1、Rebalancing in a precarious economy and the age of pay transparency2023 Compensation Best Practices ReportEurope Edition The storm of the last few years is subsiding and the labour market is calming down,but a recession may be on the way and compensation strategy and transparency are only becoming m
2、ore important.Payscales flagship report for compensation professionals,HR leaders,and business executives distills data and insights from the largest known survey focused on compensation management best practices.The Europe Edition is intended to support employers by highlighting the most relevant d
3、ata,employment,and compensation trends in the European market.22023 CBPR Europe Edition| 04Highlights:Europe Edition16Trending topics and top priorities06Strategy and preparedness for comp challenges21Methodology 10Compensation planningTable of contents03Executive perspective12Salary data and market
4、 pricing 32023 CBPR Europe Edition| Executive perspectiveRuth Thomas Chief Product Evangelist,PayscalePolitical upheavals,financial volatility,and increasing European governance led to a rapidly evolving environment during 2022,with organisations having to adapt at pace to how the dynamics of work a
5、re changing.We saw headlines of strikes,high levels of inflation,and rising interest rates,yet labour markets remained persistently tight.For those of us working in HR and total rewards,the centres of focus were pay and pay progression.Employees heightened expectations for higher pay against the bac
6、kdrop of rising living costs and a decline in real wages prompted employers to re-spond.Their responses drove record levels of wage growth,which led to concerns of pay compression and pay equity.Nearly half of our survey respondents from Europe and the UK indicated they are concerned about pay compr