2024 pay trends to watch
Organizations grapple with sourcing talent for major roles at every level
| Location | Average voluntary attrition rate |
|---|---|
| Brazil | 6% |
| China | 12% |
| United Kingdom | 15% |
| United States | 11% |
| 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% |
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 | 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 |
| 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.
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.
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.
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.
