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Infographic | Beyond Data

2023 Pay trends in the Fintech industry

December 22, 2022

Explore what our industry-specific Fintech salary survey data tells us about 2023.
Compensation Strategy & Design
Beyond Data
Infographic of 2023 Pay trends in the Fintech industry

Employee attraction and retention plague organizations around the globe

Organizations are struggling to fill key roles at every level

Voluntary attrition rate
Mexico 11%
United Kingdom 14%
United States 13%

Key roles for which employers will be recruiting in the next 12 months

Information Technology
Mexico 100%
United Kingdom 27%
United States 69%

United Kingdom 16%
United States 63%

United Kingdom 49%
United States 50%

2022 saw the highest salary budget increases in nearly 20 years

Given the fundamental role salary plays in an organization’s ability to attract and retain talent, employers plan to carry this adjustment through to 2023 – yet remain cautious about how and when they allocate the overall budget.

2022 Overall Actual Salary Increases (Median) 2023 Overall Forecasted Salary Increases (Median)
Mexico 6% 6%
Taiwan 4% 4%
United Kingdom 5% 5%
United States 5% 5%

Additionally, organizations leveraged bonus payouts in 2022 and, again, are on track to the same in 2023

17%: Average 2022 projected variable payout for middle managers and professionals

Mexico 22%
United Kingdom 25%
United States 14%

Organizations around the world have taken or are considering taking the same three actions

Compensation review of specific employee populations 51%
Targeted increases for specific employee populations 45%
One-off cash payments (e.g., retention bonus, lump-sum payment or allowance) 44%

Top 3 highest-paid functions in the industry at Professional Level 3 (P3)

Brazil China United Kingdom United States
TCT Technology / Systems Consulting AIC Information Technology ALG Legal TPM Technology Product Management
AID IT Development Retail Banking Product Development TCT Technology / Systems Consulting AIC Information Technology
AEM Data Science ALC Compliance AID IT Development APM Project / Program Management

Median pay mix for Manager level 3 (M3) in the Data Scientist function

Brazil China (Shanghai) United Kingdom United States
Base (%) 56% 69% 69% 73%
Bonus (%) 20% 18% 13% 15%
LTI (%) 24% 13% 18% -

There are a handful of roles that will receive the highest pay premiums across regions

Role Pay premium (Median, in % of base salary)
APAC AI/machine learning frameworks 15%
EMEA AI/machine learning frameworks 20%
LATAM Cryptography, distributed ledger development, smart contract programming 15%
NA Cryptography, distributed ledger development, smart contract programming 15%

6% increase in the number of unique organizations participating in WTW’s 2022 Fintech survey and a 10% overall increase in data submissions

Trends that will drive 2023 rewards decisions

  1. Most Fintech organizations are enhancing their rewards by reinvigorating the employee value proposition, increasing workplace flexibility and offering more competitive compensation, such as spot bonuses and equity awards.
  2. 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).
  3. 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.
  4. 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.

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2023 Pay trends in the Fintech industry PDF .1 MB
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