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Companies in Latin America are looking to employee benefit programs to increase employee productivity and attract and retain talent in a highly competitive business environment, according to a new study released today by MetLife, Inc. (NYSE: MET).
Latin America Employee Benefits Trends Study (LatAm EBTS), released today, surveyed employees and employers in Brazil, Chile and Mexico to gain insights into employee loyalty, talent retention and productivity. According to the study, a majority of employers in all three countries – 99% in Mexico, 87% in Chile and 85% in Brazil – said that offering benefits is tied to their efforts to increase employee productivity. This is an increasingly important outcome as companies in Latin America want to stay competitive with other emerging markets, an ongoing challenge that cuts across the entire region.
Mindful of a tight labor market in Latin America, especially for skilled workers, managers in Mexico (98%), Brazil (90%), and Chile (88%) agreed that “increasing employee job satisfaction” is a top employer objective for offering benefits. This marked a 7% increase for both Brazil and Mexico since being surveyed in the 2011 MetLife International EBTS, highlighting the growing need to attract and retain talent. And employees agree that benefits are critical for job satisfaction – among employees with benefits, 80% of Chileans, 79% of Mexicans and 57% of Brazilians said they were satisfied with their job. This drops an average of 15% among employees in both Chile and Mexico who do not receive employer-paid benefits.
“Local, multilatina and multinational employers in Latin America face a competitive environment where success is dependent upon maximizing worker productivity, winning the war for talent, and retaining valued employees,” said Maria Morris, executive vice president, Global Employee Benefits, MetLife. “Our study provides insights into the strategies and goals of employers facing these demands, while at the same time, highlights the growing concerns and expectations of workers in Brazil, Chile and Mexico.”