A few weeks ago, we announced a “Survey of Special Measures” in Venezuela, to gain insights into how employers are managing their compensation programs during the current period of extreme economic volatility.
We are happy to announce the survey results are now available. Twenty-two employers shared their practices, providing valuable information about market trends, including the level of pay increases in the past six months, and their forecast for increases in 2017.
Over 65% of the respondents expect to grant increases of 100% or more, and half expect to raise salaries by over 150%.
Regular or ad-hoc pay increases on multiple dates during the year were the most common steps taken by employers in 2016. This year, that trend is expected to continue.
Twenty-six percent of the respondents reported overall turnover in Venezuela of 20% or more, while emigration accounted for 10% or more of the overall turnover in more than half the organizations. This drain of talent is an ongoing challenge for employers in Venezuela.
You can review an Executive Summary of the results here (PDF).
We would like to thank Eduardo Quevedo of Job Price Consulting for partnering with us on this survey.
Birches Group conducts a comprehensive compensation and benefits survey in Venezuela, updated three times per year. Contact us to learn how you can participate in our compensation survey and gain access to updated market information when you need it. Ask about our special offer.