GLOBAL TOTAL

REWARDS
PULSE SURVEY
Compensation Practices
& Pay Transparency
CONTENTS

Pay Transparency

Workforce Planning

2023 Salary Increases

2024 Salary Planning

Additional Resources

© 2023 Korn Ferry 2

We continue to stand at a This is the eighth in a series of global pulse surveys from Korn Ferry designed to gather
insights into how organizations are adapting their reward programs in response to a
crossroads in the world of rapidly changing world. The primary focus of this survey is on trends around pay
work. As a result of nearly transparency and their impact on business and reward management practices.
three years of adapting Across the globe, companies are increasingly compelled to comply with new legislation
and evolving, organizations addressing pay equity. This includes an evolving regulatory that calls for banning
disclosure of compensation history for applicants, providing greater transparency in
globally have charted new
reporting of gender pay gaps, and requiring disclosure of pay ranges when recruiting
business and talent strategies, for open positions.
and this has had a significant This survey was conducted in April and May 2023, and reflects responses from
impact on the direction of 2,608 participants in 94 countries. Survey respondents are typically HR and total
reward programs rewards professionals, and their organizations cover a broad range of size, geography,
and ownership structure.
Market practices will continue to evolve, and Korn Ferry will continue to monitor and
report on future trends. If you have additional questions on this information, please
contact us here: [email protected]

© 2023 Korn Ferry 3

ON GLOBAL RESULTS

PAY TRANSPARENCY

Most organizations have not yet taken action Pay transparency will have varied organization impacts.
on pay transparency A majority of organizations:
■ Most are in wait or deliberation mode to see how regulations ■ See pay inequities being reduced.
or common practice will evolve.
■ Believe that reward structure and governance are likely to increase.
■ Larger organizations are typically ahead of the curve in
■ Anticipate less negotiation in new hire pay, and less variation in
taking action.
pay for performance.
■ "Running out the clock" is becoming a less viable option.
■ Are uncertain if turnover will increase.

© 2023 Korn Ferry 4

ON GLOBAL RESULTS

PAY TRANSPARENCY

Survey participants perceive varied business benefits Reward strategies are starting to change in response
■ Job applicants are expected to benefit the most. to the new environment

■ Current employees are also expected to benefit from pay ■ Reward communication strategies will be overhauled.
range transparency. ■ Content of what's communicated.
■ However, there is concern about the potential for workforce ■ Process, roles, and delivery.
disruptions with increased transparency.
■ Management discretion and pay governance is shifting.
■ Wages and costs of doing business are expected to increase.
■ Less freedom/more framework.
■ More active HR role in change management.
■ Significant management upskilling and employee
education and awareness are required.
■ Pay transparency is seen as both a compliance and strategic issue.

© 2023 Korn Ferry 5

ON GLOBAL RESULTS

PAY TRANSPARENCY

Hiring and layoffs Employee turnover

■ Most organizations have not made reductions in their workforce. ■ Has slightly increased over the last year in a majority of
countries sampled.
■ Slight majority of organizations are not planning on major changes
to hiring plans. ■ Most increased turnover is in clerical and junior
professional/management ranks.
■ Of those changing their hiring plans:
■ Turnover is highest among US, UK, and Australia of the
■ A majority are slowing or freezing hiring activity.
countries sampled.
■ Others are focused on hiring only for critical roles.

© 2023 Korn Ferry 6

ON GLOBAL RESULTS

PAY TRANSPARENCY

2023 Increases 2024 Increases

■ Most organizations (70%) have already delivered 2023 base ■ There is a general downward trend in 2024 planned base salary
salary increases. increases vs. increases received in 2023.
■ A majority (64%) of these organizations have delivered 2023 ■ There is little difference in planned increase amounts across employee
increases consistent with plan. groups (e.g., executive to support staff) within a country.
■ Those who varied from plan delivered higher (vs. lower) increases
by a 4-to-1 margin.
■ Many organizations are paying out bonuses comparable to the
previous year.

