Outsourcing industry sees 19% increase in employment

Mac Computer 4

The IT, BPO/ITES, Telecom/ISP and BFSI sectors saw a 19% jump in hiring during 2016, according to the Monster Employment Index. For the previous year, it was 12%.

The Monster Employment Index tracks data across three countries – the Philippines, Malaysia and Singapore.

If one were to look at the Philippines alone, it outperformed the other two world markets. The corresponding growth for the Philippines is 25% for 2016. This is a 14-point increase over the statistics for 2015, when it was only 11%.

Sanjay Modi, Monster.com’s Managing Director for the Asia-Pacific region says that this is because of two reasons. The Government is doing what it can to attract funding; while automation is creating a need for IT professionals.

Modi adds that there is currently a shortage of talent, and believes that upskilling will help bridge the gap. He cites cloud computing and analytics as two niche areas where trained professionals are highly sought after.

More technology is entering the financial services arena, a vertical catered to by the BPO sector. There is growing demand for ‘hybrid’ professionals – those who are well-versed in both – to handle compliance, project management, and regulatory risk.