The financial sector is the one that pays the best salaries in the country, according to a study carried out by elempleo.com with the support of the consulting firm Talent Advisor. It also concludes that there is a significant salary difference in the salary that a technologist could earn compared to a technician, or a professional compared to someone who has completed a specialization.
(See: How happy are Colombians in their work?).
A person with a technician in the financial sector can have a salary of approximately $2,200,000. When talking about the financial sector, he refers to programs such as finance and accounting, economics, business administration, banking and insurance, etc.
Among the results it was also shown that the second sector with the best salaries is Technology and Telecommunications. The Software Development sector rebounded this year, ranking as the third best payer compared to previous years. A person with a Software developer technologist can be earning a salary of approximately $2,800,000.
It can be seen that the areas that have grown the most in their level of payment between 2021 and 2022 are Technology (emphasis on development and infrastructure charges) and marketing areas. The general market in compensation increased by 6.67%.
(See: Few soft skills are now a job handicap).
“It is important to understand that the compensation and benefits strategies of companies must go beyond salary, knowing what other types of incentives can improve the levels of satisfaction and commitment of the work teams and how these compare with similar companies to which they are find, either by sector, size or geographic location”, affirms Alejandro Ordóñez, manager of elempleo.com.
The financial sector is the one that pays the best salaries.
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The time is drawing near for many young high school graduates to make the decision to choose which sector they want to work in and to understand what to study. That is why with this 2022-2023 Salary Point Survey you will be able to find out how salaries are in the Colombian labor market.
As for the Health sector in 2022 wages grew by 14.25% compared to the years 2020 and 2021. Among the sectors with the lowest level of payment are Agriculture and Entertainment, these with a salary 60% lower than that of a financier.
(See: How much will you be paid if you work on December 25 and January 1).
In the country, a technologist (person who takes at least six semesters of an academic program) can have a salary of up to $500,000 more compared to a technician (person who takes at least four semesters). A professional (person who takes at least eight semesters) can increase her salary by up to 2 million compared to a technologist.
Regarding the regions, Professional people from Bogotá earn an average of $160,000 more than people with the same level of study in Medellín, while people from the Caribbean Coast with the same level of education earn about a million less than professionals from Bogotá.
According to figures from the Ministry of Education, every year 450,000 high school graduates graduate in Colombia and of these only 39.7 percent access higher education. Many young people want to access technical, technological or professional education to find a place in the labor market, however, in the country close to 40% of the employed population does not have any type of study or simply primary basic education, but it is clear that with training, salaries can improve.
This survey is nourished by the delivery of information from at least 500 companies that share data on the salaries, bonuses and benefits that they grant to their employees to analyze the values of their salaries. The companies that participate in the survey obtain an analyzed and reliable collection of data where they can see how the market is moving and what salaries are being offered for a specific position.
The analysis is made up of the effective monthly compensation, that is, basic, incentives, bonuses for results, commissions, extralegal payments, among others.
In the process of this investigation, the salaries in different positions of small, medium and large companies in main and intermediate cities of the country were studied as Bogota, Barranquilla, Cartagena, Cali, Medellin, Manizales, Pereira, Bucaramanga, among other. These are found in different sectors to determine the findings that can provide companies with information on how they are being paid in the market and thus determine the salaries of the company’s personnel.
During this 2022 the salary in Colombia had an increase of 10.07% compared to 2021, with which the legal minimum wage was $1,000,000. And by 2023, the increase will be 16%, so the salary was 1,160,000 pesos (1,300,606 pesos).
(See: 35% of the informal workers are in the 13 large cities).
Salaries for those who are technicians
This refers to people with a minimum of four semesters of training. With the analysis, it was concluded that a position that requires this title offers on average half the salary of what a professional with the same years of experience can earn. This means that a person with a technical degree, Three years of experience and a salary of $2,000,000. If you had a professional degree and the same experience, you could aspire to a salary of $4,000,000. This shows how companies take years of experience and educational level into account when defining their compensation models.
Manufacturing and Industry is among the sectors that pay technicians the best.
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When comparing the salaries of this educational level by sector, we find that in commerce people with a technical degree earn 7 percent less than the general average, while the positions that require this educational level in Software Development earn 6.25% more, as well as Manufacturing and Industry with 4.33 percent above the average.
The six sectors with the best payments for people with a technician are Software Development in first place, followed by Financial, Manufacturing and Industry, Technology, Services and Commerce. Here it must be understood that Technology refers to companies that sell technological support services and Software Development refers to companies that develop applications.
(See: What do workers look for when choosing a job?).
Salaries for those who are technologists
Technologist educational level positions, that is, people with at least six university semesters, can have a difference in average of their remuneration with respect to technicians of 10 percent more.
When we compare this difference by sector, in services these technologist positions earn 6.9% less than the general average for positions that require technologists. The positions that demand this educational level in Software Development and Manufacturing and Industry are 6.33 percent higher on average, that is, they are the ones that pay the best.
Salaries for those who are professionals
A person with a professional vs. a technologist can earn double the salary.
Not all sectors or companies require people with specialization, but the positions that require this title are usually from area coordinator levels upwards. Depending on the sector, a person who has this level of studies and at least 3 years of experience can earn up to 150 percent more than a person with only a professional degree would earn.
(See: The Best Places to Work in Colombia in 2022).
When we compare this difference by sector, in Software Development and technology are found at 4.96% and 8.6% more than the average in salary payments, however, in Manufacturing and Industry these charges accrue 9.28% less than the general average.
Software Services
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Salaries for those with specialization
Comparing in different sectors the positions that require specialization and at least eight years of experience, it was found that the Software Developers and Financial sectors have better payments than the general market, in sectors such as services, they can pay 14.86% less than the general market.
It is very important to remember that for this analysis three major factors were taken into account:
1. The minimum educational level that organizations require to hire a position.
2. The years of total experience that the position requires at least in organizations.
3. The data is expressed in terms of effective monthly compensation, which includes all the payments that the employee may receive during the year (fixed payments + variable payments + legal and extralegal social benefits).
From elempleo.com we have seen the need for companies to know how the salaries of a company compare with those of the rest of the market in order to develop a compensation strategy.
“Otherwise, it is possible that there will be difficulties when looking for new talent or, even worse, that it will not be possible to retain people and reach high turnover levels.”, assures Alejandro Ordóñez, manager of elempleo.com.
This is the first installment of the findings of the elempleo.com salary study. This study can be purchased in its entirety by contacting [email protected].
MICHELLE MCGRATH
Head of content at ELEMPLEO.COM