© 2023 Korn Ferry 7

PARTICIPANT

© 2023 Korn Ferry

PARTICIPANT OVERVIEW

Mexico & Central

Developed Asia America
2% 3% Middle East
1%
Emerging Asia
3%
This survey reflects responses
Eastern &
from 2,608 participants across South
Central Europe
America
94 countries. Organizations 14%
34%
span a range of size, geography,
and ownership structure.
Respondents are largely from
the HR function and include
Total Rewards practitioners,
North America
HR Business Partners, and & Caribbean
heads of HR. 17%

Africa
2% Pacific Western
2% Europe
22%

© 2023 Korn Ferry 9

By Number of Employees By Ownership Type

More than Goverenment/ Other

20,000 Public Sector 3%
Less than
employees 1%
100
7% employees Publicly Held
State Owned 23%
12%
5001 to 2%
20,000
employees 101 to 250
15% employees
11%
Family
Owned
8%
251 to 500
employees
Not-for-profit
1,501 to 11%
4%
5,000
employees Privately
Held Joint Venture/
24%
57% Cooperative/
Mutual
501 to 1,500
2%
employees
21%
© 2023 Korn Ferry 10
 Industrial Goods 14% Utilities 4%
Fast Moving Consumer Goods 13% Insurance 3%
High Technology 7% Financial Services 3%
Retail 5% Services 3%
Chemicals 5% Healthcare 2%
Transportation 5% Telecommunications 1%
Consumer Durables 4% Education 1%
Oil and Gas 4% Not-for-Profit 1%
Banks 4% Leisure and Hospitality 1%
Natural Resources 4% Public Sector 1%
Life sciences 4% Media 1%
Construction and Materials 4% Other 6%

0% 5% 10% 15% 20% 0% 5% 10% 15% 20%

© 2023 Korn Ferry 11

TRANSPARENCY

© 2023 Korn Ferry

CURRENT PAY TRANSPARENCY EFFORTS?

Most organizations are

We have already developed and implemented an approach deliberating the direction they
to pay transparency that reflects the compliance 12%
environment and our strategy going forward will take or are taking a "wait
and see" approach

We have developed (or will be) a set of enterprise

principles around pay transparency and will be consistent in 15%
our approach within country

We are actively reviewing our approach to pay

transparency and will develop a situational approach based
29%
on the regulatory environment of the country (or jurisdiction
within a country)

We are complying as needed and taking a wait-and-see

45%
approach based on how the regulatory environment unfolds

0% 10% 20% 30% 40% 50%

© 2023 Korn Ferry 13

 Most see efforts reducing
Cause employee turnover to increase 3% 19% 37% 35% 6% pay inequities across
employee groups, but
Result in less variation in pay relative to individual also see it as disruptive
7% 37% 31% 24%
employee performance and diminishing pay-to-
2%
performance relationships.
Cause disruptions in perceptions of pay equity with
10% 40% 28% 19%
existing employees
3%

Result in less negotiation on compensation with

12% 40% 28% 19%
applicants for roles
2%

Reduce pay inequities across gender, race, ethnicity 4%

42% 42% 11%
and other dimensions
1%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Strongly Agree Neither Agree Disagree Strongly

Agree nor Disagree Disagree

© 2023 Korn Ferry 14

 Organizations rethinking
Cause us to change the way we market price jobs 6% 30% 28% 30% 6% the balance between
freedom and framework
in their reward programs
Cause us to change the way we grade and level jobs 7% 29% 22% 36% 7%
as well as HR's and
managers' role in this.
Cause us to change our overall reward strategy 9% 31% 27% 28% 6%

Cause us to rethink HR's role in determining pay

10% 42% 24% 22% 2%
amounts and increases for employees

Cause us to rethink the balance between manager

discretion and structure and guidance in pay 9% 52% 25% 13% 1%
determination
0% 20% 40% 60% 80% 100%

Strongly Agree Neither Agree Disagree Strongly

Agree nor Disagree Disagree

© 2023 Korn Ferry 15

 Increased levels of
Cause us to increase our level of investment in investment needed in
18% 48% 25% 9% 1%
employee education, training and communication
reward communications,
manager capability building
Cause us to increase our level of investment in and employee education,
21% 49% 21% 9% 1%
manager education, training and communication training and communication.

