Banking, tech professionals see rising salaries in 2018
MANILA, Philippines – 2018 may have seen soaring inflation, but also soaring salaries – particularly for job movers in the banking and technology industries, according to the 2019 Salary Survey by recruitment firm Robert Walters.
The annual Salary Survey is based on an analysis of job placements Robert Walters made in 2018 in 5 industries they are active in: technology and transformation, banking and financial services, human resources, sales and marketing, and accounting in finance.
According to the survey, salaries in 2018 continued to increase for job movers particularly in the tech and banking industries. Professionals in these industries saw average salary increases of 20%, with senior-level candidates for niche roles fetching increments of up to 50%.
The rise in salaries, according to Robert Walters Country Manager Monty Sujanani, was driven by the demand for niche skills.
“Companies sought to hire professionals with digital or e-commerce experience, while new technology tools and solutions being offered to the market played a key role in the creation of new sales and marketing positions,” Sujanani said.
“There was also a greater demand for niche specializations due to new regulations in the banking and financial services sector, migration activities from abroad, and increasingly digital and cashless banking activities,” he added.
Salaries are likely to continue increasing in 2019, according to Robert Walters.
In particular, these are the niche skillsets per sector that can command higher salaries in the coming year:
- Accounting and Finance: Taxation and audit
- Banking and Finance: Compliance and audit, anti-money-laundering, and financial crime compliance
- Human Resources: Highly specialized HR functions
- Sales and marketing: Digital or e-commerce, analytics, start-up, and regional or international experience
- Technology and transformation: Data science/analytics, robotics, automation, and IoT (internet of things)
The salary increase is particularly expected in the tech sector, where 30 to 60% salary increments are foreseen. The survey also noted strong recruitment activity in the Philippines in 2018, particularly in the banking, sales and marketing, and technology industries.
According to the survey, the hiring boom – which is seen to continue in 2019 – is attributed to the influx of foreign companies and the growth of local companies within a relatively stable economy.
For Sujanani, job movers who want to be part of the salary and recruitment boom should look at their careers from more than just the income angle, and also focus on finding opportunities to develop new skills, especially in the tech industry.
“It’s very critical to look at what else you’re going to gain, such as the opportunities to learn. We talk to a lot of candidates and to them what’s important is gaining new skills on the job. If in 12 months, they’re stagnant, doing the same thing, that’s not as attractive,” Sujanani told Rappler.
“My advice to job movers would be to have very open discussions with your employer and with your new employers, what else is in it for them, to have clear plans over 12 to 18 months, what success looks like to them if they stayed with the company. That’s a lot more rewarding,” he said. – Rappler.com