Salary is the priority of workers, study indicates

The economic remuneration of work remains the main priority of workers. With fair pay for fair work as the primary driver of productivity, a third of all workers (31%) want employers to better understand the financial challenges affecting them, ManpowerGroup’s Workplace Trends study revealed.

People change jobs more frequently in search of a better income, forcing companies to find the best way to achieve an adequate balance between salaries attractive enough to attract talent and maintain profitable growth, highlighted Beatriz Robles, director of Manpower operations.

According to the company’s analysis of human capital, salary is the main attraction and retention factor for all workers under 65 years of age of any gender. 38% of people who leave their jobs do so for a better economic offer.

For the youngest workers, and those who will represent 58% of the workforce by 2030, the Centennials, salary is the determining factor in whether or not to accept a position. They also evaluate whether it is a formal job, that is, with a contract and legal or higher benefits, along with the growth and work flexibility it offers them.

In addition to increasing wages, companies must also find other ways to remain competitive and retain qualified talent by providing autonomy, flexibility and purpose-driven work. One strategy to avoid unnecessary turnover and to attract staff is to provide above-average salaries. Otherwise, these personnel usually change to another job due to minimal salary differences.

As a measure to combat the talent shortage, which affects 7 out of every 10 companies in Mexico, almost a third of them (28%) have opted for salary increase policies in their vacancies, while others promote flexible schedule policies (35 %) and spaces to work (32 percent).

These strategies also need to be accompanied by actions such as recognition of collaborators, growth possibilities and the company’s purpose.

The Inegi reported that for the third month of this year the population employed in informal labor was 32.5 million people.