMCG, Food & Packaged Food industries, and Healthcare witness an annual decline in recruitment.

Remarkable growth was observed in 9 out of the 12 monitored industries in February 2024. The Retail sector experienced an extraordinary surge of (+49%) outpacing all other sectors. This surge is attributed to the rise of mobile commerce, fuelled by the increasing adoption of digital payments. Similarly, the Education industry saw a significant increase of (+42%), while heightened demand in social commerce drove a (+36%) surge in hiring within the Logistics, Courier/Freight/Transportation, and Shipping sectors.

However, the IT, Telecom/ISP sector witnessed a notable annual reduction in hiring activity (-21%), although it experienced a (+6%) growth over the last three months. Sectors such as Consumer Goods/FMCG, Food & Packaged Food (-17%) and Healthcare (-4%) reported significant annual decreases in hiring activity in February 2024.

BPO/ITES, BFSI, Production/Manufacturing, Automotive and Ancillary, Hospitality, Engineering, Construction, Real Estate, and Advertising, MR, PR, Media & Entertainment Sectors show positive annual growth trends.

Despite challenges, certain sectors experienced positive annual upticks. Notably, the BPO/ITES sector recorded a (+13%) increase annually, bouncing back with a (+16%) surge in jobs over the previous month.

Additionally, sectors including BFSI (+4%), Production/Manufacturing, Automotive and Ancillary (+8%), Hospitality (+8%) Engineering, Construction, Real Estate (+14%), and Advertising, MR, PR, Media & Entertainment (+16%) exhibited positive growth trends annually in February 2024.

Online recruitment activity surpassed the year-ago level in 7 of the 10 occupation groups monitored by the tracker. Purchase/Logistics/Supply Chain (+50%) professionals witnessed remarkable demand, marking a double-digit growth over the last month. HR & Admin roles (+27%) followed closely with substantial growth, alongside Marketing & Communications job roles (+26%) driven by the rise of personalised marketing strategies.

Despite challenges encountered by specific functions such as Healthcare (-4%) Sales & Business Development (-1%) and Hospitality & Travel (-1%), there was notable growth in Customer Service roles (+17%) that witnessed a significant 16% growth [PS1] over the last month alone. Additional roles experiencing a rise in hiring activity in February'24 include Engineering/Production/Real Estate (+7%), Finance & Accounts (+3%), and Software, Hardware, Telecom (+3%). Particularly, Software, Hardware, and Telecom roles witnessed an 8% growth in the last three months, primarily driven by significant demand in IoT and AI/ML.

The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (FIT) presents a snapshot of employer online recruitment activity nationwide.

Period for the report

The period considered for the foundit Insights Tracker (FIT) data is February 2023 to February 2024.

About foundit - APAC & Middle East

foundit, formerly Monster (APAC & ME), is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. Since its inception, the company has helped over 90 million registered users find jobs, upskill, and connect with the right opportunities across 18 countries. Additionally, foundit has been recognised as a Great Place To Work, reflecting its dedication to fostering a supportive and dynamic work culture.

Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches, and precision hiring. foundit strongly believes that a job title doesn't define one’s potential and leverages technology to dig deeper and curate opportunities central to the needs and aspirations of each user.

To learn more, about foundit in APAC & Gulf, Visit:
Malaysia: https://www.foundit.my
Philippines: https://www.foundit.com.ph
India: https://www.foundit.in
Gulf: https://www.founditgulf.com
Singapore: https://www.foundit.sg
Hong Kong: https://www.foundit.com.hk
Indonesia: https://www.foundit.id

Contact:
Namrata Sharma
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