A majority of Filipino employees now prioritize non-monetary benefits, as some 83 per cent of them are on the look out for new career prospects, according to a new poll by professional recruitment services firm Michael Page Philippines.
According to the "Talent Trends 2022 Report", titled "The Great X", a wave of resignations is taking place in the Philippines with almost half (42 per cent) of employees who have been at their current jobs for not more than two years.
Sparked by the global pandemic and in line with global trends, the Great Resignation has swept the Philippines for the past two years and is projected to intensify throughout 2022.
And while salaries and bonuses are still top motivators, the survey also shows a swing towards non-monetary benefits. 73 per cent of respondents in the Philippines will forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.
In addition, 74 per cent believe mental health and well-being should play a part in employee performance and appraisals.
And while 60 per cent say their workload has increased compared to before the pandemic, 91 per cent believe their company does not take active steps to ensure work-life balance.
As economies improve, the report warned that companies cannot underestimate the psychological effect merging "work" and "personal" life has had. Some 69 per cent of respondents want a hybrid work arrangement between working from home and the office.
Regional Director of Michael Page Philippines Albert Pérez also noted that the demand for executive and senior-level talent is growing as more private equity and venture capital investment comes to the Philippines.
"This is significant within commercial and strategic leadership roles that have a hand in scaling companies from the ground up. In these management positions, companies are looking for Filipinos living and working overseas open to returning home as well as expatriates already in the Philippines."