Employers must expand compensation, benefits to attract 'top talents' — report

MANILA, Philippines — With the year 2023 serving as a "great recovery period" for companies, an employment platform said that this year, they should improve their compensation and benefits to attract better talents.

A five-page report by online job search platform Jobstreet by SEEK released Friday said that employers must calibrate compensations to attract individuals with the best available skills in 2024 as salary increments last year were conducted by companies to retain their employees.

“The year 2023 became a great recovery period for companies. This can be seen in the report's data on salary increments offered by hirers that reached an average of 10.24%, significantly higher than the 7.3% average in 2022,” the firm’s report read. 

The report surveyed 680 hiring professionals from different companies. 

According to the report, more companies in 2023 gave performance bonuses along with an average increase of 2.3 months of salary. This amount is higher than the 1.3 months in 2022. 

The report also mentioned that staff promotions by firms increased by 70% coming from 60% in 2022. 

“Overall, these figures signify the companies’ commitment to creating a positive and progressive work environment to keep their existing talents,” the report read.

The report indicated that 15% of surveyed companies intend to introduce birthday leave, 14% plan to offer menstrual leave, and 13% plan to provide family care leave to better accommodate employees' needs.

“This shows how diversity and inclusivity are truly emphasized in the workplace,” the report read.

Regarding financial benefits, the most prominent ones, according to the report, include medical insurance, health check-ups, and dental coverage, each seeing an 8% increase. 

The report said that the surveyed firms are enhancing employee satisfaction by other perks and benefits. 

Among these, according to Jobstreet by SEEKs report, are providing accommodation rental reimbursements, flexible working hours and free snacks. 

This aligns with the trend of prioritizing employee mental health, with many considering wellness counseling/talks, employee assistance programs, mental health days off, medical leave and subscriptions to