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The average salary increase is around 4%, and cash bonus gains are also relevant

The average salary increase is around 4%, and cash bonus gains are also relevant

Monetary rewards are among the main attraction and retention factors in companies, but there are other non-financial elements that are gaining importance, as the annual survey “Rewards and Benefits 2024 – Portugal” conducted by WTW reveals.

Monetary rewards are among the main attraction and retention factors in companies, but there are other non-financial elements that are gaining importance, as reveals the annual survey “Rewards and Benefits 2024 – Portugal” conducted by WTW, which addresses the main trends and concerns of Portuguese companies.

The global leader in consulting, brokerage and solutions identifies key corporate priorities and market trends in the areas of pay, HR policies and benefits for employees in various sectors of activity.

It is noteworthy that during the launch session of this annual survey, Sandra Pinto, Assistant Director of the Portuguese organization WTW, highlighted the main trends for 2024, “which respond to the great challenges that we felt in 2023 and in previous years – the pandemic, inflation and the voluntary and involuntary termination, of… Among other things.”

“Among the trends highlighted were increasing legislative and regulatory pressure, including transparency and equity in salaries, and that the introduction of artificial intelligence (AI) technologies will challenge the balance between technological and human potential,” notes WTW.

In the 2023 Digital Transformation Study, the consultant discovered what factors come in the top three as most important for talent attraction and retention in the EMEA (Europe, Middle East, and Africa) region.

The study reveals that in 56% of companies, the ambition to make a real impact on the organization’s performance is the most important factor in attracting digital talent, along with monetary rewards, which include entry bonuses, and 50% of them show interest in diverse and varied fields. hard work.

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According to the consultant, this same factor, along with the opportunity to grow within the organization and develop as a professional, is the most important factor in employee retention, followed by job security.

In the note, Sandra Pinto highlights that “salary is an important factor that stands out in attracting and retaining talent.” But “the reward in itself is not enough to join new teams or stay in existing teams.”

“It is important to proactively plan for offsets, i.e. knowing what information is available on the market, where to get it and how to use it. Access to current, accurate and quality data is key, but it is also essential to be aware of emerging approaches that are beginning to emerge,” he concludes.

In Portugal, the average salary increase is around 4%, a value previously highlighted in the Salary Budget Planning Report study, also prepared by WTW. But even though it is not the most important factor, it remains one of the main concerns for all Portuguese employees.

Angela Oliveira, Principal Associate for Health and Benefits, WTW Portugal, highlighted the importance of practices in benefits design, namely health insurance, retirement plans, flexible benefits, well-being programs, and partnerships, among other topics.