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As competition for talent heightens, firms overhaul wage strategies
The Philippine Star
|December 05, 2024
Most companies are planning to overhaul their compensation strategies to remain competitive in the labor market, results of a wage survey showed.
Based on the Total Remuneration Survey 2024 by Mercer, 97 percent of firms are planning to adjust their remuneration strategies next year in response to the fierce competition for talent.
The study looked at remuneration trends and policies across 2,258 roles in over 482 companies in the Philippines, which have an average of 1,000 full-time employees.
Mercer said nearly 90 percent of the organizations surveyed currently offer bonuses, while those with long-term incentives such as stock options went up to 22 percent in 2024 from 19 percent last year.
It also said companies with flexible benefits in the Philippines have increased to 19 percent this year from just 10 percent in 2018.
This story is from the December 05, 2024 edition of The Philippine Star.
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