Filipinos are the happiest employees in Asia

Jobstreet Philippines’ recent survey revealed that Filipinos are the happiest workers compared to other Asian workers.

From the recent nationwide Job Satisfaction Report that was conducted by Jobstreet Philippines from June to July, the result showed that 70% out of the 7,586 workers rated themselves as “happy” with their jobs, where in 15% answered “very happy” and 55% are “happy”.  The 70% is the highest rating collated by the Jobstreet compared to surveys conducted in Hong Kong, Thailand, Singapore and Indonesia.
Yoda Buyco, Marketing Manager of Jobstreet Philippines said that, “We are the happiest employees in Asia. Compared to Hong Kong whose satisfaction rating is at 37 percent, Singapore at 51 percent, Thailand with 59 percent, and Indonesian employees are most dissatisfied with a 28- percent satisfaction rating,”
Salary and Benefits are said to be the factor driving the satisfaction rating, even if the country has the highest taxation rate and low income levels.
Buyco mentioned that, “If you look at our cost of living, it’s very low compared to the other Asian countries. We’re happy even if our salaries are not comparable, but if we compare the cost of services and goods, ours is still lower.”
Their survey result also revealed that the position level and tenure also affects the satisfaction rating, stating that “the higher the position of employees, the more dissatisfied they are with their job.”
Their data showed that 79% of the fresh graduates answered the survey that they are “happy” with their job, while for directors and managers – 67% happiness level. Buyco also added that, “For those less than a year in their company, they are 75 percent happy but for those longer than 5 years, only 62 percent are happy.”
From the survey’s result, it was also concluded that the drivers for the employee happiness (considering the least to most significant to staff), are the relationships with their colleagues, teams and superior, working environment, learning and development opportunities, job role, salary and benefits.  For the 30% of the survey results, Monetary compensation seen to be the reason why they are unhappy with their jobs.

Business Mirror

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Jobstreet Philippines’ recent survey revealed that Filipinos are the happiest workers compared to other Asian workers.

From the recent nationwide Job Satisfaction Report that was conducted by Jobstreet Philippines from June to July, the result showed that 70% out of the 7,586 workers rated themselves as “happy” with their jobs, where in 15% answered “very happy” and 55% are “happy”.  The 70% is the highest rating collated by the Jobstreet compared to surveys conducted in Hong Kong, Thailand, Singapore and Indonesia.
Yoda Buyco, Marketing Manager of Jobstreet Philippines said that, “We are the happiest employees in Asia. Compared to Hong Kong whose satisfaction rating is at 37 percent, Singapore at 51 percent, Thailand with 59 percent, and Indonesian employees are most dissatisfied with a 28- percent satisfaction rating,”
Salary and Benefits are said to be the factor driving the satisfaction rating, even if the country has the highest taxation rate and low income levels.
Buyco mentioned that, “If you look at our cost of living, it’s very low compared to the other Asian countries. We’re happy even if our salaries are not comparable, but if we compare the cost of services and goods, ours is still lower.”
Their survey result also revealed that the position level and tenure also affects the satisfaction rating, stating that “the higher the position of employees, the more dissatisfied they are with their job.”
Their data showed that 79% of the fresh graduates answered the survey that they are “happy” with their job, while for directors and managers – 67% happiness level. Buyco also added that, “For those less than a year in their company, they are 75 percent happy but for those longer than 5 years, only 62 percent are happy.”
From the survey’s result, it was also concluded that the drivers for the employee happiness (considering the least to most significant to staff), are the relationships with their colleagues, teams and superior, working environment, learning and development opportunities, job role, salary and benefits.  For the 30% of the survey results, Monetary compensation seen to be the reason why they are unhappy with their jobs.

Business Mirror

- See more at: http://www.eastvantage.com/newsroom/filipinos-are-happiest-employees-asia#sthash.uq8BbUKO.dpuf

Jobstreet Philippines’ recent survey revealed that Filipinos are the happiest workers compared to other Asian workers.

From the recent nationwide Job Satisfaction Report that was conducted by Jobstreet Philippines from June to July, the result showed that 70% out of the 7,586 workers rated themselves as “happy” with their jobs, where in 15% answered “very happy” and 55% are “happy”.  The 70% is the highest rating collated by the Jobstreet compared to surveys conducted in Hong Kong, Thailand, Singapore and Indonesia.

Yoda Buyco, Marketing Manager of Jobstreet Philippines said that, “We are the happiest employees in Asia. Compared to Hong Kong whose satisfaction rating is at 37 percent, Singapore at 51 percent, Thailand with 59 percent, and Indonesian employees are most dissatisfied with a 28- percent satisfaction rating,”

Salary and Benefits are said to be the factor driving the satisfaction rating, even if the country has the highest taxation rate and low income levels.

Buyco mentioned that, “If you look at our cost of living, it’s very low compared to the other Asian countries. We’re happy even if our salaries are not comparable, but if we compare the cost of services and goods, ours is still lower.”

