Tech giant Microsoft stated that 46% of Filipino Millennials are considering taking career shifts this year, and many are considering moving into the highly lucrative BPO/outsourcing market. Microsoft’s 2022 Work Trend Index explained that this trend may be due to evolving views toward the hybrid home and office work setup. Outsourcing is a major driver of GDP in the Philippines.
The report also stipulated that 20% of Filipino workers have already left their jobs in the past year due to personal well-being or mental health, work-life balance, risks of getting COVID-19 and lack of flexible work hours or location. Winston Ong, CEO of BruntWork stated “many Filipino workers are looking for remote work, ideally for companies located overseas who are happy for them to continue to work from home.”
Unemployment in the Philippines at record lows
The Philippines recorded its lowest unemployment rate since the COVID-19 started last February at 6.4%. Labor force participation is also up by 60.5% while the underemployment rate is down to 14%. At the same time, the recruitment portal Jobstreet Philippines is advising Filipino workers to take time to upgrade their digital skills regardless of their chosen careers to remain competitive in the job market.
According to Jobstreet’s Decoding Global Talent report, digital roles are the top target for 77% of Filipinos who are willing to retrain for new jobs. The recruitment portal added that candidates with digital skills have an advantage as employers shift to a hybrid work setup.
Jobstreet added that applicants should also learn how to use Google Workspace, Calendly, Trello, and Basecamp, among others, as “more and more employers will start adopting digital ways of working.”
Where are the opportunities in outsourcing?
BruntWork reported substantial growth year on year across its business, but reported that hiring virtual assistants in the Philippines is the usual first step for a western company dipping its toes into the outsourcing market.
After virtual assistants, many companies consider outsourcing for web development, telesales, data and analytics as well as finance, payroll and HR. Outsourcing to the Philippines can help companies shave off 70% from their labor costs – a critical strategy during the current economic crisis the world has experienced since the end of the pandemic and the start of the war in the Ukraine.
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