2024 pay trends to watch
Organizations grapple with sourcing talent for major roles at every level
Location | Average voluntary attrition rate |
---|---|
China | 4% |
Mexico | 9% |
United Arab Emirates | 4% |
United Kingdom | 4% |
United States | 5% |
Because salary impacts an organization's ability to attract and retain talent, this pattern is expected to continue in 2024, but employers will be cautious about allocating their salary budget.
Country | Actual bonus % of base salary | Target bonus % of base salary | LTI % of base salary |
---|---|---|---|
China | 43% | 64% | --% |
Mexico | 82% | 77% | 118% |
United Kingdom | 106% | 90% | 150% |
United States | 120% | 125% | 570% |
Country | Actual bonus % of base salary | Target bonus % of base salary | LTI % of base salary |
---|---|---|---|
China | 32% | 28% | 20% |
Mexico | 43% | 36% | 28% |
United Kingdom | 53% | 45% | 48% |
United States | 51% | 50% | 103% |
Three percent increase in the number of unique organizations participating in WTW’s 2023 executive surveys, and a 6% overall increase in data submissions
01
Economic volatility and uncertainty could lead to lower investment levels and economic growth, which will force organizations to review their workforces and be more cautious about increased salaries (among many other things).
02
Increased disclosure requirements.
03
Climate and environmental, social and governance (ESG) measures to increase in prevalence with an increased focus on quantitative key performance indicators and LTI plans.
04
Focus on innovative incentives (e.g., interesting things in normal companies, normal incentives in interesting companies).