In Argentina, employees, as in previous years, continue to believe that salary is the most important factor when looking for a new job. On the other hand, when it comes to staying with their current employer, job security occupies first place in employees’ preferences.
Which of the following are the most important reasons you stay with your current employer? If you were looking to move to a new job at a different employer, which of the following options would be most important to you?
The survey divides the preferences of these workers into various segments such as gender, age and industry. It is very interesting to analyze how each segment prioritizes different aspects.
ATTRACTION
Fernando Beccar Varela, Associate Director of Health and Benefits at WTW, assures that “When it comes to attracting new talent, we find that there are different elements that candidates evaluate, depending on their gender and age group. The main conclusions are:
- Salary and bonus: it occupies first place and there is total coincidence in all the categories of workers analyzed
- Job security: highly appreciated by men over 40 years old
- Flexible work: appears as the second factor considered by the female gender
If you were looking to move to a new job at a different employer, which of the following options would be most important to you?
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“Now, continues Beccar Varela, if we analyze which are the most notable factors by industry, flexibility appears as the second predominant factor in the Financial Services, IT, Telecommunications industry and in companies related to sales. This is mainly due to the average age of workers in these industries and the possibility of carrying out their tasks virtually. “Job security, as a response to the country’s current economic context, continues to be a key factor in most industries.”
If you were looking to move to a new job at a different company, which of the following options would be most important to you?
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Finally, flexibility continues to be a very present factor for both attracting and retaining talent.
“The hybrid and flexible work system is a modality that does not respond to a transitory situation such as the Covid Pandemic, but is a work methodology already installed in the market,” says Jorge Martínez, Health and Benefits Consultant at WTW. . “We see that this modality is a determining factor in attracting talent, since more and more candidates are opting for a new job proposal considering the days they must go to an office, its location and the work environment that exists in that place. ”, concludes Martínez.
RETENTION
If we analyze the dimension of the retention we see that:
- Both women and men value job security more than salary
- Relationships at work appear as a key factor for women over 50 years old
- A good work environment and flexibility are highly valued by both women and men, even more than traditional benefits such as medical insurance.
What are the most important reasons you stay with your current employer?
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Regarding the factors most considered by employees when staying in their current job, we see that the responses, depending on the worker’s industry, are quite varied. Thus, we can conclude that:
- Salary and monetary bonuses are priorities only for one of the eight industries surveyed (in some cases, it occupies third place within the preferences)
- Job security is at the top of priorities
- The work environment and relationships with colleagues play a very important role in staying in your current job.
Which of the following are the most important reasons you stay with your current employer?
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Loss of purchasing power
After the devaluation of December 13 that led the dollar to jump 118.3%, raising it to the 800 peso area and the subsequent flash of inflation, workers’ income was severely hit during December and January. During January, the real fall in wages had reached 21.3%, being even more significant in the lower classes with the sharp jump in food and beverages, one of the most sensitive items that during the last month of 2023 and the first two of 2024 accumulated an increase of more than 65%.
After that two-month period where income did not react to the speed of prices, according to the CIFRA report, the recession worked as a brake on price increases. “In this framework, some joint negotiations were able to recover part of what they had lost, which is shown on the average as a minimal relative rebound,” he explained.
The loss of purchasing power was felt stronger in the public sector, where there was a drop of 21.3% compared to a private sector that had a drop of around 11.2%, giving the average for the semester 14.9%. . In the same line, the Minimum salary, vital and movil suffered an even greater drop, reaching an alarming 28.8% between November 2023 and May of the current year.
Analyzing back to the beginning of Alberto Fernández’s Government, compared to November 2019, the real income of formal workers fell by 24.2% (and 32% measured in food); those in the public sector contracted almost 30% while those in the private sector contracted by 20.9%.
A report from global recruiting company PageGroup notes that 79% of professionals consider that they received an insufficient adjustment against inflation during 2023. 51% are dissatisfied with the salary and 63% consider this dissatisfaction as the main reason for actively seeking a new position.
According to Miguel Carugati, Managing Director Argentina & Uruguay of PageGroup, “this disparity highlights the difficulty that companies face in meeting the salary expectations of their employees in a complex economic context. That is why it is crucial to offer competitive salary packages aligned with labor market expectations.”
Source: Ambito
