Labor Migration, Profit Sharing, Data: The Week in TalentBy Cinthya Alaniz Salazar | Wed, 07/13/2022 - 18:34
This week, President Andrés Manuel López Obrador secured the US’s commitment to increase the cap on work visas and create a bilateral group for labor migration pathways. Meanwhile, Mexico’s outsourcing reform has successfully increased employee profit sharing.
Expert contributors analyze the implications of an ongoing talent shortage and added value that can be extracted from data obtained from the Official Mexican Standard (NOM) 035.
This week in Talent news and developments:
President López Obrador agreed to invest US$1.5 billion on “smart” border technologies over the next two years, while the US is to increase the cap on work visas, help create a bilateral working group on labor migration pathways and accept more refugees.
Profit sharing, one of the employee benefits stipulated in the Federal Labor Law, rose 109 percent following the prohibition of outsourcing in Mexico. Total profit payments reached US$8.8 billion in 2021, according to the Ministry of Labor.
A talent shortage of historical scale was catalyzed by the pandemic. On a global scale, three out of every seven companies report difficulties hiring the talent they need. This is the highest result in 16 years, according to the Manpower Talent Shortage Survey 2022.
In 2019, NOM-035 came into force, requiring companies to address psychosocial risks that may arise in workspaces, such as work stress or sleep disorders. However, according to the study, "The Chief People Officers of the future," released recently by The Adecco Group, only 35.7 percent of companies measure the mental strain placed on their employees.
The skills acquired through experience represent 46 percent of the value of talent and, in some cases, allow a higher level of income than the opportunities that formal education could provide, according to research by McKinsey. Amid talent scarcity, a potential mechanism for employers is to become a source of education through experience.
Workplaces thrive when communication is prioritized at all levels of the company. Companies must ensure that communication channels are always open for feedback, requests or any other issue that emerges during daily operations.
Many companies are implementing the work-life balance principle, which identifies human capital management concerns and incorporates strategies and policies developed to achieve and maintain long-term productivity. This scenario is desirable for companies because their productivity is directly related to the personal lives of their employees.