FILIPINO employers are encouraged to develop a global talent strategy, as the country may face talent shortages in the future due to the high interest of Filipino jobseekers in working abroad.
According to the latest Decoding Global Talent 2024 Study by Jobstreet by Seek, Boston Consulting Group and The Network, 80 percent of Filipinos are strongly interested in relocating abroad for work, despite the country’s improved ranking as a global career destination.
The Philippines climbed 11 spots from 2020 to 56th as a preferred place of employment for jobseekers abroad. Talent from neighboring countries such as Malaysia, Singapore and Indonesia, as well as the United States and Canada, have also expressed interest in working in the Philippines.
Most of the respondents noted the country’s welcoming culture and inclusiveness (52 percent), perceived good quality of life (45 percent), cost of living (43 percent) and quality of job opportunities (43 percent) as its key strengths.
The study surveyed more than 150,000 respondents in the workforce spanning 188 countries.
While foreign jobseekers see the Philippines as a potential destination for work, Filipino talent displays a strong interest in relocating abroad.
Unlike the global trend where younger candidates are more willing to work overseas, Filipinos across life stages said they are willing to relocate. Eighty percent of those who are willing to relocate are highly educated; 82 percent are young or below 30 years old.
Financial motives and career progression rank highly as their reasons to relocate. They are also motivated by the search for better social systems and healthcare when thinking of working overseas.
Meanwhile, the remaining 20 percent of respondents who are not willing to relocate cited reasons such as not being able to bring their family, the cost of relocation and a strong attachment to their home country.
Better compensation
In terms of job roles, Filipinos looking to relocate abroad span a diverse range of skill levels. Nearly all workers in craft professions and manual and physical jobs consider working abroad. This is followed by more skilled professions such as research/laboratory, engineering/technical and services and hospitality.
On the other end, marketing and media practitioners are the least likely to consider moving abroad.
The report also revealed that about 35 percent of Filipinos prefer long-term work abroad without plans to return, which significantly differs from workers in neighboring countries who typically prefer shorter overseas assignments of about three years.
According to Jobstreet, this discrepancy raises concerns about a potential and significant threat of irreversible brain drain in the Philippines.
Dannah Majarocon, managing director of Jobstreet Philippines, encouraged Filipino employers to develop a global talent strategy, as they may experience talent shortages in the future considering the number of Filipino jobseekers willing to work abroad.
She advised companies to start providing better compensation, benefits and career opportunities, as these are the main reasons people seek work abroad. Additionally, Filipino employers can consider attracting workers from other countries.
Meanwhile, the willingness of the global workforce to work remotely for a foreign employer without a physical presence in their home country has significantly increased to 66 percent from 57 percent in 2020.
In the Philippines, Filipino professionals are now more eager for remote international work than ever (84 percent), way above the Southeast Asia and global averages.
Growing OFWs
From April to September 2022, the Philippine Statistics Authority recorded an estimated 1.96 million Filipino workers abroad.
In 2022, the top five destinations for overseas Filipino workers (OFWs) were Asia (80.8 percent), Europe (nine percent), North and South America (6.3 percent), Australia (2.9 percent) and Africa (one percent).
Of the total 1.96 million OFWs in 2022, about 23 percent worked in Saudi Arabia, followed by the United Arab Emirates at 13.7 percent. Other countries in Asia with a large number of OFWs include Kuwait (7.7 percent), Hong Kong (6.1 percent), Qatar (5.8 percent) and Singapore (five percent). / KOC