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Infographic | Beyond Data

2023 Pay trends in the Financial Services industry

December 2022

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

Employee attraction and retention plague organizations around the globe

Organizations are struggling to fill key roles at every level

Voluntary attrition rate
China 29%
Mexico 10%
United Kingdom 15%
United States 13%

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

Information Technology
China 63%
Mexico 78%
United Kingdom 66%
United States 80%

China 72%
Mexico 49%
United Kingdom 39%
United States 43%

China 13%
Mexico 28%
United Kingdom 33%
United States 33%

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)
China 6% 6%
Mexico 6% 7%
United Kingdom 4% 5%
United States 4% 4%

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

25%: Average 2022 projected variable payout for middle managers and professionals.

China 40%
Mexico 21%
United Kingdom 22%
United States 17%

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 across all industries at Professional Level 3 (P3)

Brazil China United Kingdom United States
Non-Life Underwriting

FDE Asset Management Trading 

Non-Life Underwriting 

ALG Legal

IT Development

FPO Private Banking Portfolio Management 


FAS Asset Management Research 

Technical Asset Based Finance
FIZ Risk Engineer
Treasury Funding FUR-Underwriting Reinsurance

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

Brazil China (Shanghai) United Kingdom United States
Base (%) 69% 71% 68% 77%
Bonus (%) 12% 18% 6% 14%
LTI (%) 19% 11% 26% 9%

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%

Trends that will drive 2023 rewards decisions

  1. Rising interest rates will provide opportunities for retail banking, but challenges will prevail in capital markets and related businesses. With no one-size-fits-all definition of “better” results, organizations will look closely at how rewards are administered.
  2. Persistent inflationary pressures will continue fueling employee expectations and perceptions around job security and financial wellbeing, causing organizations to continue their focus on the employee experience and attempt to develop a more resilient, secure workforce.
  3. With workplace flexibility not yet fully settled, Financial Services organizations will continue exploring the best way to develop flexible work arrangements and leverage these programs as a differentiator in the war for talent.

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