Their survey result also revealed that the position level and tenure also affects the satisfaction rating, stating that “the higher the position of employees, the more dissatisfied they are with their job.”

Their data showed that 79% of the fresh graduates answered the survey that they are “happy” with their job, while for directors and managers – 67% happiness level. Buyco also added that, “For those less than a year in their company, they are 75 percent happy but for those longer than 5 years, only 62 percent are happy.”

From the survey’s result, it was also concluded that the drivers for the employee happiness (considering the least to most significant to staff), are the relationships with their colleagues, teams and superior, working environment, learning and development opportunities, job role, salary and benefits.  For the 30% of the survey results, Monetary compensation seen to be the reason why they are unhappy with their jobs.

Business Mirror

- See more at: http://www.eastvantage.com/newsroom/filipinos-are-happiest-employees-asia

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BPO revenues to soon surpass OFW remittances

Outsourcing firms will within the decade surpass remittances sent home by migrant workers as the Philippines' main source of dollar income, giving the domestic economy another boost.

The Bangko Sentral ng Pilipinas (BSP) said it was only a matter of time before the business process outsourcing (BPO) industry, which has been booming for more than a decade, would replace cash transfers as the economy’s main economic engine.

Money received by millions of Filipino families from their relatives working overseas would continue to grow at a steady but subdued pace this year, BSP Deputy Governor Diwa C. Guinigundo said.

The BPO sector’s outlook, however, is much brighter. “BPO revenues are expected to grow by at least 15 percent,” Guinigundo said, citing industry data. Remittances from overseas Filipino workers (OFW), meanwhile, would grow by 6 percent, at most, in 2015.

Remittances from OFWs were the biggest source of dollar income for the country last year, helping keep the peso stable despite volatile financial market conditions. In 2014, money sent home by the country’s 10 million migrant workers reached a record-high $24 billion, accounting for nearly a tenth of gross domestic output.

Income from BPOs, which employ more than a million Filipinos, reached $18.4 billion, up 18.4 percent year-on-year. The IT and Business Process Association of the Philippines (IBPAP) said it expected the industry’s earnings to rise by 15 to 17 percent in 2015.

By 2016, BPOs would earn $25 billion annually, industry estimates showed.

Even with the shift, Guinigundo said remittances would stay as a vital pillar for the domestic economy. He said demand for OFWs remained high. “If other countries had substitutes for Filipino labor, we can get worried. But there aren’t any,” Guinigundo said.

Cash remittances from overseas Filipino workers (OFWs) coursed through banks increased by 11.3 percent year-on-year to $2.1 billion in March 2015, latest data from the central bank showed.

Philippine Daily Inquirer

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Philippines Ranks 2nd Among Global Outsourcing Locations – Cushman & Wakefield

The Philippines rose a notch to rank second among the most attractive global outsourcing locations on the basis of risks, costs and conditions, according to the latest report by global real estate advisor Cushman & Wakefield.

In a report entitled, “Where in the World? Business Process Outsourcing (BPO) and Shared Service Location Index,” Cushman & Wakefield noted that two of the Philippines’ strongest points would be the cost of labor and the availability of skilled, English-speaking workers.

“One of the most significant changes in the global BPO market is the emergence of the Philippines as the world’s global leader of BPO and shared services operations,” the report stated.

Last year, the Philippine IT-business process outsourcing posted more than 18 percent growth in revenues to an estimated $18.4 billion, supporting more than 1 million jobs as of end-2014.

“A demand for English proficiency from English speaking industrialized nations is more than met by the Philippines, which graduates some 470,000 English proficient college students every year and has a national English proficiency rating of 92.5 percent. The English dialect of the Filipino workforce is also well received in the US,” Cushman & Wakefield said in the report.

“The employability of its students also remains a key factor in the migration of operations from India, where some 30 percent of students are regarded employable compared to 10 percent in India. This gives the Philippines a competitive advantage in enabling companies to reduce investment in their in-house training programs, which can be tantamount to a significant overhead. In addition, it also came 82nd out of 146 in the Forbes ‘Best Countries for Business’ survey, outplacing both India and China,” it added.

Source: http://www.cushmanwakefield.com/en/research-and-insight/2015/business-process-outsourcing-location-index-2015/

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BPO Industry Expects to Generate 170k More Jobs this Year

Jobs in the Philippine business process outsourcing (BPO) sector this year are forecast to grow by a fifth from last year.

Danilo Reyes, who chairs the Information Technology and Business Process Association of the Philippines (IBPAP), said the industry is aiming to grow its workforce to 1.2 million this year after jobs climbed to 1.03 million in 2014 from 900,000 in the previous year. The target headcount translates to another 170,000 jobs.

Speaking during a forum today on its prospects, Reyes said the industry is on track to meet its goal of 1.3 million jobs and $25 billion in revenues or 8 percent of gross domestic product (GDP) by next year.

