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MANILA, Philippines- Filipino employees can expect a 7% growth in salaries this year, according to the latest report of professional services company Towers Watson.
The growth forecast, brought about by the economic growth in the Philippines, was published in Towers Watson’s 2015 Asia Pacific Salary Budget Planning Report.
Tower Watson Philippines data services manager Vangie Daquilanea said: “Amidst all the growth projections in the business sector, reflected and evident in the historical GDP growth of the Philippine economy, salary increase budget remains stable at 7 percent across all industries in the Philippines.”
In the country, average salaries are expected to soar by 4.3% this year. In 2014, a 3.3% increase in average salaries was observed.
The report also revealed a 7% increase in salaries across Asia Pacific attributed to lower inflation in 17 of the 19 Asia Pacific countries included in the survey.
Majority of industries included in the survey disclosed their intention to allocate a bigger portion of their budget to top performers. This was also observed in the three core industries included in the survey including technology, financial services, and healthcare/pharmaceutical.
Towers Watson’s Data Services practice leader Sambhav Rakyan disclosed that top performers can expect a one and half times increase in salary compared to average performers.
“In the current war for talent, driving a strong linkage between pay and performance is critical if employers want to retain this crucial skill set,” Rakyan said.
A bi-annual survey conducted by Towers Watson’s Data Services Practice (TWDS), the Asia Pacific Salary Budget Planning Report examines 2,000 companies from a range of industry sectors and job grades across 19 countries in the Asia Pacific.
For 2016, the nominal salary rise across the region is expected to decrease to 6.7%.
Featured image credits to Scoopboy.com.