Cause us to change our reward communication

21% 51% 16% 11% 2%
strategy

Cause us to change how we assess and reward the

8% 35% 23% 29% 5%
performance of our employees

0% 20% 40% 60% 80% 100%

Strongly Agree Neither Agree Disagree Strongly

Agree nor Disagree Disagree

© 2023 Korn Ferry 16

 It is beneficial to the organization's financial Primary beneficiaries of pay
10% 32% 40% 16% 3%
effectiveness transparency are applicants
and current employees.
It is beneficial to the organization's business and
15% 52% 26% 6% 1%
people strategy The financial effectiveness
of the organization is seen
It is beneficial to the organization's mission and vision 14% 49% 28% 8% 1% as being diminished as a
result of pay transparency
It is beneficial to the organization's managers and
13% 48% 28% 10% 1%
leaders

It is beneficial to current organization employees 13% 52% 26% 8% 1%

3%
It is beneficial to applicants for roles 24% 58% 15% 1%

0% 20% 40% 60% 80% 100%

Strongly Agree Neither Agree Disagree Strongly

Agree nor Disagree Disagree

© 2023 Korn Ferry 17

PAY TRANSPARENCY Very likely to
Very likely to
increase wages decrease wages
Likely to
7% 1%
decrease wages
5%

ON WAGES

By a 9-to-1 margin,
organizations see the
potential of pay transparency
to increase (vs. decrease)
wages. But 43% think there
will be no impact at all.

Will neither
Likely to decrease nor
increase wages increase wages
44% 43%

© 2023 Korn Ferry 18

PAY TRANSPARENCY
More of a strategic More of a compliance
issue than a issue than a strategic
compliance issue issue
16% 20%

IS…

Most organizations see

pay transparency as both a
strategic and compliance issue,
suggesting a need to revisit
their overall rewards strategy.

An equally balanced
compliance and
strategic issue
64%

© 2023 Korn Ferry 19

PAY TRANSPARENCY Very ineffective Very effective
2% 2%
Ineffective
10%

OF OUR CURRENT PAY

TRANSPARENCY EFFORTS IS…”

Effective
A minority of respondents 34%
(36%) see their pay
transparency efforts as
effective or very effective.
This is likely based on
many organizations still
deliberating their approach.
Neither
effective nor
ineffective
52%

© 2023 Korn Ferry 20

WORKFORCE

© 2023 Korn Ferry

 While most organizations are not changing their hiring plans,
a third of participants are taking actions related to hiring.
Already begun making
No, and not expecting Of the 33% adjusting their hiring plans, most are prioritizing hiring only key
policy/hiring changes
to make changes roles (76%) or slowing or freezing hiring (57%)
33%
57%
Prioritizing hiring only for key 76%
roles/functions 69%

37% 57%
Slowing or freezing hiring
64%

50%
Adjusting location of hiring to lower cost 8%
locations 10%

Shifting to hire short-term contract staff in 5%

place of full time employees 8%
13%
5%
Other
5%
No, but we will be
making changes in 2023 0% 20% 40% 60% 80%
10%
May '23 Results October '22 Pulse Survey Results

© 2023 Korn Ferry 22

REDUCTIONS IN

Yes
22%

While the economic 18%

outlook is concerning for many
organizations (and some have
already experienced an impact
on their business performance),
only 22% of respondents reported
implementing workforce reductions
This is a slight increase from our
last Pulse Survey in October 2022
82%
No
78%

© 2023 Korn Ferry 23

 Middle The adjacent table lists
Overall Executive/ Supervisory/
Country Median (All Senior
Management/
Junior
Clerical/ Change from the median annual voluntary
Seasoned Operations Oct ‘22
Employees) Management
Professional
Professional turnover for select countries,
by employee group
Australia 9.8% 4.0% 9.7% 13.0% 12.5% - 1.5%

