Attraction and retention remain challenging for organizations worldwide
Organizations grapple with sourcing talent for major roles at every level
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
Top 3 functions at professional level (P3) with the highest pay across all industries*
Two percent increase in the number of unique organizations participating in WTW's 2023 biopharmaceutical and life sciences industry surveys as well as a 2% overall increase in data submissions.
Trends expected to shape 2024 rewards decisions
01
There is a race across the industry for intellectual property and ownership of leading biotechnology innovations. To achieve this, big pharma is acquiring startups with promising scientific achievements, and that is expected to drive significant M&A activity.
02
Environmental goals remain a top priority. The industry's focus on Environmental, Social and Governance (ESG) and sustainability efforts will be a focal area in the coming year.
03
There will be an increased investment in production innovations. New technologies drive scientific progress and create opportunities for innovation. As the industry evolves, the use of robotics, automation technology and small-batch processing is becoming ubiquitous, and life sciences companies are focusing on facilities and properties designed to support these needs.
04
In response to a competitive job market coupled with inflationary pressures, many life sciences organizations have increased their emphasis on the nonfinancial elements of pay, including fringe benefits, language courses, global recognition programs, employee assistance programs and so on.
To view the full article click here
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.
