Labor turnover slows in fourth quarter
The fourth quarter saw labor turnover in the Philippines’ leading companies slowing down as hiring slowed, according to a Philippine Statistics Authority (PSA) report. Initial figures from the PSA’s Labor Turnover Survey showed that the labor turnover rate, which means the difference between the rates of accession and separation within firms, was 0.6% in Q4, slower than the downward-revised 0.8% in the third quarter of 2018. The rate means that for every 1,000 persons hired, big firms hired six additional staff on a net basis in Q4. The rate of accession, which means hiring by employers to either replace former employees or add workers, was 8% in Q4, down from 9.5% in the preceding quarter. The rate of separation, which covers termination and resignation, was 7.5%, also a decrease from 8.7% in the previous survey period. Breaking down the accession rate, more workers were employed in Q4 due to business expansion at 4.2% compared to those who were hired as replacements for former employees at 3.8%. For the separation rate, employee-initiated separation or resignations stood at 4.3%, while the employer-initiated separation or layoffs rate was 3.1%.
