The Talent Trends 2023 study, produced by PageGroup, shows that 16% of respondents asked their company for a salary increase in 2022. while 33% of respondents did not receive a salary increase in the last two years.
In addition, 62% of respondents indicated that salary is the most influential information in a job advertisement, while 50% of people say that salary is one of the 3 motivations for a new job.
The study shows that pay does not meet expectations due to speed with which macroeconomic changes occur.
In this regard, 6 out of 10 people say they have felt affected by the cost of living crisis and the desire to salary increase extends to all ages.
For their part, companies recognize its importance in attracting and retaining the best talent. In this regard, 73% of employers said that 2022 was a difficult year for recruitment and 48 % of employers said that matching salary expectations is the biggest challenge in hiring.
“A careful salary reference will influence talent attraction and retention. Inaccurate salary drives talent away. People are very aware of their value and will behave accordingly,” explained Juliana Otálvaro, Senior Executive Director of PageGroup Panama and Central America.
About 70,000 experts from 37 markets participated in this survey.
The study recommends companies to review employee salaries as soon as possible. He urges them to take into account that salary is “the most powerful magnet for attracting specialists and if it has an impact on retention, although it is not a guarantee because employee loyalty has disappeared”. It is also pointed out that 84% of employees will not ask for a raise before termination.
In addition, research highlights that bonuses represent an opportunity to compete for talent. Research shows that 7 out of 10 people did not receive a bonus in the last year.
The trend is for people to grow monetizing your time and they won’t accept a smaller payment if they can get it elsewhere.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
