As Salaries Remained Stable in 2023, Jobseekers Now Want Work-Life Balance

work life balance

Studies reveal that salaries were stable in 2023 and that job hunters now prioritize work-life balance when seeking employment.

According to statistics from Jobstreet Philippines, 78% or majority of Filipino job seekers express confidence in negotiating positions in the labor market, surpassing the global average of 68%. This optimistic outlook on negotiation ability aligns with a study conducted by Jobstreet, Boston Consulting Group, and The Network, on 11,438 Filipinos. The study reveals that 28% of Filipino job hunters seek work-life balance, ranking it second to financial compensation (35%) when seeking new employment.

Philip Gioca of Jobstreet says this means work-life balance is no longer a myth for Filipino job seekers. “After two years of the pandemic, we, as job seekers, value time for work, time for family, and personal pursuits.

“We no longer distinguish between work, family, or private space—we appreciate the blend,” said Gioca during the report launch.

Salaries Remained Steady

At the end of 2023, Jobstreet reported that salaries across the Philippines have remained remarkably stable during the year. This reflects a trend of secure employment.

In their October 2023 Salary Guide report, the online job portal compared data from April 2022 to March 2023 with that of April 2021 to March 2022. They found that 97.6% of jobs maintained stable salaries, with 1.2% experiencing an increase, and 1.2% seeing a decrease, all within the same period.

“These minimal fluctuations enable a more precise prediction of Filipino median salaries,” Jobstreet noted. They added that “wage stability serves as a valuable indicator for employers to accurately gauge the salary range necessary to attract and retain talent.”

Within industries, healthcare demonstrated the highest median salary increase from the previous year, at 3.8%, equivalent to P1,254. Meanwhile, the materials industry reported the most significant increase in median salaries at 57.1%, or equivalent to P40,000.

Accounting and finance industries reported the largest decline in median salary. The accounting industry experienced a decrease of 26.7% while the insurance sector experienced a drop of 49.5%.

These shifts can be attributed to consumers reducing non-essential spending, leading to decreased revenues for these industries. The smallest decrease was observed in the education sector, with a marginal -0.002% drop in median salary.

Takeaways for Employers

Jobstreet reveals that jobseekers now consider financial incentives, work environment, and retirement benefits when evaluating job offers. And companies are increasingly becoming competitive in their benefit offerings.

In light of this, Dannah Majarocon from Jobstreet Philippines recommends that employers broaden their benefit packages. They can also explore diverse compensation methods to effectively attract and retain a skilled workforce, she explains.

This implies that while salary continues to be a crucial motivator, additional benefits have become more increasingly important for many job applicants. And employers stand to gain by integrating flexible work arrangements and fostering opportunities for personal growth.

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