2024 pay trends to watch
Organizations grapple with sourcing talent for major roles at every level
| Location | Average voluntary attrition rate |
|---|---|
| Brazil | 7% |
| Taiwan | 14% |
| United Arab Emirates | 4% |
| United Kingdom | 8% |
| United States | 10% |
| Information technology (IT) | Engineering | Sales | |
|---|---|---|---|
| Brazil | 29% | 36% | 63% |
| Taiwan | 25% | 32% | 64% |
| United Arab Emirates | 32% | 48% | 57% |
| United Kingdom | 29% | 37% | 58% |
| United States | 29% | 51% | 57% |
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.
| Rank | Brazil | China | United Kingdom | United States |
|---|---|---|---|---|
| 1 | Clinical research site startup | Medical writing | Market access generalist/Multidiscipline | Medical imaging |
| 2 | Clinical research | Platform/Program management | Machine learning | Technology strategy |
| 3 | Clinical quality assurance | Biostatistics | Artificial intelligence (AI) applications | Medical communications/Liaison |
| 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 programing | 15% |
| North America | Cryptography, distributed ledger development, smart contract programing | 15% |
Two percent increase in the number of unique organizations participating in WTW’s 2023 biopharmaceutical and life sciences industry surveys as well as a 2% overall increase in data submissions.
01
There is a race across the industry for intellectual property and ownership of leading biotechnology innovations. To achieve this, big pharma is acquiring startups with promising scientific achievements, and that is expected to drive significant M&A activity.
02
Environmental goals remain a top priority. The industry's focus on Environmental, Social and Governance (ESG) and sustainability efforts will be a focal area in the coming year.
03
There will be an increased investment in production innovations. New technologies drive scientific progress and create opportunities for innovation. As the industry evolves, the use of robotics, automation technology and small-batch processing is becoming ubiquitous, and life sciences companies are focusing on facilities and properties designed to support these needs.
04
In response to a competitive job market coupled with inflationary pressures, many life sciences organizations have increased their emphasis on the nonfinancial elements of pay, including fringe benefits, language courses, global recognition programs, employee assistance programs and so on.
