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ARTICLE · 01 SEPTEMBER 2023

Key Considerations When Building An Effective Total Rewards Strategy In An Evolving Business Landscape

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Changes in the global compensation and benefits landscape call for employers to adjust their total rewards strategy.

GlobalEmployment and HR
Edward Hsu
Edward Hsu

Changes in the global compensation and benefits landscape call for employers to adjust their total rewards strategy.

The structure of compensation and benefits practices worldwide is being redefined as employers respond to persistent inflationary pressures alongside a tight labour market. More employers are willing to adjust salaries to help their workforce cope with the economy. In most G20 countries, organisations are expected to have a higher salary increase rate in 2023, compared to 2022 or with the projected value for 2024, according to our 2023 WTW Salary Budget Planning Survey Report (Figure 1).

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In regions experiencing hyperinflation, employers are offering more frequent salary increases. For example, 52% of our survey participants in Argentina say they plan to adjust the salary of employees four times throughout the year. Given that inflation is causing employers to change salaries more frequently than usual, it's unsurprising that implementing a full

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