NextGen Day

🔍 MANILA – ‘The Great Resignation’ phenomenon continues to impact the Philippines, as 29 percent of Filipino workers express their desire to seek new job opportunities, driven by restlessness and the need for higher pay to cope with the rising cost of living in the country.

According to the PwC Hopes and Fears Global Workforce Survey, Filipino workers looking for new employers in the next 12 months are higher than the global result of 26 percent but slightly lower than the regional rate of 30 percent.

During the survey’s media launch in Makati City on Thursday, PwC Philippines Managing Principal Veronica Bartolome highlighted that Filipino employees feel more restless and are more assertive in demanding pay raises and promotions due to concerns about the cost of living. Restlessness and salary demands are also significant concerns for the global workforce.

“This means that the tight labor market that we face, talent shortages, and inflation concerns that persist, and also the rise of the living costs mean that employers must listen to their employees’ demands and concerns,” Bartolome said.

She added, “Business leaders and organizations must consider financial and non-financial rewards to meet the increasing expectations of employees.”

PwC Southeast Asia Workforce Transformation Leader Martijn Schouten pointed out that while one in four workers globally desires to change jobs in the next 12 months, the ongoing global crisis has slowed their transition to new employers.

“What I think is hindering people from even moving around faster is the fact that we see some global crises happening, which translates into seeing a little bit more security, and others feel that the workforce is very demanding in pay rises, promotion, and other upscaling,” Schouten said.

‘The Great Fit

During a panel discussion, FAST Logistics Group Chief Human Resource Adviser Pierre Monserrate shared that employees, especially during the peak of the Covid-19 pandemic, are willing to leave their current jobs even without securing a new one once they feel that the companies’ values no longer align with their own.

“‘The Great Fit’ is about the ‘fit of values.’ Many people realize what’s valuable to them, particularly during the pandemic, when they realize that their health is more important and their families are more important. And my challenge also with companies is that we need to be clear of who we are as a company and the values that we espouse,” he said.

Bartolome emphasized that despite the high rate of Filipino workers contemplating leaving their jobs, “employees will try to exhaust possible opportunities and possibilities within their current employer.”

Both Bartolome and Monserrate stressed that beyond financial packages or counter-offers for those seeking resignation, employers should reevaluate the overall well-being of their employees.

Monserrate suggested that offering retention pay could temporarily retain employees. Still, a sustainable solution lies in focusing on employee engagement and leadership, which are crucial aspects of overall employee well-being.

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