About 71% of Filipino hiring professionals have rated their companies as moderately stressful amid slight salary increments, according to online job portal JobStreet.
In its latest Hiring, Compensation, and Benefits Report released on April 4, 685 surveyed hirers said retail and trade were the top industries considered to be moderately stressful.
Additionally, 18% reported their companies being in the “high-stress zone,” without specifying industries, and 11% noted being in the “low-stress zone,” mainly in business services.
The respondents were asked to rate their companies, with 0 indicating no stress at all and 10 indicating high stress levels. According to JobStreet, the highest ranking was five, at 27%, while 0 and 10 received 3% and 4%, respectively.
The top sources of stress levels cited were heavy workload, high pressure from management, and lack of career opportunities at 36%, 28%, and 26%, respectively.
Lack of appreciation and recognition (42%), low pay (34%), long working hours (35%), and high turnover (37%) are said to be prevalent in high-stress zone companies.
In the same study, it was revealed that most companies gave a 10.24% increment to their employees’ salaries in 2023, which is higher than 7.3% in 2022.
“It’s encouraging to note that this average increment surpasses the national annual inflation rate of 5.82% in 2022,” JobStreet said.
The hiring platform said this spells out a rebound for employees but also a “real wage growth reflecting an improved economic climate and brighter prospects for the workforce.”
According to the Philippine Statistics Authority, the top paying jobs in 2022 were aircraft pilots with an average monthly wage of P135,363, followed by software engineers at P70,595, and mathematicians and actuaries at P69,654.
In addition, staff promotions saw a 10% increase to 70% in 2023 from 60% a year ago.
In response, JobStreet recommended that employers enhance benefits packages to attract and retain employees, including special leaves such as birthday, menstrual, and family care leaves.
In 2023, JobStreet reported that the number of companies offering health checks and dental coverage rose by 8% each. Additionally, close to one out of four companies introduced or planned to introduce pension funds (retirement plans) and mental health treatment coverage (insurance).
Source: Business World
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