2023-06-01 14:51:38
According to the latest survey of Salary Increase Trends in Argentina (TISA) carried out by Mercera leading global human resources consultancy, The companies plan to grant an increase of 95.47% in 2023 to staff outside the agreement.
If the annual projected inflation of 107.3% according to the Latin Focus Consensus is taken as a reference, the salary increase for non-agreement staff would once again be a few points below inflationas has been the case in recent years.
“In relation to the annual projection of salary increases in the general market, an increase of approximately 5 points is observed since the previous measurement. This is related to the rise in annual inflation expectations, which reached 107.3% according to private sources (Latin Focus-April Edition)”, explained Ivana Thornton, Mercer Career Director for Argentina, Uruguay and Paraguay.
The 10 industries that expect to grant the largest increases above the general market (95.47%) are: banks (107.5%), engineering and construction (105%), media and entertainment (103.55%), energy- oil & gas (100.38%), packaging (100.35%), agro (100.15%), life sciences – medical devices and equipment (100.04%), High Tech-telecommunications services (100 %), Health services-medical care services (100%), Fintech (99.23%).
“Regarding the increases by industry, there is again a greater distance between the highest industries and the general market, reaching a difference of 12% between the highest industry and the median of the entire sample.,” said Ivana Thornton, Mercer Career Director for Argentina, Uruguay and Paraguay.
Regarding the number of increases planned, 46.2% expect to grant 4 increases; 18.7% will provide 3; 17.4% will give 6 or more; 14.1% will give 5 and only 3.6% will give two raises. The months with the highest prevalence to grant these increases are April, July and October.
The data comes from Mercer’s Salary Increase Trends in Argentina (TISA) survey conducted from April 21 to 28, 2023, in which 403 companies participated.
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