How much will salaries in the Philippines go up this year? According to a professional services company Towers Watson, salaries in the country are seen to grow at a stable 7 percent this year because of the economic growth.
But the real challenge is for the companies in the Philippines to be able to allocate this salary increase budget to employees as a tool and measure for the “pay for performance” philosophy that most companies are since then advocating.
With the remarkable jump in economies across Asia Pacific, according to Towers Watson’s report there will be a 7 percent rise in 2015 when average salaries are set to jump 4.3 percent this year compared to the 3.3 percent increase last year.
China has the highest salary increase of 7.4 percent.
Based on the study, 80 percent of the company-respondents said they plan to allocate a larger portion of their budget to high performers especially in the core industries in the survey: financial services, technology, and healthcare/pharmaceutical.
The survey also showed that a large percent of the respondents will hire new employees in the next 12 months.
Conducted in February 2015, the bi-annual survey of Towers Watson’s Data Services Practice (TWDS) covered companies across 19 countries in Asia Pacific with approximately 2, 000 responses.
H/T: ABS-CBN News; Photo lifted from Google.