Tackling Inflation:
A Guide to Salary Benchmarking in the Manufacturing Sector
Executive Summary
The Philippine manufacturing sector faced challenges during the COVID-19 pandemic, leading to a 9.5% decline in average worker salaries from 2019 to 2021. As global recovery progresses, Southeast Asian countries anticipate salary increases in 2024.
Inflation soared to a 14-year high of 8.7% in January 2023, impacting purchasing power and employee retention. This contributed to a general rise in attrition rates in 2023, particularly in the Manufacturing sector.
To respond to current inflation challenges, the manufacturing sector must reassess compensation to attract and retain quality talent.
Inflation soared to a 14-year high of 8.7% in January 2023, impacting purchasing power and employee retention. This contributed to a general rise in attrition rates in 2023, particularly in the Manufacturing sector.
To respond to current inflation challenges, the manufacturing sector must reassess compensation to attract and retain quality talent.
Reduce Turnover with Effective Compensation Stategies
Discover strategies that can make a huge difference in employee satisfaction.
Learn how to adapt to economic challenges and ensure employee satisfaction.
Understand the impact of inflation on talent retention and how to keep employees engaged.
