A majority of companies are having trouble attracting and retaining top-performing and critical-skilled employees in Latin America, a recent study reveals. However, companies in the region tend to be more proactive about adopting total rewards and goal-setting programs than their counterparts in other regions.
Key Details
The Watson Wyatt Worldwide/WorldatWork study of nearly 100 for-profit and publicly traded companies in Argentina, Brazil, and Mexico found that:
* Seventy percent are having trouble finding and keeping top-performing and critical-skilled employees.
* Latin American companies are more likely to have an organization-wide total reward strategy than their global counterparts. Approximately two-thirds of the Latin American companies have implemented an organization-wide job levelling approach and a total rewards strategy.
* Latin American employees also report much clearer line of sight when it comes to goal-setting than employees in other regions. Eighty-two percent of employees surveyed said they have a good understanding of employer’s goals and 90 percent say they have a clear idea of how their performance contributes to the company meeting those goals.
* As in other regions, the potential benefits of these initiatives are hampered by the lack of effective communication between employees and employers. Only 40 percent of employers said they communicate these rewards programs to employees.
* In terms of reward packages, only 40 percent of companies in Latin America offer long-term incentives to employees, and just 14 percent consider employees’ opinion data when designing rewards programs.
See full Press Release and access Report.
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