In total, the minimum wage in Colombia for 2023 is $1,300,606. Reuters

After the national government, unions and companies agreed to a 16% increase in the minimum salary and they left it at $1,300,606 for 2023, with the amount of transportation assistance that went from $117,172 to $140,606, there is still a question for most businessmen as to how to project this increase for those who earn more than two, three or four wages.

According to the data of the National Administrative Department of Statistics (Dane), this increase would only impact 3.4 million Colombians, of the 9.26 million workers who have a formal job in the country. For this reason, many company managers are interested in knowing what factors will affect the salary increase in different sectors and which are the best positioned.

In this regard, the general manager of Legis Gestión Humana, Jose Antonio Curreapointed out that at a time of so much uncertainty both nationally and globally, it will be essential for companies to have the right sources to not only know the salary allocation, but also have useful information that allows them to make decisions and carry out strategies of emotional salary and labor well-being, in order to compensate a fair salary increase, but that does not represent an economic burden for the organization.

“In addition, this will also serve to face the current challenges that arise in the workplace such as: The Great Resignation, Silent Dismissal or the syndrome of ‘Burnout‘. Well-being and emotional salary will be the main protagonists of this 2023, because it helps companies promote a culture of sustainability and talent retention”, highlighted Currea.

For his part, the executive director of Human Factor Consulting, Miguel Nietoexplained that the increase in wages in these different sectors is determined by variables such as indicators of inflation or, in some cases, it could also be determined by the increase in the minimum wage or if it is the case of a collaborator who has a full salary.

“What we have usually seen in the surveys each year is that the salary increase for positions that are above two, three or four minimum wages is more or less 30% below the inflation figure, which could mean between 8 and 9%”, highlighted Nieto.

At the end of 2021, it should be noted that the increases reported by the 635 companies Participants in a study were highly influenced by the inflation figure that closed at 5.64% and by the increase in the minimum wage, which reached one million pesos and caused the increases made for administrative positions to be over 5, 6%, commercials at 5.2% and operations over 8.9%.

Then, the region that reported the greatest increase was Bogota and Cundinamarcawith an average rise of 6.55%, followed by Antioquia and Coffee Axis (5.89%), Cauca’s Valley (5.43%), Coast (5.39%) and other cities (5.15%).

However, the data that everyone is interested in is the sectors that increased their salaries the most in 2022 and that, surely, will continue to occupy their salary increase position in 2023. These are the five best-paid industries according to the salary compensation study of Legis Gestión Humana:

  • High technology: full stack, developer back enddeveloper mobileengineers of big datasoftware engineer, data security analyst, among many other positions are the ones that earn the most salaries, since junior positions junior around $4 million and seniors may be over $8 million. In this sense, the study indicates that, at the end of 2022, the salary increase in this sector was 9.20%.
  • Chemist and pharma: According to data from the Andi Chemical Industry Committee, this industry generates more than 24,000 jobs and links more than 50 sectors of the economy. However, in the last ten years, the number of companies engaged in this type of manufacturing fell by 16%. For this reason, it is becoming increasingly relevant and increasing the value of its products, having an impact on the 7.90% increase in salaries.
  • Massive consume: This industry, in charge of products for mass consumption in society, causes as such a high demand and competition from companies that are dedicated to this sector, which try to differentiate themselves through the offer of different alternatives. Although all kinds of positions can be found in it, that is, those that are more operators to those that already have more administrative or marketing functions, in general it showed a growth of 7.10%, which exceeded 6, 88% with which he closed 2021.
  • Hydrocarbons, mining and gas: in Colombia, hydrocarbons contribute 3.3% of the gross domestic product (GDP). Meanwhile, oil represents 40% of what Colombia sells to the world and in this sense the salary grew by 6.88%.
  • Telecommunications: recently, the Movistar Digital Adoption Survey, where 1,405 SMEs from Argentina, Chile, ColombiaEcuador, Mexico, Peru, Uruguay and Venezuela, found that 89% of SMEs in Latin America would be willing to invest in telecommunications and digital transformation in 2023. This is one of the sectors that most needs the industry technology and this also drives growth and a salary increase of 6.51%.

Keep reading:

In dollars, the minimum wage in Colombia is lower than it was ten years ago
Inflation is on the verge of swallowing the minimum wage: know the real amount of earnings in Colombia
Colombia has one of the lowest minimum wages in Latin America: where is it?

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