Attraction and retention remain challenging for organizations worldwide
Organizations grapple with sourcing talent for major roles at every level
Major roles employers plan to hire for in the next 12 months
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
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
Top 3 functions at professional level (P3) with the highest pay across all industries*
A few skills will receive the highest pay premiums across regions
Twenty-four percent increase in the number of unique organizations participating in WTW's 2023 Retail industry surveys, and a 13% overall increase in data submissions.
Trends expected to shape 2024 rewards decisions
- 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.
- 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.
- Given increasing legislation around pay transparency, organizations must prepare now to meet regulatory requirements. Objective job and pay structures, robust data and analytics, and manager education are likely to help your organization confidently deliver a pay narrative to internal and external stakeholders.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
