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 |
| Malaysia |
8% |
| Mexico |
8% |
| United Arab Emirates |
4% |
| United Kingdom |
9% |
| United States |
9% |
Major roles employers plan to hire for in the next 12 months
Percentage of organizations recruiting for key roles in information technology (IT), engineering and technical skills trade in key markets
Source: WTW 2023 Salary Budget Planning Report – Global (July)
| Location |
IT |
Engineering |
Technical skills trade |
| Malaysia |
39% |
71% |
71% |
| Mexico |
38% |
64% |
62% |
| United Arab Emirates |
39% |
74% |
74% |
| United Kingdom |
51% |
67% |
62% |
| United States |
63% |
75% |
73% |
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
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-two percent increase in the number of unique organizations participating in WTW’s 2023 Energy and Natural Resources Survey, and a 25% overall increase in data submissions.
01
Energy transition is the top theme among energy and natural resources players as they aim to meet their climate targets; young workers are preferring to work with employers with high sustainability commitments. Energy transition continued apace in 2022 and 2023 despite inflationary pressures, ongoing disruptions to global supply chains and an energy crisis.
02
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).
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.
