Hiring activity for technology talent remained strong and competitive in 2022. More international companies looked to the Philippines, creating new demand for technologies and hybrid roles in the market.
“We saw many candidates expecting higher base salaries as a result of inflation. Top employees looking to change jobs were also issued counteroffers by companies looking to retain them,” says Nikita Cuevas, Manager of Tech & Transformation, Robert Walters Philippines.
As growth is expected to continue into 2023, Nikita believes companies will need to better align their roles expectations and salary budgets to remain competitive in the market.
Read on as Nikita shares her expectations of the labour market and hiring trends for tech professionals in 2023.
Increased competition amid limited tech talent pool
There will be high demand for IT professionals with experience in niche and specialised new technologies entering the Philippines. This would also lead to high competition for the best talent, says Nikita.
“Tech professionals are aware that they have unique and niche skills and are used to headhunters approaching them for opportunities. It is a candidate-driven market,” she says.
To secure top talent, many companies are expected to provide competitive base salary packages with at least 30-60% increments. Some companies may also top it off with strong emphasis on career advancement or development paths, as tech professionals remain eager to stay up-to-date with new technologies and skillsets.
Nikita shares, “Companies that are quick to evaluate and make offers to candidates understand that timing is essential in the competitive market. It is highly critical for employers to streamline hiring processes as it helps secure talent as well as boost company branding in the candidate-driven market.”
New technologies and data drive strong demand for talent
As many companies rely heavily on analytics for efficiency and new business opportunities, Data Analysts, Data Engineers, and Data Scientists will be highly sought-after in 2023. As the world grows increasingly reliant on new technologies, professionals skilled in DevOps engineering will be in demand as they contribute to productivity, improved processes, and better adaptation to changing markets.
2023 will see companies looking to hire developers specialising in full stack development – Reactjs, Nodejs, Typescript, Java – as well as skills in Python, JavaScript, Java, React, Typescript, Cloud technologies and Automation testing tools.
Emphasis on holistic approach to attracting and retaining talent
Nikita calls “quiet quitting” the new trend after “The Great Resignation”, though she believes it is highly correlated.
“Our Great Resignation study showed that 57% of professionals were not comfortable leaving their existing jobs without another lined up. This may translate to quiet quitting if they are unable to secure the right job for themselves,” she shares.
To attract talent and retain existing employees, she recommends companies place holistic focus on attractive compensation and benefits, flexible work arrangements, career growth, and culture/relationships.
It is important to provide training opportunities and certifications for IT professionals, as upskilling is as critical as meeting salary expectations.
Taking a holistic approach is a strategic but necessary move for companies looking to secure the best talent, as employees are now taking everything into consideration before staying or moving to a new role.
Higher salary rises expected in 2023
“Gone are the days where companies will receive a lot of applicants, as there is now a lot of competition in the market,” says Nikita.
As demand remains high for skilled tech professionals, so will salary expectations be in 2023. Larger salary increments of 30-60% for job movers can be expected with the widening gap of supply and demand.
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