As digital innovation penetrates deeper across different industries, various business operations and processes are undoubtedly being automated as well.
This was learned from Monster’s latest employment index (MEI) as it reported a three percent growth on online hiring for the third quarter of 2018 owing in part to the inclusion of freelancers as part of the job market.
“Online hiring in the Philippines was up three percent overall in the last three months, regaining momentum after a small slowdown in the previous quarter,” the report said.
The online job portal Monster examined the phenomenon also known as the gig economy across three key markets in the Southeast Asia that includes the Philippines.
“While the gig economy offers vast opportunities to businesses, companies still need to adjust to seamlessly integrate this new workflow,” Monster CEO for APAC and Middle East Abhijeet Mukherjee said.
Data from the MEI showed an annual increase of hiring activity in the third quarter with an 18 percent improvement for the months of July and August and 17 percent for September.
According to Monster, the combination of digital technologies and the increasing number of the affluent consumer market has become one of the major long-term economic driving forces in the region.
“The expected explosive growth in e-commerce spending is set to impact online hiring across industries, ranging from financial services and marketing to customer services and advertising,” the report said.
For the telecom services and business process outsourcing (BPO) sectors alone, the country posted growth of six percent in the third quarter. Singapore and Malaysia reported eight percent and five percent growth rates for Singapore and Malaysia, respectively, making the sector one of the best performing in the region.
The production sector reported the largest demand for online hiring of freelancers in the Philippines, reaching 41 percent in the third quarter.
Also, the report was in line with an earlier Organization for Economic Cooperation and Development (OECD) projection of a slight but steady upward trend in online hiring activity for the Philippines noting on the country’s steady growth and project initiatives.
“With the Philippines’ GDP (gross domestic product) growth expected to remain steady at 6.7 percent in 2019 as well as increased government spending and public investments, there are positive signs of economic growth in the country,” it said.
The country’s elevated inflation however, remains a challenge as this continues to worry both business and foreign investors in which the government has already taken measures with policy interventions in the labor sector in order to continue the generation of jobs.
On the country’s flagship infrastructure programs, the report said that despite its upward trajectory, the upcoming elections could dampen the program as evidenced in the past.