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Article | Beyond Data

Compensation across the fintech industry

2024 pay trends to watch

January 31, 2024

Explore insights into what fintech organizations around the world are planning this year.
Compensation Strategy & Design
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
Brazil 6%
China 12%
United Kingdom 15%
United States 11%

Major roles employers plan to hire for in the next 12 months
Percentage of tech, media and gaming (TMG) and financial services (FS) organizations recruiting for key roles in information technology (IT) and sales in key markets
Source: WTW 2023 Salary Budget Planning Report – Global (July)
Location IT - TMG IT - FS Sales - TMG Sales - FS
Brazil 63% 70% 55% 64%
China 43% 55% 53% 63%
United Kingdom 56% 79% 67% 33%
United States 61% 83% 50% 37%

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.

Organizations also granted higher bonus payouts for 2023, and are expected to repeat it in 2024.

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*
Top 3 functions at professional level (P3) with the highest pay across all industries
*Source: WTW Compensation Survey Reports (August-September 2023)
Rank Brazil China United Kingdom United States
1 Technology product management IT Technology product management Technology product development
2 IT development Audit and financial/business controls Sales, marketing and business development IT development
3 Technical sales support Technical sales support Legal Legal

A few skills will receive the highest pay premiums across regions
Skills that will demand the highest pay premiums across regions
Source: 2023 Digital Transformation Practices report
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-four percent increase in the number of unique organizations participating in WTW’s 2023 Fintech surveys, and a 56% overall increase in data submissions.

Trends expected to shape 2024 rewards decisions

  1. 01

    With persistent economic volatility and uncertainty, the lower investment levels in fintech we have seen in 2023 may continue well into 2024, which will force organizations to review their workforces and be more cautious about increasing salaries compared to their financial services and tech peers.

  2. 02

    Organizations will continue to 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. Long-term incentives and equity grants are seen in the industry as an important component of the reward offering, however, it will be interesting to see how the market will be dealing with these grants following falls in share price and valuations across the sector.

  3. 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, including skills-based pay, geographic pay zones or refined peer group selections, amongst others.

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