Supplementary pension plans as a means of attracting and retaining managerial talent
Los planes complementarios de pensión como práctica de atracción y retención de talento directivo
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Objective. To explore the role of supplementary pension plans as a practice for attracting and retaining managerial talent in multinationals and multilatinas (Latin American multinationals), a concern directly related to the already declining coverage rates offered by public and private pension systems as part of one of the mandatory pension pillars.
Methodology. A qualitative analysis was conducted through in-depth interviews with senior executives and international experts. Internal documents from various companies and information from secondary sources were also examined. Results. The results provide valuable insights enabling us to propose a set of recommendations regarding the optimal selection of supplementary pension plan models and the HR practices that are internally consistent with these models. These recommendations are intended to enhance these plans as an attractive and effective compensation tool, while also safeguarding the interests of stakeholders’. Conclusions. The efficiency of the implemented plan model is greatly influenced by its ability to attract, retain, and motivate managerial talent and protect stakeholders’ interests. Its success is also contingent on the articulation of complementary
measures that are compatible with its implementation. However, the actions undertaken by individual states in regulatory matters and in promoting pension awareness and a savings culture largely limit the model’s effectiveness.
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