2024 pay trends to watch
Organizations grapple with sourcing talent for major roles at every level
| Location | Average voluntary attrition rate |
|---|---|
| Malaysia | 8% |
| Mexico | 8% |
| United Arab Emirates | 4% |
| United Kingdom | 9% |
| United States | 9% |
| Location | IT | Engineering | Technical skills trade |
|---|---|---|---|
| Malaysia | 39% | 71% | 71% |
| Mexico | 38% | 64% | 62% |
| United Arab Emirates | 39% | 74% | 74% |
| United Kingdom | 51% | 67% | 62% |
| United States | 63% | 75% | 73% |
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 | Mexico | Malaysia | United Kingdom | United States |
|---|---|---|---|---|
| 1 | IT development | Geosciences | Energy trading | Energy trading |
| 2 | Technical sales support | Engineering | Environmental health and safety | Energy marketing |
| 3 | Legal | Well operations | Project/Program management | Data science and business intelligence |
| 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% |
Twenty-two percent increase in the number of unique organizations participating in WTW’s 2023 Energy and Natural Resources Survey, and a 25% overall increase in data submissions.
01
Energy transition is the top theme among energy and natural resources players as they aim to meet their climate targets; young workers are preferring to work with employers with high sustainability commitments. Energy transition continued apace in 2022 and 2023 despite inflationary pressures, ongoing disruptions to global supply chains and an energy crisis.
02
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).
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.