Brazil 5.2% 4.9% 5.0% 5.0% 5.8% + 2.2% Australia, United Kingdom,
and United States continue to
Canada 6.2% 1.5% 6.4% 7.0% 9.7% + 0.3%
see high turnover across most
China 4.4% 0.0% 3.0% 6.0% 8.6% + 0.6% employee groups as the job
France 4.9% 3.0% 5.7% 6.0% 5.0% + 0.6% markets in each country remain
extremely competitive.
Germany 3.6% 2.0% 4.0% 4.5% 4.0% + 0.7%

Italy 2.1% 0.0% 2.1% 4.0% 2.4% 0.0% Most turnover is occurring in
lower-level roles – including
Netherlands 4.3% 3.0% 4.0% 5.0% 5.0% - 0.6%
clerical/operations and
Spain 1.9% 0.3% 3.0% 2.9% 1.4% + 0.2% supervisory/junior professionals.
United Arab Emirates 3.0% 0.0% 4.0% 5.0% 3.0% + 0.7%

United Kingdom 9.2% 5.0% 9.8% 12.0% 10.0% + 1.4%

United States 8.6% 4.0% 8.5% 10.0% 12.0% -1.4%

© 2023 Korn Ferry 24

© 2023 Korn Ferry
2023 ACTUAL

No, we are granting salary

increases as we planned to
at the start of the year Yes, we have increased our
CHANGES TO SALARY 64% budget and will grant higher
increases than we were
INCREASE BUDGET initially planning
28%

Most organizations (64%)

are granting increases as they
planned to at the beginning
of the plan year. Those varying
from this are providing higher
Yes, we have reduced
(vs. lower) increases by a
our budget and are
4:1 margin. granting lower
increases than we
were initially planning
6%

Yes, we are freezing

salaries for 2023
2%

© 2023 Korn Ferry 26

PROVIDING 2023 SALARY INCREASES

70% of companies have provided salary increases for 2023.

70% 30%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Yes No

Most organizations (70%) have already provided their annual salary increases for 2023 to employees. The remaining 30% of survey respondents have
planned salary increases for the year, which are reported in the following section.

© 2023 Korn Ferry 27

FROM LAST YEAR

We aren't paying bonuses for the most recently

8%
29% of organizations
completed performance year
are paying out bonuses
More than 20% lower 10% comparable to the
previous year.
11 - 20% lower 5%
A third of the respondents
1 - 10% lower 10% are paying no bonus or
lower bonuses than the
Same as last year 29%
prior year, and another
third are paying out
1 - 10% higher 17%
higher bonuses.
11 - 20% higher 8%

More than 20% higher 12%

0% 5% 10% 15% 20% 25% 30% 35%

© 2023 Korn Ferry 28

Median and average planned salary increases in 2023 by employee group
In this section, these are salary increases that have already been enacted in 2023. For most countries globally, there
is little variation in median salary increases across employee groups.
Overall Median Executive/Senior Middle Management/ Supervisory/Junior
Country Clerical/Operations
(All Employees) Management Seasoned Professional Professional

India 9.5% 9.5% 9.5% 9.5% 9.5%

China 5.5% 5.5% 5.5% 5.5% 5.5%

Malaysia 5.0% 5.0% 5.0% 5.0% 5.0%

Singapore 4.3% 4.0% 4.0% 4.5% 4.5%

Hong Kong, China 3.7% 3.5% 3.8% 3.8% 3.7%

Australia 4.0% 4.0% 4.0% 4.0% 3.9%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 29

Median and average planned salary increases in 2023 by employee group
Overall Median Executive/Senior Middle Management/ Supervisory/Junior
Country Clerical/Operations
(All Employees) Management Seasoned Professional Professional

