2024 pay trends to watch
Organizations grapple with sourcing talent for major roles at every level
Location | Average voluntary attrition rate |
---|---|
Brazil | 8% |
Taiwan | 11% |
United Arab Emirates | 7% |
United Kingdom | 12% |
United States | 11% |
Location | Information technology | Engineering | Sales | Technical skills trade |
---|---|---|---|---|
Brazil | 57% | 54% | 47% | 52% |
Taiwan | 51% | 57% | 58% | 38% |
United Arab Emirates | 56% | 58% | 50% | 45% |
United Kingdom | 61% | 51% | 43% | 37% |
United States | 64% | 51% | 35% | 45% |
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.
Organizations also granted higher bonus payouts for 2023, and are expected to repeat it in 2024.
Rank | Brazil | China | United Kingdom | United States |
---|---|---|---|---|
1 | Geosciences |
Data Science and Business Intelligence | Legal | IT Development |
2 | Research |
Legal |
IT development | Business Consulting |
3 | Product Development | IT development | Business Consultancy | Research |
Region | Skills | Pay premium (median in percent of base salary) |
---|---|---|
Asia Pacific | AI/machine learning frameworks | 15% |
Europe, Middle East and Africa | AI/machine learning frameworks | 20% |
Latin America | Cryptography, distributed ledger development, smart contract programming | 15% |
North America | Cryptography, distributed ledger development, smart contract programming | 15% |
3% increase in the number of unique organizations participating in WTW’s 2023 general industry surveys, and a 5% 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 increasing salaries (among many other things).
02
Organizations will look beyond pay and take a holistic view of total rewards to create employee experiences that attract and retain the talent needed to drive business objectives.
03
To effectively compete against industry peers, compensation and HR professionals will seek a more sophisticated understanding and application of data in their strategic total rewards practices and policies.