3 Reasons Why IT is the Highest Paying Industry Now
Last February 10, Jobstreet released their annual national report on the highest paid jobs in the Philippines and to no surprise, the IT industry ranked in ahead of the pack and proved itself to be the most lucrative profession. Consistent since 2014, IT has been on top for three years in a row now and will continue to stay on top. We break down the reasons why.
Shift to digital
Companies are slowly but surely switching to digital platforms to match the rapid increase in worldwide internet usage. In the Philippines, mobile Internet penetration has been growing at the rate of 1.5x or 30 million users yearly. With plans like free Facebook and Viber, Filipinos are becoming accustomed to constant communication and services like real-time information. To adapt to the market needs, the economy itself is moving to become an informational economy with the main source being the internet. With a daily consumption of 3.2 hours on mobile and 5.2 hours on a desktop or tablet, the market is shifting to digital and companies are evolving into IT companies.
As companies continue to shift to digital, the job market naturally follows the trend and also shifts to a digital market, resulting in creation of jobs that didn’t exist in the past decade. IT related jobs are seeing a constant flux in demand, especially for developers. In effect, high demand in IT related jobs makes a competitive market. Companies including Cloud Employee then must compete with each other by offering competitive compensation in both monetary and non-monetary terms. Thus, explaining why IT related jobs continue to be the highest paying job for two years now.
Rise of start-ups
With the current trend of digitalization of jobs, it has become easier for businessmen to start their own start-ups. As companies are now able to work remotely and at unconventional spaces, their workers are also given the same freedom. Tech start-up companies are popping here and there, with information technology and business process outsourcing (IT-BPO) proven to be the biggest and the fastest growing industry in the Philippines. In fact, the Philippines has become one of the most ideal places for start-up companies to start their business, contributing to why the Philippines is among Asia’s top fastest growing economies.
A few companies currently working with offshore staff in the Philippines