More and more Peruvian professionals are electing to stay with a company for reasons other than financial gain and refusing to trade in quality of life for work.
The President of Peru’s Family Foundation, Rolando Liendo, said last week that there is a growing demand for an ‘emotional salary’—good working conditions and benefits, including the flexibility to spend time with family and personal development.
Mr Liendo warned employers not to ignore non-fiscal factors if they want to avoid brain drain and compete effectively.
“Higher salaries won’t be enough to attract the best workers because they won’t be willing to sacrifice time with their families, and their development as people,” Mr Liendo said.
Mr Liendo said evidence from several studies shows that, in the coming decade, as many 95 per cent of employees will prioritize emotional over monetary salary when it comes to choosing or sticking around with a firm.
According to a survey by Trabajando.com and Universia last year, 60 per cent of Peruvian professionals already put a high premium on emotional fulfilment, including career development, promotion, a good work environment, and flexibility.
Mr Liendo said that only a quarter of Peruvian companies currently have a staff retention plan, including training programmes, support for further study, bonuses, retirement plans, nutritional counselling, and family time.