He said BPO revenues increased by 19 percent from $15.5 billion in 2013 to $18.4 billion last year, representing 6 percent of the Philippine economy.

“All sectors are growing,” Reyes said, adding that all segments – global in-house centers, healthcare, mobile applications development, gaming and call centers – are expanding.

For 2015, revenues are forecast to increase to $21.3 billion, as Reyes expects growth from both the voice and non-voice segments.

“Healthcare is becoming big. It is the fastest growing now in terms of revenues and employees,” he said.

To address challenges in sustaining its talent pool, IBPAP is pursuing the Service Management Program (SMP), a 21-unit specialized course designed to provide students the skill sets needed to work in the industry.

The program is being offered in 17 universities across the country.

IBPAP also is adding three or four cities to its list of next wave cities by the middle of the year. To date, the next-wave cities include Baguio, Davao, Dumaguete, Iloilo, Lipa, Metro Bulacan, Metro Cavite, Metro Laguna, Metro Naga and Metro Rizal.

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IT-BPO Industry Expected to Grow by $25 Billion in 2016

The Business Process Outsourcing (BPO) industry produced one million jobs in 2014 and generated $18 billion (P805.5 billion) earnings, which could grow to $25 billion (P1.118 Trillion) in 2016, an association official said on Wednesday.

Danilo Reyes, Chairman of the Information Technology and Business Process Association of the Philippines (IBPAP), said the BPO industry aims to create 12.3 million jobs in the Philippines by 2016.

“BPO industry reached one million BPO jobs in 2014. This is significant, especially when the BPO industry began in the Philippines with only 2,000 employees 16 years ago,” Reyes said during 2015 Asia BPO Summit.

Reyes said the industry was optimistic it would continue to grow given the diversification of the services offered and their contribution to the overall performance of the IT-BPO sector.

According to Reyes, the contact center sector is still the biggest revenue  contributor, but new sectors are stepping up. These include the healthcare information management, which was the fastest-growing segment last year.

In the meantime, the group is targeting  to begin this year the crafting of a new road map for the industry beyond 2016  to set new targets and  strategies that will secure the leadership of the Philippine IT-BPO industry in the global offshoring space.

According to Reyes, the new road map is likely to cover six years up to 2022.

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Staff Turnover Declines in Philippine BPO Industry

The Philippine business process outsourcing (BPO) industry posted a 20% staff turnover rate in 2014, the lowest level measured since 2007, as operations expanded to other major cities, according to a survey conducted by global professional services firm Tower Watson.

This is an improvement from the 33%, 24% and 26% attrition rates in 2011, 2012 and 2013 respectively.

“The sector, though fast-growing, has adopted various strategies in talent acquisition, including expanding operations outside the National Capital Region (NCR) to tap talent in Cebu, Davao and Southern Luzon,” said Vangie Daquilanea, Global Data Services Practice Head of Towers Watson Philippines.

“This has, in turn, minimized talent movements within the NCR, registering the lowest attrition rate in the last seven years,” she said.

IT-BPAP last month said that in the coming five years, “the industry will continue to expand at an average rate of 15% per annum, with the sector expected to earn some $20 billion and generate roughly 1.5 million new positions by 2016.”

“The continuing growth of the Philippine economy has largely benefited the BPO industry, since it gives foreign investors a positive impression of the country’s business environment. Scalability, experienced talent availability, foreign language skills, and a share of the graduate pool, all point to a very bright future for this sector,” Ms. Daquilanea said in the statement.

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Philippines Moves Up in Cloud Readiness Ranking

The Philippines moves 4 notches up in the 2014 Cloud Readiness Index, landing on the 10th spot.

Cloud – whether public, private, or hybrid – involves deploying groups of remote servers and software networks to allow centralized data storage and online access to computer services or resources.

The country’s ranking in cloud readiness improved from 14th in the 2011 release of the report, thanks to the continuously booming business process outsourcing (BPO) industry, one of the cloud-friendly industries.

"BPOs played a big part in this improvement, as cloud use is essential to accelerate the industry and give it an even higher competitive edge", said Bernie Trudel, chairman of the Asia Cloud Computing Association (ACCA).

The Philippines also ranked ahead of most Asian countries in terms of freedom of information, one of the parameters that make up the cloud index, Trudel, also the Cisco Asia Pacific chief technology officer, pointed out.

The country has improved with every subsequent release of the index, Trudel added.

The Philippines is now the middle band, what the ACCA calls “dedicated improvers,” alongside Taiwan, Malaysia, and Thailand.

This improvement has come despite the Philippines consistently scoring low on government regulations and telecommunication infrastructure parameters of the index.

Japan maintained its lead at the top of the index for the 3rd year, while New Zealand, Australia, and Thailand all moved up 4 places.

Now on its 3rd installment, the index assesses 14 countries against 10 indicators that their infrastructure and regulatory systems are prepared for cloud computing adoption in the region.

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