Attracting and retaining employees plagues organizations worldwide
Organizations struggle to fill key roles at all levels
| Voluntary attrition rate | |
|---|---|
| Mexico | 11% |
| Great Britain | 14% |
| United States | 1.3% |
Key roles that employers will be recruiting for over the next 12 months
| Information technology | |
|---|---|
| Mexico | 100% |
| Great Britain | 27% |
| United States | 69% |
| Engineering | |
|---|---|
| Great Britain | 16% |
| United States | 63% |
| Sale | |
|---|---|
| Great Britain | 49% |
| United States | 50% |
2022 saw the highest salary budget increases in almost 20 years
Given the fundamental role pay plays in an organization’s ability to attract and retain talent, employers plan to make this adjustment by 2023 – but remain cautious about how and when they allocate their overall budget.
| 2022 overall actual wage increases (median) | 2023 overall projected salary increases (median) | |
|---|---|---|
| Mexico | 6% | 6% |
| Taiwan | 4% | 4% |
| Great Britain | 5% | 5% |
| United States | 5% | 5% |
In addition, organizations leveraged bonus payouts in 2022 and are again on track for the same in 2023
17%: Average projected variable payout for 2022 for middle managers and professionals
| Mexico | 22% |
|---|---|
| Great Britain | 25% |
| 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 or allowance) | 44% |
Top 3 Highest Paid Functions in the Industry at Professional Level 3 (P3)
| Brazil | China | Great Britain | United States | |
|---|---|---|---|---|
| TCT Technology / System consulting | AIC Information Technology | ALG legal | TPM Technology Product Management | |
| AID IT development | Retail Banking product development | TCT Technology / System consulting | AIC Information Technology | |
| AEM Data Science | ALC compliance | AID IT development | APM Project / Program management |
Median salary mix for Manager Level 3 (M3) in the Data Scientist role
| Brazil | China (Shanghai) | Great Britain | United States | |
|---|---|---|---|---|
| Base (%) | 56% | 69% | 69% | 73% |
| Bonus (%) | 20% | 18% | 1.3% | 15% |
| LTI (%) | 24% | 1.3% | 18% | – |
There are a handful of roles that will receive the highest pay premiums across regions
| Role | Wage premium (median, in % of basic salary) | |
|---|---|---|
| APAC | AI/Machine Learning Frameworks | 15% |
| EMEA | AI/Machine Learning Frameworks | 20% |
| LATAM | Cryptography, distributed ledger development, smart contract programming | 15% |
| NOW | Cryptography, distributed ledger development, smart contract programming | 15% |
6% increase in the number of unique organizations participating in WTW’s 2022 Fintech survey and a 10% overall increase in data submissions
Trends that will drive 2023 reward decisions
- Most Fintech organizations are improving their rewards by revitalizing employee value propositions, increasing workplace flexibility and offering more competitive compensation, such as spot bonuses and equity awards.
- Economic volatility and uncertainty can lead to lower levels of investment and economic growth, which will force organizations to revise their workforce and be more cautious about increasing wages (among many other things).
- 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 goals.
- To compete effectively against industry peers, compensation and HR professionals will seek a more sophisticated understanding and application of data in their strategic total reward practices and policies.
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Compensation, HR practices and policy surveys from WTW Delta arrow_right_alt
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