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Managers and business leaders hiring in the Philippines, the local economic landscape is sending a clear message for 2024: Be prepared for salary adjustments.

A recent report from Philstar highlights that despite a slight easing in December, inflation remains a significant concern among Filipinos, with a staggering 72% identifying it as an urgent national concern (Pulse Asia Research Inc.). Particularly striking is the rise in food inflation, with rice – a staple in the Filipino diet – seeing a notable increase.

What does this mean for hiring managers?

1. Expect Salary Negotiations: With the cost of living on the rise, candidates are likely to have higher salary expectations.
2. Stay Competitive: The external competition is intensifying. To attract top talent, offering competitive compensation packages is key.
3. Understand the Local Market: Salary trends are shifting. Keeping abreast of these changes will help in formulating offers that resonate with candidates.

Tip: Engaging with local market experts and continuously monitoring economic reports will aid in making informed decisions.

We suggest approaching this challenge proactively. By understanding and adapting to these economic shifts, you can continue to build strong, resilient teams that drive your business forward.