They also plan to give an average increase of 30% to be paid this month.
The review of the benefits package remains relevant when looking for alternatives to compensate for the loss of purchasing power
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The Argentine companies project an annual increase of 185% in the salaries of its collaborators for the remainder of the year, with a annual inflation of 202%. In addition, during 2023, companies granted an average of 164% for personnel outside the agreement and they plan to give a next increase of 30% on average.
The data comes from the latest update of the PwC Argentina Remuneration Survey, held from January 9 to 22 of this year and in which 156 organizations from all over the country participated.
“This 2024 once again presents a complex economic scenario and challenging which directly impacts remuneration, competitiveness, purchasing power and the talent attraction and retention strategy,” explains Damián Vázquez, partner at PwC Argentina, leader of Management Consulting. And he adds: “Keeping up to date with market trends, movements and projections will continue to be “one of the most relevant points on the agenda of compensation and benefits professionals.”
Companies: HR is committed to improving the employee experience
The survey shows that the human resources areas They will continue to focus on improving the employee experience and enhancing the proposal to compensate for the loss of purchasing value. Among the benefits granted to accompany the acceleration of the increase in the cost of living, are: increasing the number of adjustments per year; the advance of bonuses; the salary advance; the advance payment of bonds; the review of refund amounts; among others.
The companies participating in the survey reported an average salary adjustment for staff outside the agreement in 2023 higher than the initial projections of the last period depending on the economic context affected mainly by high inflation.
“To maintain competitiveness and retain collaborators, it has become a common practice to constantly monitor the market, which is why we began to carry out monthly updates of this survey,” he comments. Mariela Rendón senior manager of People & Organization at PwC Argentina.
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Companies: HR relies on climate and work experience surveys
Other common practices to build loyalty and leverage the economic effect consist of measuring the perception of collaborators and reviewing the Employee Value Proposition (PVE). The first is done through climate and work experience surveys, At least once a year. The second consists of reviewing non-remunerative aspects such as the employer brand, workplaces, career development and the way of working.
The review of the benefits package remains relevant when looking for alternatives to compensate for the loss of the purchasing power and reinforce the value proposition.
Source: Ambito
