Employment Outlook in the Year of the Rat

Kung Hei Fat Choi!

The Chinese New Year ushers in new hope for job seekers. It signifies a fresh start as a new cycle of the Chinese Zodiac begins with the Year of the Earth Rat. As the story goes, when Buddha summoned the twelve animals to cross the celestial sea, the rat rode on the ox’s back and jumped ahead of the others when they reached the other side. Also, the Rat has traditionally been held as the messenger and protector of material prosperity.

Indeed, job growth and employment prospects for 2008 are very promising. Based on a survey conducted recently by JobStreet.com, majority (61%) of the respondents, composed mostly of direct employers and HR professionals from the manufacturing, trade, business services, IT, and finance industries, foresee much better employment prospects for the first half of the year than the first half of 2007. Job seekers will find more jobs available as the majority of the respondents have indicated that they are looking to hire more people than they did in the same period last year.

The survey also asked what specializations will these employers require this year. Computers/IT (Software), Sales and Marketing, Cost/General Accounting, Human Resources, and Business Development, in order, are their top hiring priorities. However, jobs in Customer Service, Computers/IT (Hardware), Clerical & Administration, Mechanical & Electical Engineering will also be in demand.

Prospects are not only for jobseekers but for those currently employed as well. The respondents said that their companies will give out an average of 5.5% salary increases. Twenty-four percent (the majority group) said their companies will give out 7-10% increases. The next biggest group said their employees will get 3-5% increases. Only 4% have indicated less than one percent increases.

With this optimism in the job market, the unemployment rate in the Philippines looks likely to go down further from the 6.3% recorded in October last year. And with JobStreet.com -- the No. 1 Job Site in the Philippines -- as your career partner, getting the job you want has never been easier.