Over 30% of Mexicans Have not Received Raises in Two Years

The Mexican workforce is eager to explore new opportunities and businesses need to adapt workplace practices to cater to the evolving needs of talent, according to Page Group’s “Talent Trends 2023 Mexico” report. 

The study highlights that 34% of employees have not received a salary increase in the past two years, pointing to potential concerns regarding the financial well-being of the workforce. When it comes to work-life balance, the report indicates a significant gap in perception. While most Mexican employees value flexibility in the workplace, 46% of employers underestimate its significance for employee satisfaction and productivity, found the study.

"Flexible work arrangements went from being a privilege to becoming a right in the post-pandemic era. Flexibility is now essential for retaining employees and what we observe in the market is the need to place it at the core of corporate culture," writes Rémy de Cazalet, CEO, PageGroup Mexico, in the report. 

The research also shows that 98% of Mexicans are open to exploring new opportunities in the job market. Additionally, more than half of those who joined the workforce in 2022 describe themselves as active job seekers. This highlights a shift in the traditional notion of job loyalty, as many individuals are actively exploring new career paths and challenges.

The study also sheds light on the impact of external factors, such as the ongoing pandemic and the rising cost of living. A staggering 72% of employers in Mexico cited 2022 as a challenging year for recruitment. Additionally, one in two candidates admitted feeling the effects of the cost of living crisis on their career decisions, emphasizing the significance of economic stability in job choices.

Among the various factors that motivate individuals to consider new job opportunities, salary plays a predominant role. As the report indicates, 55% of respondents consider salary as one of their top three motivations for switching jobs. However, it is not the sole driving force; the progression of one's career emerges as the second most influential factor for individuals to join a new organization.

For both employers and job seekers, understanding these trends is essential for thriving in the dynamic landscape of today's workforce. By embracing change, prioritizing employee well-being and offering compelling growth opportunities, businesses can secure the best talent and foster a work culture that embraces innovation.