The 3R Strategy Global Salary Planning Report for 2023-24 provides a comprehensive overview of salary increases, forecasts, global reward trends, and more, to help organisations make informed decisions and develop effective pay and reward strategies.
Key Findings
Lack of Transparency
Despite 57% of surveyed organisations saying that they have salary ranges, a whopping 77% of them admitted to not sharing them publicly with employees. What makes organisations so nervous about sharing information with employees when they have already done all the hard work?
Managers Are Not Equipped for Pay Conversations
The most common way of communicating to employees about pay is through managers and 1:1 discussions. With this in mind, we found it surprising that only 16% of organisations consistently provide training to managers on how to have pay conversations.
Without adequate support, blame often gets passed to HR and employees are left feeling as though they’re being treated unfairly.
Transparency for Candidates Is Lacking
Do you display pay ranges on job adverts?
If not, you—like 41% of our survey participants—could be reducing your talent pool massively. In fact, a recent Adobe study found that almost 85% of Gen Z employees wouldn’t apply for a job if it didn’t have a salary range listed alongside it.
Inequity Is Being Transferred Between Organisations
Consistency and equity is the first step to overtaking competitors in the race for top talent. However, 48% of organisations that participated are still allowing inequity to creep in through outdated recruitment methods. For example, asking about a candidate’s current salary.
More Insights
If your organisation is on a journey to pay transparency, the 2023-24 Global Salary Planning Report will open your eyes to the current state of these trends across over 20 industries and help you to identify where your organisation is falling behind.
As the economic landscape continues to evolve, understanding these trends can help you attract and retain talent, promote pay transparency, and build a culture of trust and fairness.
Use our data to understand what is happening within your industry sector and get your copy of the report today!