There is growing use of the 'Vale Panamá' electronic cards as a means of compensation and bonuses payments to employees.
The main advantage of this mechanism is that the compensation paid by the company is exempt from labor costs, and can be used by employees in shops to buy food, medicine and other items.
Ana Lorena Broce, general manager of Vale Panama, reported that a lot of companies have migrated from the paper system to the electronic cards that are accepted at more than one thousand outlets.
Demands are for a reduction of hours to 40 per week but with pay for 45 hours and companies to take on transportation and food costs.
Construction workers are demanding a reduction of their working hours to 40 hours, but with payment corresponding to a 45 business hour week. They also want companies to assume the costs of food for employees, as well as transport and delivery of 5 uniforms twice a year.
Without contradicting the provisions of law which state that tipping must be voluntary, the regulation approves phrases which suggest the possibility of the amount which can be paid and including it in the bill.
This is how it is described in the regulation of the Law on protection of the rights of consumers and users, published last week in the newspaper La Gaceta.
Panama is near the top of the list of countries where there is the most acute shortage of skilled labor. Guatemala and Costa Rica are located in the middle of the table.
In the Canal country, 47% of employers said they have difficulties in filling jobs with the right people. In Guatemala this percentage is 36%, and in Costa Rica it is 35%.
The Manpower report identifies the key strategies cited by respondents, to overcome the problem:
In times of shortages of staff with good training levels and experience, economic incentives may be a good way to protect your company's human capital.
Job retention bonuses are incentives that companies provide to certain officials who are key to their operations.
Although retention bonuses of various kinds may be offered, limited only by the imagination of businessmen, typically four principle types are considered: the "referral" (for referring a friend), "sign on" (when signing the work contract ), "spot" (for specific achievements), and "retention" (for certain periods of time completed in the company).
Good executives are scarce in Panama, so much so that national firms are imitating the classic payment compensation methods of multinationals.
Panamanian executive’s pay has risen by 8.3%, while those in middle management went up by 7.3%, according to a salary survey conducted annually by KPMG.
An article by Minerva Bethancourth in Prensa.com quoted Ailín Castrellón, a KPMG senior staff member, who said that "Domestic companies are catching up in their compensation packages for high profile staff in the face of the constant arrival of multinationals."
FedEx Express is first, Kimberly Clark second, followed by Oracle Caribbean, SC Johnson, Diageo, McDonalds and Agrisal Group.
In the rankings elaborated by the Great Place to Work Institute of Central America and the Caribbean, FedEx repeated as the best company to work for within Central America and the Caribbean.
In an article in Elperiodico.com.gt, Jorge Ferrari, president of Great Place to Work Institute of Central America and the Caribbean, stated that "it is no coincidence that these companies provide excellent operating results. Their human resource development has become their secret weapon for competing in the markets."
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