Skip to main content
Infographic | Beyond Data

2023 Pay trends in the Retail industry

December 22, 2022

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

Employee attraction and retention plague organizations around the globe

Organizations are struggling to fill key roles at every level

Voluntary attrition rate
Mexico 13%
Taiwan 17%
United Kingdom 28%
United States 25%

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

Information Technology
Mexico 67%
Taiwan 44%
United Kingdom 74%
United States 70%

Mexico 58%
Taiwan 61%
United Kingdom 56%
United States 40%

Taiwan 61%
United Kingdom 36%
United States 32%

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)
Mexico 6% 6%
Taiwan 4% 4%
United Kingdom 4% 4%
United States 4% 4%

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

19%: Average 2022 projected variable payout for middle managers and professionals.

Mexico 25%
Taiwan 16%
United Kingdom 19%
United States 14%

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 in the industry at Professional Level 3 (P3)

Mexico Taiwan United Kingdom United States
AEM Data Science and Business Intelligence AFY Risk Management AID IT Development AID IT Development
AIC Information Technology ARP Product Development ALG Legal AIC Information Technology
RPS Retail Sourcing AOM Manufacturing / Operations APM Project / Program Management

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

Mexico Taiwan United Kingdom United States
Base (%) 87% 81% 60% 73%
Bonus (%) 13% 19% 12% 15%
LTI (%) - - 28% 12%

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%

14% increase in the number of unique organizations participating in WTW’s Retail surveys, and an 8% overall increase in data submissions

Trends that will drive 2023 rewards decisions

  1. Many businesses are experiencing pre-pandemic levels of consumer activity, but re-staffing is now more difficult because employees’ needs and behaviors have changed. Employers will look to market data and practices for guidance in adapting their business and staffing models.
  2. Segmentation will be key to addressing various retention/attraction challenges and affordability needs to be balanced with business pressures. These vital decisions require a view of reliable and timely data that keeps you abreast of changes and challenges in your market and industry.
  3. 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).
  4. Organizations will 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.
  5. 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.

Title File Type File Size
2023 Pay trends in the Retail industry PDF .1 MB
Contact us