Attraction and retention remain challenging for organizations worldwide
Organizations grapple with sourcing talent for major roles at every level
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
Top 3 functions at professional level (P3) with the highest pay across all industries*
Ten percent increase in the number of unique organizations participating in WTW's 2023 Financial Services industry surveys, and a 7.5% overall increase in data submissions.
Trends expected to shape 2024 rewards decisions
01
The ask of employees on their employers is ever increasing, which means organizations need to have the right employee listening strategies in place to be able to react to and develop an employee offering that meets their employees' requirements while still driving business objectives.
02
Salary budgets are expected to be lower than 2023 levels but still higher than many countries have typically seen for a number of years. Organizations will need to be smart around how to differentiate within their populations when allocating the salary budget pot – considering market competitiveness and internal competitiveness – which of course includes pay transparency.
03
Legislation driving pay transparency to the top of the reward agenda, and for an organization it's critical to begin the discussion around preparing for the incoming transparency legislation.
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