Canada 4.0% 4.0% 4.0% 4.0% 4.0%

United States of America 4.0% 4.0% 4.0% 4.0% 4.0%

Mexico 7.2% 6.5% 7.0% 7.4% 8.0%

Costa Rica 4.8% 4.9% 5.1% 4.9% 4.3%

Argentina 31.1% 30.0% 32.0% 30.0% 32.4%
Colombia 13.3% 13.0% 13.0% 13.0% 14.1%
Peru 6.2% 5.5% 6.0% 6.8% 6.6%

Brazil 5.8% 5.7% 6.0% 5.7% 5.7%

Chile 5.0% 5.0% 5.0% 5.0% 5.0%

Ecuador 3.0% 3.0% 3.0% 3.0% 3.0%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 30

Median and average planned salary increases in 2023 by employee group
Overall Median Executive/Senior Middle Management/ Supervisory/Junior
Country Clerical/Operations
(All Employees) Management Seasoned Professional Professional

Belgium 7.2% 7.2% 7.4% 7.0% 7.0%

Austria 7.1% 7.1% 7.1% 6.9% 7.4%

Netherlands 5.2% 5.0% 5.0% 5.4% 5.5%

Portugal 5.2% 4.1% 5.0% 5.5% 6.0%

United Kingdom 5.1% 5.0% 5.0% 5.1% 5.4%
France 4.6% 4.0% 4.5% 4.9% 5.0%
Spain 4.6% 4.5% 5.0% 4.5% 4.2%

Germany 4.3% 4.0% 4.5% 4.5% 4.3%

Sweden 4.3% 3.9% 4.4% 4.4% 4.4%

Ireland 4.2% 4.9% 3.9% 4.1% 4.0%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 31

Median and average planned salary increases in 2023 by employee group
Overall Median Executive/Senior Middle Management/ Supervisory/Junior
Country Clerical/Operations
(All Employees) Management Seasoned Professional Professional

Denmark 4.1% 4.0% 4.0% 4.1% 4.1%

Norway 4.0% 3.9% 4.0% 4.0% 3.9%

Italy 3.7% 3.5% 3.8% 3.8% 3.6%

Finland 3.4% 3.0% 4.0% 4.0% 4.0%

Switzerland 2.2% 2.3% 2.2% 2.2% 2.1%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 32

Median and average planned salary increases in 2023 by employee group
Overall Median Executive/Senior Middle Management/ Supervisory/Junior
Country Clerical/Operations
(All Employees) Management Seasoned Professional Professional

Turkey 50.3% 50.0% 50.0% 50.0% 51.2%

Kazakhstan 13.6% 9.0% 14.0% 13.0% 18.5%

Ukraine 12.8% 10.3% 13.0% 15.0% 13.0%

Hungary 11.8% 10.0% 12.0% 12.0% 13.0%

Romania 9.2% 8.0% 9.8% 10.0% 9.0%
Poland 9.0% 8.0% 8.5% 9.5% 10.0%
Czech Republic 6.5% 6.0 6.0% 6.8% 7.0%

Slovakia 6.4% 5.0% 6.5% 7.0% 7.0%

United Arab Emirates 4.2% 4.0% 4.0% 4.4% 4.4%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 33

2023
PLANNED
In this section, these are salary increases that are planned, but have not yet been enacted in 2023. Again, there is little variation in median salary increases
across employee groups. Median planned increases in most countries generally align with actual increases (within +/- .5 percent).

Median and average planned salary increases in 2023 by employee group

All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

India 10.1% 9.9% 8.5% 9.6% 10.5% 11%

China 4.7% 5.7% 5.2% 5.5% 6% 6%
Malaysia 4.7% 4.5% 4.5% 4.5% 4.5% 4.5%

Singapore 3.3% 4.0% 4% 4% 4% 3.8%

New Zealand 4.7% 4.4% 4.2% 4.2% 4.2% 5%

Australia 4.2% 3.6% 3.5% 3.5% 3.5% 4%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 35

Median and average planned salary increases in 2023 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional
Canada 3.8% 4.0% 4.0% 4.0% 4.0% 4.0%
United States of America 3.5% 3.5% 3.5% 3.6% 3.5% 3.5%

