Attraction and retention remain challenging for organizations worldwide
Organizations grapple with sourcing talent for major roles at every level
| Location | Average voluntary attrition rate |
|---|---|
| China | 4% |
| Mexico | 9% |
| United Arab Emirates | 4% |
| United Kingdom | 4% |
| United States | 5% |
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.
Employers (60% or more) in every industry worldwide have taken or are considering taking the following measures:
- Compensation review of specific employee populations
- Full compensation review for all employees
- Targeted increases for specific employee populations
- Hire people higher in relevant salary range
CFO/chief financial officer pay mix at median level
CEO pay mix at median level
Percentage of annual incentives (actual and target) and LTI in CEO base salary
| Country | Actual bonus % of base salary | Target bonus % of base salary | LTI % of base salary |
|---|---|---|---|
| China | 43% | 64% | --% |
| Mexico | 82% | 77% | 118% |
| United Kingdom | 106% | 90% | 150% |
| United States | 120% | 125% | 570% |
Percentage of annual incentives (actual and target) and LTIs in CFO base salary
| Country | Actual bonus % of base salary | Target bonus % of base salary | LTI % of base salary |
|---|---|---|---|
| China | 32% | 28% | 20% |
| Mexico | 43% | 36% | 28% |
| United Kingdom | 53% | 45% | 48% |
| United States | 51% | 50% | 103% |
Three percent increase in the number of unique organizations participating in WTW’s 2023 executive surveys, and a 6% overall increase in data submissions
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