The consultant Michael Page made his Remuneration Report 2024, that exposes the main trends in the labor market in the country.
The Managing Director of Argentina and Uruguay of PageGroup, Miguel Carugati, said: “There is notable optimism regarding the future. However, Companies that want to remain competitive, and ensure the commitment of their talents, must be attentive to their salary needs and offer them additional benefits. “Those that provide personalized proposals, especially on topics such as health and well-being, as well as monetary rewards for performance and merit, will have a significant advantage.”
Labor market, economic situation and salaries
The survey showed that 41% of the professionals surveyed rate the labor market as “good,” while 46% consider it “poor”. However, 68% are hopeful that the situation will improve next year.
On the other hand, 34% perceive the economic situation as “good”, in contrast to the 46% who consider it “poor”. Now, 69% have an optimistic vision for 2025.
Regarding the candidates who applied to the consulting firm’s searches, 43% were under permanent contracts, while 28% were unemployed. In turn, 61% are optimistic about finding a job in less than 3 months.
In the survey, salary appeared as the central factor for making employment decisions. As for that, 51% of talents express dissatisfaction with their remuneration. However, 40% have never tried to negotiate it. Likewise, of the total that tried in the last 12 months, only 33% managed to achieve their expectations.
As for the managers, 92% feel confident in salary negotiationcompared to 74% of professionals who do not hold leadership positions. Men show a higher level of confidence, with 87%, compared to 78% of women. In turn, as candidates are older and have more experience in the market, they tend to feel more confident.
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Non-monetary benefits
On the other hand, 47.7% of respondents negotiate benefits (health coverage, flexibility and vacation assistance) during interviews.
Regarding the reasons for seeking a job change, salary is the main reasonbut then it appears the need to develop new skills is positioned as the second cause, chosen by 40% of professionals, and the search for a better balance between personal and work life appears in third place, for 34%.
In addition, Non-monetary benefits occupy an increasingly key place for the satisfaction of professionals. Beyond salary, private health and life insurance, followed by flexibility policies and additional help for vacations (extra paid days) make up the podium of what employees want to receive most.
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Senior management
As for the top management of the companies, almost 50% of global executives would be willing to reject a promotion if it compromises their personal well-being. Additionally, 70% of managers consider that work flexibility, whether through hybrid arrangements or flexible working, is one of the most key factors when accepting or applying for a new position.
Among the most in-demand positions are General Manager (CEO), Chief Financial Officer (CFO) and Director of Human Resources (CHRO).
How the survey was conducted
To carry out the Argentine Remuneration Report 2024, 1,258 responses were collected from middle and senior management professionalswhich were combined with other reports from the consulting firm in order to offer a comprehensive analysis. In addition, data obtained through commercial meetings with clients was incorporated, along with insights provided by specialized consultants for each industry, obtained in August and September 2024.
Source: Ambito
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