Mexico 6.9% 7.0% 7.0% 7.0% 7.0% 7.0%

Peru 7.0% 5.9% 5.8% 5.8% 5.8% 6.0%

Chile 5.6% 5.5% 5.0% 6.0% 6.0% 5.0%

Brazil 5.8% 5.5% 5.2% 5.4% 5.6% 5.6%

Argentina 100% 100% 100% 100% 100% 100%

Ecuador 3.6% 3.0% 3.0% 3.0% 3.0% 3.0%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 36

Median and average planned salary increases in 2023 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

Austria 6.7% 6.6% 5.0% 6.6% 6.9% 7.7%

Netherlands 5.2% 5.0% 5.0% 5.0% 5.0% 5.0%

Norway 4.9% 5.0% 5.0% 5.0% 5.0% 5.0%

United Kingdom 5.2% 5.0% 5.0% 5.0% 5.0% 5.0%

Belgium 4.4% 4.8% 5.0% 5.0% 4.5% 4.5%

France 4.6% 4.7% 4.5% 4.8% 5.0% 4.5%

Portugal 4.1% 4.6% 4.2% 5.0% 5.0% 4.2%

Germany 3.8% 4.2% 3.8% 4.0% 4.5% 4.5%

Italy 5.3% 4.0% 3.9% 4.0% 4.4% 3.8%

Sweden 3.9% 4.0% 4.0% 4.0% 4.0% 4.0%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 37

Median and average planned salary increases in 2023 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

Denmark 4.1% 3.9% 3.9% 3.9% 3.9% 3.9%

Finland 3.7% 3.6% 3.5% 4.0% 3.5% 3.5%

Ireland 3.1% 3.5% 3.5% 3.5% 3.5% 3.5%

Switzerland 2.6% 2.5% 2.5% 2.5% 2.5% 2.5%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 38

Median and average planned salary increases in 2023 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

Turkey 53.9% 55.3% 55.0% 55.0% 55.0% 56.0%

Hungary 10.2% 9.5% 8.5% 9.5% 10.0% 10.0%

Poland 7.7% 8.1% 7.4% 9.0% 8.0% 8.0%

Romania 6.1% 8.0% 8.0% 8.0% 8.0% 8.0%

Czech Republic 5.2% 5.3% 4.5% 4.5% 6.0% 6.0%

Kazakhstan 5.6% 5.0% 4.0% 5.0% 5.0% 6.0%

United Arab Emirates 5.5% 4.0% 4.0% 4.0% 4.0% 4.0%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 39

2024 PLANNED
This section contains planned 2024 salary increases. There is a general trend of lower median planned increases in most countries vs. 2023 actual and
planned amounts. Again, there is little variation in median salary increases across employee groups.

Median and average planned salary increases in 2024 by employee group

All Employees Median Increase by Employee Group

Country Middle
Executive/Senior Supervisory/Junior
Average Increase Median Increase Management/Seaso Clerical/Operations
Management Professional
ned Professional

India 9.4% 9.8% 9.6% 9.8% 10.0% 9.8%

China 4.9% 5.2% 5.5% 5.0% 5.3% 5.0%

Malaysia 4.9% 5.0% 5.0% 5.0% 5.0% 5.0%

Singapore 4.3% 4.0% 4.0% 4.0% 4.0% 4.0%

Hong Kong, China 3.2% 3.4% 3.0% 3.5% 3.5% 3.5%

New Zealand 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
Australia 4.2% 3.5% 3.5% 3.5% 3.5% 3.5%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 41

Median and average planned salary increases in 2024 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

