CURRENT JOB MARKET TRENDS FOR 2024
As we near the end of the first month of 2024, we’ve diligently examined the data concerning the job openings in our portfolio—those we actively pursue. Our analysis indicates significant growth in specific industries, while others sustain a steady presence, with the quantity of available roles showing relative consistency compared to the preceding quarter.
In the ever-evolving landscape of job opportunities, it’s crucial to stay informed about the sectors experiencing significant growth. Curious about the job openings that dominate the market from Career Connect’s perspective? Here’s a glimpse of what’s currently in focus.
Currently, the Business Process Outsourcing (BPO) industry takes the lead, constituting 21.4% of all job openings. This sector is undergoing rapid expansion, offering a multitude of opportunities for job seekers.
Jack Madrid, the President and CEO of the IT & Business Process Association of the Philippines, Inc. (IBPAP), emphasizes the anticipation of the IT-BPM industry becoming a significant $60 billion revenue contributor for the country. This growth is expected to generate 2.5 million jobs by 2028. Madrid underscores that achieving these projections relies on the collective responsibility of the country, backed by government support, especially in the crucial areas of reskilling the workforce and preparing upcoming batches of graduates and job seekers.
The technology industry is a close contender, currently constituting 18.3% of the total job openings. It’s worth noting that the IT industry previously held a larger share at 23% of the total job vacancies Career Connect sourced for in the last quarter. Although it has experienced a slight decrease compared to the previous period, it remains robust and thriving. Within this dynamic sector, there is a high demand for roles such as developers, solutions architects, software engineers, and security solutions managers. The ongoing technological advancements contribute significantly to job growth, creating an exciting landscape for individuals with a passion for innovation.
A noticeable surge in Business Development positions is observed across diverse industries. From media and healthcare to business consulting and non-profit organizations, the demand for professionals skilled in fostering growth and partnerships is on the rise. This trend reflects the importance companies place on strategic expansion and relationship-building.
Human Resources (HR) roles and related recruitment positions remain a stable presence in the job market. As organizations recognize the significance of talent acquisition and management, there continues to be a consistent demand for HR professionals across various industries.
The Fast Moving Consumer Goods (FMCG) industry contributes significantly to the job market, accounting for 14.2% of current openings. Within this sector, opportunities abound in Brand Management, Accounting, Finance, and Operations. As consumer preferences evolve, companies are actively seeking professionals to drive brand success and ensure seamless operational efficiency.
We observe data analytics as a rapidly expanding industry, experiencing double-digit growth compared to the previous period. Job opportunities in this sector encompass positions such as Data Scientists, both at junior and senior levels, as well as specialized roles related to Marketing Technology (MarTech) and Business Intelligence.
Remaining updated on these job market trends offers valuable insights for individuals navigating their career paths. Whether delving into opportunities in the thriving BPO industry, the tech sector, Business Development, HR, the FMCG industry, or the rapidly expanding field of Data Analytics, comprehending these trends is crucial for making informed career decisions in today’s dynamic job market.
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Career Connect Editorial Team
