How to Hire and Retain Top Finance & HR Talent in the Philippines

The Philippines is rich with skilled professionals in finance, accounting, and human resources. However, attracting the top talent and keeping them engaged long-term requires a thoughtful strategy. With many multinational companies and BPOs operating in the country, competition for experienced accountants, analysts, and HR managers can be intense. Employers must not only offer attractive compensation but also create an environment where employees feel valued and see a clear career path. Here are key strategies to successfully hire and retain the best finance and HR talent in the Philippines.

Attracting the Right Talent

Effective recruitment is the first step to building a high-performing offshore team. Partnering with local recruitment experts or an offshoring provider can give you access to established networks of candidates. It’s important to craft job postings that appeal to Filipino professionals – highlighting not just the job requirements but also what makes your company a great place to work. Mention opportunities to work with international teams, learn new skills, and contribute to a growing organization.

Leverage popular job platforms and networks in the Philippines (such as JobStreet, LinkedIn, and local university alumni networks) to reach a broad pool of candidates. If your company is not well-known locally, consider the credibility boost of working with a respected local partner like Fidelas, so candidates feel assured that the opportunity is legitimate and stable. During the hiring process, streamline your interviews and be responsive – top candidates may receive multiple offers, so a smooth, quick recruitment process can make a difference in securing them.

Offer Competitive Compensation and Benefits

To attract top-tier finance and HR professionals, companies need to offer competitive salaries and benefits. Do your homework on current market rates for each role – our Philippines Salary Guide is a great resource to understand salary benchmarks for positions like Senior Accountants, Financial Analysts, HR Business Partners, and more. Ensure your salary offers are at or above the industry median for experienced candidates. The cost may still be far lower than hiring in-country at your headquarters, but for the candidate, a strong offer signals that your company values their expertise.

Beyond salary, the benefits package is crucial in the Philippines. Standard benefits typically include health insurance (HMO), life insurance, and allowances for transportation or meals. Offering a higher-tier HMO that covers dependents, for example, can set you apart as an employer of choice. Also consider benefits like:

• Performance Bonuses: Many companies give 13th-month pay (which is legally required) and additional performance-based bonuses. A clear bonus structure for outstanding work will motivate talent.
• Paid Time Off: Ensure you meet or exceed the normal vacation and sick leave offerings in the Philippines. Work-life balance is increasingly important to professionals everywhere.
• Flexible Work Arrangements: If possible, allow flexible schedules or remote work days. The COVID-19 pandemic has shown that flexibility can attract talent who might prefer some days working from home.
• Retirement Contributions: The government-run Social Security System (SSS) provides some retirement benefits, but top employers sometimes offer additional retirement savings plans or higher contributions as a perk for long-term employees.

Competitive compensation not only attracts talent – it also lays the foundation for retention, as employees are less likely to look elsewhere if they feel fairly rewarded.

Foster a Positive and Inclusive Work Culture

A compelling reason many professionals stay with a company is its work culture. To retain your Filipino finance and HR talent, strive to create an environment where they feel part of the team and recognized for their contributions. This can be challenging when managing an offshore team, but it’s entirely achievable with conscious effort:

• Integration: Include your Philippines team in broader company activities and communications. Even if they’re thousands of miles away, they should feel like a seamless extension of your headquarters. For example, involve them in all-hands meetings via video conference, and celebrate their local holidays and achievements company-wide.
• Communication: Maintain regular check-ins and open communication channels. Time zone differences notwithstanding, ensure managers make themselves available for one-on-one meetings at convenient times for the offshore staff. Having an open-door policy (virtually) helps offshore employees voice ideas or concerns, which increases engagement.
• Recognition: Recognize and reward good performance publicly. Whether it’s a shoutout in a team meeting for a job well done closing the books, or an “Employee of the Month” program that includes the offshore team, recognition goes a long way in making employees feel valued.
• Team Building: If possible, facilitate occasional in-person meetups. Some companies fly key offshore team members to headquarters for training and bonding, or send managers to the Philippines periodically. Even virtual team-building activities (like online games or competitions) can help build camaraderie between onshore and offshore staff.

Provide Growth and Development Opportunities

Top performers are ambitious – they want opportunities to learn and advance. One of the most effective retention strategies is showing your finance and HR team members in the Philippines that they have a career path and growth opportunities within your organization:

• Training and Upskilling: Offer regular training sessions, workshops, or access to online courses. For finance teams, this could mean training on new accounting software or advanced financial analysis techniques. For HR teams, this might include workshops on the latest HR tech or leadership training.
• Certifications: Support them in earning professional certifications. For instance, you might subsidize review courses or exam fees for the CPA exam, CFA (Chartered Financial Analyst), or global HR certifications. Gaining additional credentials not only benefits your company’s skill base but also demonstrates your investment in their future.
• Career Advancement: Outline a clear progression path. Perhaps a junior accountant can become a senior accountant, then team lead, and so on. When people see the possibility of promotion and increased responsibilities, they are more likely to commit long-term. It’s important to fill supervisory roles from within when possible – promote your high performers.
• Mentorship: Pair offshore employees with mentors from the head office or with more experienced colleagues. A mentorship program can help transfer knowledge and give offshore team members a sense of belonging and continuous learning.

By investing in your team’s growth, you not only improve their capabilities but also earn their loyalty. They’ll associate their career advancement with your company’s support.

Ensure Strong HR Support and Fair Practices

Finally, a critical but sometimes overlooked aspect of retention is making sure the basic employee needs are handled impeccably. This is where working with a local partner or having a good HR outsourcing setup can make a big difference. Ensure that:

• Pays and Benefits are Handled Smoothly: Always pay on time and correctly. Mistakes in payroll or delays in releasing the 13th-month pay can erode trust quickly. Using a reliable payroll processing service or EOR can help guarantee accuracy.
• Compliance with Labor Laws: Adhere to Philippine labor standards in terms of working hours, overtime pay, holiday pay, and termination processes. Treating employees fairly and lawfully is fundamental – if people feel secure that your company abides by all regulations, they have peace of mind.
• Local HR Presence: Make sure your team has a local HR contact or account manager (through your offshoring provider or a hired HR person) who can address any concerns or questions. Whether it’s clarifying a policy, mediating an issue, or just providing guidance, accessible HR support builds trust.
• Regular Feedback and Listening: Conduct periodic performance reviews and satisfaction surveys. Provide constructive feedback and also ask for feedback on how you can improve as an employer. Showing that you listen to your employees’ voices – and take action when possible – greatly boosts retention.

Conclusion: Hiring and retaining top finance and HR talent in the Philippines requires a combination of competitive rewards, supportive culture, and growth opportunities. By approaching your offshore team with the same care and investment you would your local team, you’ll build loyalty and reduce turnover. Many companies partnering with Fidelas find that our assistance in recruitment, benchmarking compensation, and providing on-the-ground HR support makes this process much smoother. With the right strategy and partner, you can cultivate a motivated, long-tenured team of finance and HR professionals in the Philippines who drive your business success for years to come.