United States of America 3.7% 3.8% 3.5% 3.8% 4.0% 3.9%

Canada 3.9% 3.5% 3.5% 3.5% 3.5% 3.3%

Mexico 6.5% 6.3% 6.0% 6.0% 6.0% 7.0%

Costa Rica 5.0% 4.9% 4.7% 5.0% 5.0% 4.7%

Argentina 95.8% 90.0% 90.0% 90.0% 90.0% 90.0%

Colombia 9.0% 10.0% 10.0% 10.0% 10.0% 10.0%

Brazil 6.3% 5.9% 5.6% 5.9% 6.0% 6.0%

Peru 6.2% 5.1% 5.0% 5.0% 5.0% 5.3%

Chile 5.0% 4.3% 4.0% 4.5% 4.5% 4.3%

Ecuador 4.3% 3.1% 3.0% 3.0% 3.0% 3.5%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 42

Median and average planned salary increases in 2024 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

Austria 6.1% 6.8% 6.7% 6.7% 6.7% 7.0%

Portugal 4.3% 4.8% 4.2% 5.0% 5.0% 5.0%

Netherlands 4.3% 4.5% 4.5% 4.5% 4.5% 4.5%

Norway 4.1% 4.2% 4.4% 4.0% 4.0% 4.2%

France 3.7% 4.0% 4.0% 4.0% 4.0% 4.0%

Spain 4.1% 4.0% 4.0% 4.0% 4.0% 4.0%

United Kingdom 4.2% 4.0% 4.0% 4.0% 4.0% 4.0%

Germany 3.9% 4.0% 4.0% 4.0% 3.8% 4.0%

Denmark 3.8% 3.9% 3.9% 3.9% 3.9% 3.9%

Ireland 4.1% 3.7% 3.3% 3.8% 3.8% 4.0%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 43

Median and average planned salary increases in 2024 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

Italy 3.9% 3.5% 3.3% 3.5% 3.7% 3.5%

Sweden 3.0% 3.1% 3.1% 3.1% 3.1% 3.1%

Belgium 3.3% 3.0% 3.0% 3.0% 3.0% 3.0%

Finland 2.9% 3.0% 3.0% 3.0% 3.0% 3.0%

Switzerland 2.2% 2.4% 2.4% 2.4% 2.4% 2.2%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 44

Median and average planned salary increases in 2024 by employee group
All Employees Median Increase by Employee Group
Middle
Country Executive/Senior Management/ Supervisory/
Average Increase Median Increase Clerical/Operations
Management Seasoned Junior Professional
Professional

Turkey 41.9% 40.0% 40.0% 40.0% 40.0% 40.0%

Ukraine 10.4% 10.5% 10.2% 10.2% 11.2% 10.2%

Hungary 8.6% 9.3% 8.0% 9.3% 9.8% 10.0%

Kazakhstan 8.7% 8.5% 7.0% 8.5% 8.5% 10.0%

Poland 7.5% 7.0% 7.0% 7.0% 7.0% 7.0%

Romania 6.4% 6.5% 6.0% 6.5% 6.5% 7.0%

Czech Republic 6.3% 5.9% 5.5% 5.5% 6.0% 6.7%

Slovakia 5.7% 5.0% 5.0% 5.0% 5.0% 5.0%

United Arab Emirates 4.7% 4.0% 4.0% 4.0% 4.0% 4.0%

Egypt 13.9% 13.8% 12.5% 12.5% 15.0% 15.0%

* Data reported for countries with a minimum of 10 participants.

© 2023 Korn Ferry 45

ADDITIONAL

© 2023 Korn Ferry

For more information on how we can help you optimize your total
rewards program, contact us today

Contact Us

© 2023 Korn Ferry 47

Global Don Lowman [email protected]

Ronald Seifert [email protected]

North America
Scott Schnijderberg [email protected]

Europe, Middle Alasdair Walls [email protected]

East, & Africa Vijay Gandhi [email protected]

Kartikey Singh [email protected]

Asia & Pacific
Farhan Mahmoud [email protected]

Carlos Siqueira [email protected]

South America
Sebastian Mujica [email protected]

Mexico &
Ana Paula Chapa [email protected]
Central America

Other Queries [email protected]

© 2023 Korn Ferry 48

THANK

© 2023 Korn Ferry