EMPLOYERS are keeping salary budgets low, citing inflation, cost management concerns, tighter labor markets, and weaker financial results as key factors, according to a recent study by risk management, insurance and consulting services firm Willis Towers Watson (WTW).
EMPLOYERS are keeping salary budgets low, citing inflation, cost management concerns, tighter labor markets, and weaker financial results as key factors, according to a recent study by risk management, insurance and consulting services firm Willis Towers Watson .In its report, WTW disclosed 34.6 percent of companies in the Philippines have lower salary budgets for 2024 compared to last year. The median pay increase is 5.6 percent, slightly down from 5.7 percent in 2023.
'As AI and other technologies become more prevalent, employers need to consider how they can leverage these for their business, and whether they ought to train their workforce for it, or recruit digital talent to facilitate digital transformation,' Querubin explained.More hires in 2025WTW also revealed that 24.4 percent of companies plan to hire more employees in 2025, especially in business services, leisure, banking, technology, and energy.On the other hand, 6.
Keeping Salary Budgets Low This Year
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