2024 pay trends to watch
Organizations grapple with sourcing talent for major roles at every level
| Location | Average voluntary attrition rate |
|---|---|
| Mexico | 15% |
| Taiwan | 17% |
| United Arab Emirates | 5% |
| United Kingdom | 12% |
| United States | 12% |
| Location | IT | Engineering | Sales |
|---|---|---|---|
| Mexico | 47% | 53% | 44% |
| Taiwan | 45% | 47% | 48% |
| United Arab Emirates | 38% | 50% | 62% |
| United Kingdom | 51% | 54% | 51% |
| United States | 55% | 52% | 48% |
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 | China | United Kingdom | United States |
|---|---|---|---|---|
| 1 | Engineering | IT development | Corporate affairs/Communications | Legal |
| 2 | IT | Legal | Project/Program management | Data science and business intelligence |
| 3 | Environmental health and safety | Project/Program management | IT development | IT development |
| 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 Retail industry surveys, and a 13% overall increase in data submissions.
01
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.
02
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.
03
Given increasing legislation around pay transparency, organizations must prepare now to meet regulatory requirements. Objective job and pay structures, robust data and analytics, and manager education are likely to help your organization confidently deliver a pay narrative to internal and external stakeholders.
