In order to adequately know the perspectives, challenges and projections that the senior executives from countries in the region, Page Executive -specialized recruitment line for senior management professionals from PageGroup- carried out the “Remuneration Study 2023 Latam«, in which more than 2,000 executives were consulted.
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According to the information, the salaries paid to top executives in Colombia is usually among the three highest in the region. In addition, it is the country in which the best salaries are offered for the positions of Chief Financial Officer, Chief Operating Officer and Chief Technology Officer.
“Senior Colombian executives not only usually have training in the best national and international academic institutions, but also have a profile that is nourished by the solid trajectory that business has produced hundred-year-old companies and also several unicorns,” said Paola Pulgarín, senior partner Page Executive.
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This is how salaries are defined in companies.
According to the study, the salary of a Chief Executive Officer (president, manager or general director) can go from 40 million pesos in a company that invoices about 50 million dollars at a salary of 70 million pesos if the turnover reaches 201 million dollars.
United Nations country manager (country manager) It can range from 30 to 50 million pesos and a chief financial officer (CFO) (director, manager and finance vp) is in a range of between 35 and 60 million pesos.
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For example, a Chief Human Resources Officer (director or manager of Human Resources) can go from 30 to 55 million pesos and a Chief Technology Officer (IT Manager or Technology Manager) from 35 to 70 million pesos.
Remuneration Study 2023 Latam for Page Executive.
In addition to salary, according to the study, executives in the region receive various types of compensation that companies use as a way to build and maintain a sense of belonging and organizational culture.
67.8 percent of them answered that the benefits are «important or very important» when accepting a managerial position. The most common son: medical expenses insurance (92 percent), life insurance (70.9 percent), company car (52.7 percent), meal vouchers (51.8 percent) and gasoline vouchers (48.7 percent).
Main employment trends of senior managers
The study found that in response to a changing labor market, leadership positions in companies in the region have expanded beyond the traditional positions associated with management, finance, human talent or marketing, and that areas have been prioritized. management of organizations that previously went unnoticed.
Currently, topics such as concerns for well-being, the execution of corporate social responsibility strategies or the need to manage large volumes of data are setting the trend. For this reason, positions have been created such as: “Chief Happiness Officer”, “Chief Sustainability Officer” and “Chief Data Officer”.
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According to the perception of those surveyed, the positions that have gained ground the most are in the region are: Chief Data Officer (50.9 percent of the participants consider it so), Chief Sustainability Officer (48.8 percent), Chief Strategy Officer (42.5 percent) Chief Customer Officer (25.2 percent) and Chief User Experience Officer (24.9 percent).
A ranking that, in the particular case of Colombia, is led by the Chief Data Officer, Chief Sustainability Officer and Chief Strategy Officer.
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