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PayWell Salary and Benefits 2023 Survey
This year we celebrate the 25th anniversary of PayWell - Salary and benefits survey. PayWell is a platform created to assist HR professionals and decision-makers to develop competitive HR policies that attract, motivate and retain talent & support the business strategy.
The 2022 edition gathered more than 180 participants from the following sectors: Banking, Leasing. Insurance, Pharmaceuticals, Retail, Industry, Technology, BPO/SSC.
Results are available on PwC’s interactive, user-friendly platform that includes not just extensive salary statistics but also insightful analytics, such as:
Intuitive PowerBI dashboards that allow customized data drill-downs, by sector, region, city or various demographics (gender, age, tenure, performance etc.) for unique positions or combination of positions
Salary trends for 3 years analyzed at overall or individual position level
Individual market positioning report
Qualitative reports on compensation and benefits practices, macro-economic and labour market indicators, executive summary ready to present to various stakeholders, quarterly HR Barometers
Annual report on gender pay gap (individual analysis and benchmarking)
Data collection & validation enhanced by technology
We hope you find our insights useful, and we invite you to contact us for more details.
Explore the key findings
Private sector gross wages increase
12.08%
increase in 2022
10%
increase expected in 2023
Double-digit wage increases have returned due to inflation, but real earnings have been eroded.
The sectors with the highest salary increases
Out of the sectors represented in the study, the Insurance sector recorded the highest average salary growth (17.8%) in 2022.
That was followed by the Retail sector (16.6%), BPO/SSC (11%) and Banking and Pharmaceutical sector (10.5%).
Staff categories
At overall market level, the highest paid staff category is 16 times higher than lowest paid, slightly higher than in 2021. Difference between highest and lowest average salary by staff category ranges between 4 and 15 times, depending on sector.
Top benefits
The benefits that were popular even before the pandemic continue to be appreciated, especially due to the advantageous tax treatments, but packages began to include a wider range of benefits, especially in the category of employee health and well-being of employees. Additional annual leave days, meal tickets, coffee and/or refreshments, medical subscriptions, special occasion bonus, flex time, team buildings, CSR activities, Bookstore, were the most popular benefits offered in the General market in 2022.
Medium and long-term challenges
In the long term, the new economic growth model focused on green and digitalisation will require adequate skills, especially digital, to maintain the competitiveness of employees in the labour market and, implicitly, the performance of companies. Under these conditions, HR teams need to develop attractive reward strategies that correspond to individual requirements, attract and retain talent while also taking into account the cost perspectives.
For PayWell 2023 edition, to celebrate the 25th anniversary, we launched new features which aim to keep you updated with the latest HR trends. In this respect we have the first edition of PayWell Spotlight, a flash salary survey that aims to explore base pay market changes in the first trimester of the year and an improved compensation & benefits report which also includes the fiscal perspective updated throughout the year.
Why PayWell
One of the best tools to analyze and understand reward data are Paywell dashboards. These are highly versatile and customizable, which makes them incredibly useful:
Trends Dashboard offers an overview into the evolution of salaries over the last 3 years.
Category Dashboard presents an insightful analysis of salary data depending on demographic variables such as Gender, Generation, Performance and Tenure.
Gender Pay Gap Dashboard calculates own metrics and allows benchmark analysis
Participants can access the Market Positioning Dashboard that explores in multiple graphic views your company's benchmark positioning.
Through its comprehensive reports and dashboards, which will help you aggregate information on multiple levels, together with an experienced account management team, Paywell 2023 is a powerful tool that will help you develop or adjust your Total Rewards strategy.
Contact us for the full report: |
ro_paywell@pwc.com |
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