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CNN Philippines
  • 2 years ago
The new year is coming up and this means new job trends.

What is the outlook for 2024?

Let's ask the Founder of Viventis Search Asia Yu Ming Chin.

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Transcript
00:00 The new year is coming up and this means new job trends.
00:04 What is the outlook for 2024?
00:05 Let's ask the founder of Eventist Search Asia, Yu Ming Chin.
00:10 Yu Ming, great to have you with us.
00:12 Thank you, thank you Rico.
00:13 All right, we still have a very high unemployment rate of more than 4%.
00:18 Close to 3 million people are out of jobs.
00:20 But of course, the economy is growing, it's expanding.
00:24 What are the job trends for 2024?
00:26 Well, I would say, hopefully there will be a strong pickup of growth sector or rebound sector,
00:35 like the hospitality and retail and even perhaps construction to cover for the infrastructure backlog
00:45 that have taken place over the past three pandemic years.
00:50 You know, hospitality, that's their tourism sector.
00:53 We have more than 7,600 islands, more tourists are now visiting the Philippines.
00:59 We will definitely need more people.
01:01 Retail, Filipinos love to shop.
01:03 Correct.
01:03 But we are also losing people in both sectors abroad.
01:08 So it's almost like a zero-sum game to a larger extent.
01:12 But we're seeing this administration continuing to attract new investments into the country.
01:21 There are more than, what, close to 90 billion US dollars in investment pledges
01:26 with President Marcos visiting various countries over the past 18 months.
01:30 Isn't this now already translating into new jobs?
01:33 That's right.
01:34 And we see some very interesting, what I call, new growth industries.
01:40 I hope the country will pick up some strategic investment around EV, electronic vehicles,
01:47 which have now shifted to a lot of Southeast Asian countries like Thailand, more so in Vietnam.
01:54 And even Indonesia is picking up some very interesting investment to build EV vehicles in their countries.
02:03 But here in the Philippines, I was talking to another group yesterday.
02:07 They were telling me that more Filipinos would rather have a hybrid setup,
02:13 work from home for a few days during the work week and then the other two or three days in their offices.
02:21 Is this the kind of setup that we're looking now for the future of work?
02:26 Yes, that has been like the burning issue late of last year
02:31 and continue to be the single most critical issue faced by the chief people officer,
02:37 the HR leader of the organization in trying to create a balance, what I call, work space.
02:43 Today, people talk about space, right?
02:46 Safe space and work space, right?
02:49 I think the need today tends to drive more people back to the office,
02:56 but the need of work-life balance and then more critically,
03:02 the home affair that you now get so used to manage during the pandemic is such a powerful pull.
03:10 And then of course, you have a lot of opportunity around about remote work opportunity,
03:16 offshore remote work as well.
03:19 So that brought the people into like an imbalanced situation.
03:25 People are still drawn and become establishing the work from home as a key criteria in making a career decision.
03:33 Because I talked to also a lot of people, they work here in the Philippines, but earn in dollars.
03:38 Correct.
03:39 Right? They have expat salaries.
03:40 Correct.
03:41 So now we live in a borderless workplace where you can work from your home country,
03:48 but still do a lot of international work.
03:51 Are those kinds of job offerings available in many sectors right now?
03:56 It cut across a lot of sectors, of course, from customer service,
04:02 more so in the technology space from application development to graphic designer
04:08 to even what they call, I would say, SEM, e-commerce.
04:18 And then it now expand into secretarial work.
04:22 A number of major companies have put up what they call virtual assistant company.
04:27 I've seen a couple of them running up to like a few thousand employees.
04:31 So they can actually act as your remote executive assistant here servicing people from US, Europe, and even in Singapore.
04:40 What about for Vivente's Search Asia in 2023?
04:45 Where were you able to put a lot of Filipinos at work? In which industries?
04:51 We covered almost the entire market.
04:54 So we were able to put a lot of people back to job in the call center industry, retail, real estate and construction,
05:03 and of course, hospitality as well.
05:05 So those are the four industry winners that we have for 2023.
05:10 And it's basically across the board from entry level to management levels to C-suiters.
05:16 Yes, that's right.
05:18 But on the flip side, you mentioned even though there are jobs being created,
05:23 there are also Filipinos who are leaving for overseas.
05:27 So it's a zero-sum game, almost a zero-sum game.
05:30 So where are you placing Filipinos overseas and where are they wanted right now?
05:35 We hardly do overseas employment. Our core business has been fully focused on enabled careers in the country.
05:43 But we see a lot of movement right now.
05:45 Now Middle East is almost going beyond attracting,
05:49 they're almost extracting talent in the hospitality and retail, including construction.
05:57 Because wherever you travel overseas in the Middle East, in Southeast Asia,
06:01 I mean, there are just Filipinos everywhere in retail, hospitality, and even in technology and in shipping.
06:09 But what about fears of artificial intelligence, are you meaning taking over jobs in the workplace?
06:18 Well, the fear really is very valid and reasonable.
06:23 But I think the master in this new destiny, new journey will be people, us as well, right?
06:34 How are we going to control the use of technology?
06:37 One of the most highly-flavoured, demanded jobs today is prompt engineers.
06:42 And prompt engineers is actually not even a computer scientist,
06:45 but more coming from the humanities program that teach large language model,
06:52 and expert system to learn.
06:55 And the demand is growing so fast in that area.
06:58 So I can see a new set of jobs coming in, the architect, the AI architect,
07:04 the builder of architect solution, and then the managers of the new architect, new AI solutions.
07:14 So I can see a new industry being formed.
07:17 And countries like Malaysia, Singapore, and Singapore have come up with a blueprint
07:22 to enable them to go into AI and trying to win the AI market.
07:27 Malaysia just form up a digital ministry to attract investment in automation and more so in AI.
07:35 And of course, the Philippine government also has to look at new policies to be able to embrace artificial intelligence
07:44 and to reskill and upskill more Filipinos for these high-tech jobs.
07:48 That's correct.
07:49 Thank you so much for joining us on the final word.
07:53 Yu Ming Chin, the founder of Viventis Search Asia.
07:57 Thank you so much.
07:58 [BLANK_AUDIO]
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