Philippine firms optimistic about job creation, concerned about talent availability

Philippine companies are positive about the impact of global trends and technology on job creation, according to the World Economic Forum’s (WEF) “The Future of Jobs Report 2023”.

However, they express concern over the availability of talent. Broadening digital access was identified as the most significant global trend driving industry transformation, with 71% of Philippine-based respondents predicting job creation in this area.

The top technologies anticipated to drive industry transformation include big data analytics, digital platforms and apps, e-commerce and digital trade, and cloud computing.

Regarding the local talent outlook, 41% of respondents foresee a worsening hiring situation within the next five years.

More than 80% of companies in the Philippines, Colombia, and Sweden expect an insufficiently skilled talent pipeline by 2027.

Nevertheless, 82% of respondents believe that talent development within the existing workforce will improve, while 55% expect talent retention to improve.

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Chief of Staff Asia