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Article | Beyond Data

Executive compensation across countries

2024 pay trends to watch

January 31, 2024

Explore insights into what organizations worldwide are planning for executive compensation in 2024.
Compensation Strategy & Design|Executive Compensation
Beyond Data

Attraction and retention remain challenging for organizations worldwide

Organizations grapple with sourcing talent for major roles at every level

Average voluntary attrition rate among key markets worldwide
Source: WTW 2023 Salary Budget Planning Report – Global (December)  
Location Average voluntary attrition rate
China 4%
Mexico 9%
United Arab Emirates 4%
United Kingdom 4%
United States 5%

Salary budget increases continued in 2023

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.



Employers (60% or more) in every industry worldwide have taken or are considering taking the following measures:
  • Compensation review of specific employee populations
  • Full compensation review for all employees
  • Targeted increases for specific employee populations
  • Hire people higher in relevant salary range
CFO/chief financial officer pay mix at median level





Percentage of annual incentives (actual and target) and LTI in CEO base salary

Percentage of annual (actual and target) and long-term incentives in CEO base salary
Source: WTW 2023 Executive Compensation Survey Report
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%

Percentage of annual incentives (actual and target) and LTIs in CFO base salary

Percentage of annual (actual and target) and long-term incentives in CFO/top financial officer base salary
Source: WTW 2023 Executive Compensation Survey Report
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

Trends expected to shape 2024 rewards decisions

  1. 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).

  2. 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.

  3. 04

    Focus on innovative incentives (e.g., interesting things in normal companies, normal incentives in interesting companies).

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