2023 Salary Report notes stabilized median salary across industries and specializations

Leading online career and talent platform, JobStreet by SEEK, has recently unveiled its Salary Guide 2023, stating that salaries across all industries and specializations in the Philippines remain largely stable.

The report shows that 97.6% of salaries in the country were steady coming from the year before while 1.2% experienced an increase and 1.2% noted a decrease.

The JobStreet by SEEK Salary Guide 2023 analyzed median salaries that only cover full-time job employment in the Philippines posted on JobStreet, and only paid in Philippine peso. All of the data were extracted from JobStreet by SEEK job ads posted from April 2022 to March 2023 in comparison to those posted from April 2021 to March 2022.

Salary overview on industries and specializations

With the world starting to normalize again after the pandemic, salaries are now beginning to stabilize as well. However, it is worth noting that the Materials industry (polymer/plastic/rubber/tires, tobacco, and wood/fiber/paper) has the highest increase in median salary of 57.1% over the past year. Meanwhile, the Insurance industry was reported to have the highest decrease in median salary of -49.5%.

Among the specializations, Healthcare has the highest median salary increase in the past year (3.8%), making it the most promising specialization for increased salaries across all positions. On the other hand, Accounting and Finance roles experienced the highest decrease in median salary of -26.7%. Moreover, a decrease in salary levels across multiple positions was seen in the Building and Construction specialization.

In terms of the percentage of job ads that showed pay rises, the top industries were Transportation, Human Resources, Telecommunications, Marketing and Advertising, and Call Center/BPO. Meanwhile, the top industries that have the most pay cuts as seen in job ads were Entertainment, Oil and Gas, Consumer Goods, and Electrical/Electronics, among others.

While these changes in salary, whether it be an increase or a decrease, may seem significant or concerning, JobStreet by SEEK shares that the figures are only a portion of the entire Philippine job market with data driven by their hirers in the platform. Furthermore, the pay rise in some industries may not necessarily translate to living wages, if things are put into perspective.

Salary in regions and SMEs

In terms of the regions, JobStreet by SEEK observed an increase in salary increment in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) for rank and file roles while the highest salary growth in supervisorial roles was recorded in Region IX – Zamboanga Peninsula. On the other hand, a decrease was seen in the regions of Northern Mindanao, Central Luzon, and Bicol. Among all cities in the country, Taguig received the highest pay.

The report also took the Small and Medium-sized Enterprises (SMEs) into account, highlighting that the Call Center/BPO, Food and Beverage, and Retail and Trade industries are attracting more skilled talents by offering a higher median salary compared to corporate companies. This shows their ability to keep up with bigger companies and remain competitive in the job market.

JobStreet by SEEK also reveals that SMEs from industries of Computer and IT, Consulting, and Call Center/BPO offer the highest pay. Roles related to Computer and IT, Building/Construction, and Services are the highest-paid specializations.

“While salary is still a huge contributor to the main drivers of talents to apply for or stay in a company, they are also enticed with the other benefits that could allow them to balance their job and life well. That is why, we highly recommend employers to consider offering other benefits or forms of compensation aside to continue attracting skilled professionals or workers,” says Dannah Majarocon, Managing Director, Philippines, JobStreet by SEEK.

In their recent report entitled Future of Recruitment, JobStreet by SEEK shared that  Filipino job seekers’ list of top deal breakers when looking for a job are financial compensation, work-life balance, and retirement and insurance benefits.

Aside from considering the working model preferred by candidates, JobStreet by SEEK also recommends hirers to shift the hiring paradigm by reaching out to potential candidates before their competitors do. As they do so, they can portray their company values and advocacies apart from sharing how much they offer to their talents. This way, they can improve their branding and attract more candidates.

To explore the latest job and salary trends, visit https://www.jobstreet.com.ph/en/cms/employer/white-paper/salary-report-2023/.