Exploring Employee Preferences Beyond Salary: Insights from the 2023 SHRM Puerto Rico Study

In today’s dynamic workforce landscape, attracting and retaining top talent requires a deep understanding of employee preferences beyond just salary. A recent study conducted by SHRM Puerto Rico and Aon delved into these factors, shedding light on the interests and challenges faced by workers in the region. The findings offer valuable insights for organizations seeking to enhance their recruitment and retention strategies in Puerto Rico.

Key Takeaways from the Study:

  1. Holistic Approach Beyond Salary: The study emphasized that employees weigh multiple factors when evaluating job opportunities. While compensation is undoubtedly important, workers also value work-life balance, career growth prospects, company culture, and benefits. Organizations that recognize and address these multifaceted considerations are better positioned to attract and retain top talent.
  2. Recruitment and Retention Challenges: Companies operating in Puerto Rico encounter unique challenges when recruiting and retaining employees. The study highlighted the importance of aligning recruitment strategies with the specific preferences of local workers. Organizations can tailor their approaches and create compelling incentives by understanding the factors that matter most to Puerto Rico’s workforce.
  3. Transparency and Equity: The study underscored the significance of transparency and equity in compensation. Employees value knowing that their contributions are fairly recognized and rewarded. Organizations that prioritize openness and fairness in compensation can foster a sense of trust and satisfaction among their workforce.

One of the key insights from this study is the importance of considering the local context. While broader trends may offer valuable insights, the preferences of workers in Puerto Rico may differ from those in other regions. Designing effective recruitment and retention strategies requires a nuanced understanding of the local workforce landscape, ensuring that initiatives resonate with Puerto Rican employees’ unique needs and aspirations.

A Broader Perspective:

The study’s findings align with similar research conducted in the United States and Latin America. Across various studies, it becomes evident that while competitive compensation remains crucial, other factors significantly contribute to employee satisfaction and engagement:

  1. Gallup: Job attributes such as strengths alignment, job security, and DEI priorities influence employee decisions.
  2. LinkedIn: Work-life balance, flexibility, and excellent compensation are top priorities for candidates.
  3. World Economic Forum: Skills for the future job market and technology advancement are key focus areas.
  4. Harvard Business Review: Many employees value flexible work hours and work-life balance over salary.
  5. Pew Research Center: Reasons for leaving jobs include low pay, lack of advancement opportunities, and feeling disrespected.

The SHRM Puerto Rico and Aon study reaffirm the growing recognition that employee preferences extend beyond salary. A holistic approach that considers work-life balance, career growth, and company culture are essential for attracting and retaining top talent. By understanding the unique context of Puerto Rico and aligning strategies with local preferences, organizations can create a workplace environment that resonates with employees and contributes to long-term success.

Contact us if you’re interested in understanding what drives your employees’ engagement to take your business to the next level in this era of a transformative workforce. Together, we can explore ways to collaborate and leverage talent revolution to create an extraordinary culture that fosters connectivity and engagement. Let’s seize the opportunities this exciting time presents and build a brighter future for your organization.


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