Salary continues to be the priority for Mexican talent and even more so with the rise in prices that inflationary indices have brought with them. However, despite the fact that 78% of companies plan to raise salaries for next year, More than 50% estimate an increase of no more than 6%.
This is reported by the Remuneration Study 2023-2024 made by PageGroupwhere the trends in the world of work are glimpsed for next year, carried out with the support of more than 7,000 professionals surveyed in the country.
In accordance with Oliver OdremanSenior Director of Michael Page, although there is an intention to raise salaries by 2024 by the majority of employers, 12% are still not clear if they will do so and 52% of those who do, will raise them between 5% and 6%.
Of the rest, 18% want to increase salaries between 3% and 4%, 23% between 7% and 8%, and only 9% of companies will seek to raise the salaries of their collaborators by more than 9% for next year.
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The increases depend, the executive points out, on the sector and the average salary that each company currently manages. That is, if these are above or below the average.
It is not enough to have a job: 57% of Mexicans are looking for another job with a better salary
Having ‘job stability’ is not enough for employees, since only 40% say they are satisfied with their current salary. For their part, 37% say they are dissatisfied, but looking for a change of position within their same company and 20% prefer to look for a job outside of it.
Some of the factors why 57% of Mexican workers feel dissatisfied with their salary are:
- 38% consider that the responsibilities of their position do not correspond to their salary
- 23% indicate that their salary has not increased in line with inflation
- 20% say that their salary is not competitive with that of the labor market
- 11% believe that their salary is not equitable with the salaries of colleagues with similar responsibilities
- 8% other
Well-being and motivation, the key to talent retention
Elizabeth PaulladaManaging Director Michael Page, points out that the concept of Good life quality It is an aspect that employees consider when evaluating new job opportunities. It could even be compensated with a lower salary than what they are looking for.
77% of companies consider it important to implement and promote a DEI (diversity, equity and inclusion) culture, since it is highly valued by talent,” says the executive.
Finally, the study provides the first indications of a four-day work day, where 76% of those surveyed indicate that this offer would serve as a crucial factor in choosing a job. 90% say that reducing work days would have a positive impact and 68% consider that it would even have greater productivity.
Although the four-day work week is already a reality in countries like Belgium or Iceland, 62% of Mexican companies do not consider this option viable either for 2024 or for the coming years.
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