Although fears of further restrictions persist, companies are maintaining their prospects for pay hikes. The winning sector of 2020
With the 2021 economy already on the move, wage increases appear to be going just as companies had anticipated. At least that is what is said in the offices of consultants and companies, although the fear of new restrictions resulting from a second wave of Covid-19 is on the surface.
Thus, in its study on Salary Actions, the human resources consultancy Willis Towers Watson drew up a scale that shows what salary increases the industries are planning for this year.
The detail is that all sectors are above 40%: only insurers are below that range, projecting increases of 38%.
Those who are better planted are the collaborators of the automotive, who expect to receive a 47%, they are followed by those of the Fintech, banks Y financial entities, with 45%.
The following industries are: logistics and transportation (44.5), medical providers (44.4%), energy (44.1%) and tourism, oil, construction and high technology, all with 44%.
Automotive companies are the ones that will give the greatest increase in 2021
In turn, to get an idea of the salary ranges of the most prominent positions currently in the companies, Mauro Lestrange, Managing Partner of High Flow – Grupo DNA, offers to take a look at what they are gaining, for example:
- CFO of a small company: They start at $ 3,000 blue and go up to 5,500.
- HR managers of medium-sized companies: between US $ 1,500 and US $ 3,500.
- Marketing managers of a multinational: from $ 2,000 to $ 4,500.
- CIO of a large company: from $ 3,500 to $ 7,000.
- CEO of a large firm: from $ 6,500 to $ 10,000.
Last was a year in which wages again lost to inflation. While prices increased above 36%, income only added 30% more among those who achieved the best negotiations, but the distribution was very uneven, so much so that some sectors barely touched the 15% annual salary increase.
In this panorama, the parity and how the pandemic impacted each industry was key to define the increases, even for those outside the agreement. This is why it is not surprising that The Food and Beverages sector was the one that closed the year the best, with an increase of 36% for executives, while the average for the general market was 33%.
The Food and Beverage industry was the 2020 winner in terms of salary.
It is that this industry, and its entire production and supply chain, is part of the essential activities that were exempted from compliance with social, preventive and mandatory isolation and kept operating since the beginning of the quarantine. In addition, the price of food never stopped its rise, so much so that in recent months the basic food basket outpaced inflation in increases.
These data come from the PwC Argentina Remuneration Survey. In the study, they indicate that 50% of the companies in the sector took measures to mitigate the loss of purchasing power as a result of inflation, the impact of earnings, Covid-19 and the economic context.
“It is important to note that some industries not only experienced a noticeable drop in income, but also had an increase in some unbudgeted costs related to transportation coverage, care protocols, safety and hygiene, investment in technology to incorporate parking spaces. remote work, among others “, comments Mariela Rendón, Manager of People & Organization of PwC Argentina.
In addition, the consultancy survey reveals which were the main benefits incorporated by the Food and Beverages sector for its employees. First of all, there is the per diem coverage (food and transfers). It is followed by the sending of gifts / gifts, the delivery of gift cards and the monetary incentive. The last place is occupied by wellness programs.