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2024 Salary Increase Budgets Moderate; 2025 Projections Indicate Further Contraction

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WorldatWork Survey finds 70% of organizations are taking action on pay equity. 

SCOTTSDALE, Ariz., Aug. 1, 2024 /PRNewswire/ — A year ago, participants in WorldatWork’s 2023-2024 Salary Budget Survey predicted a decline in salary increase budgets for 2024 across most of the world. Most countries indeed experienced a drop in 2024 salary increase budgets compared to 2023, often exceeding the forecast. Projections for 2025 suggest further contraction of salary increase budgets is expected in 2025 in almost all surveyed countries according to WorldatWork’s 51st annual Salary Budget Survey. WorldatWork, the Total Rewards association, is the leading provider of comprehensive compensation data and insights. The 2024-2025 Salary Budget Survey, covering nearly 17 million employees from 22 countries, reports detailed information about actual base salary increase and merit budgets for 2024 and projections for 2025.

After forecasting that average overall salary increase budgets would drop to 4.1% this year, U.S. respondents reported that average overall salary increase budgets fell from 4.4% in 2023 to 3.9% this year. They foresee a slight additional decline in 2025 to a 3.8% average budget. In addition to contracting salary increase budgets, this year’s study also revealed that in the U.S. the reported range of salary increase budget amounts is consolidating. 2024 data show fewer extreme budgets, low or high, than in recent years. And within the U.S. and Canada, geographic variation is modest. 

WorldatWork’s Salary Budget Survey is the longest-running survey of its kind. It is a key resource for Total Rewards and HR professionals and their C-suite partners. With year-over-year data, decision-makers can devise competitive compensation strategies and comprehensive rewards systems to help attract and retain high-caliber employees. 

An easy-to-use Online Reporting Tool facilitates tailored reporting based on industry, organization size and/or geographic region (within the U.S. and Canada), helping compensation, Total Rewards, and HR professionals prepare informed salary budget recommendations for their organizations. The Online Reporting Tool allows you to better understand the complex interrelationships of geography, organization size, industry, and workforce composition to develop the best recommendations for your organization. 

“Organizations of all kinds, from government entities to global multi-nationals to mid- and large-market enterprises to small businesses, rely on this annual survey to benchmark and plan salary increase budgets that will sustain the workforces they need,” said Sue Holloway, Director, WorldatWork. “This study reveals that compensation professionals have a nuanced grasp of the factors impacting salary budgets. They were able to foresee the decline in salary increase budgets that we’ve observed this year. We look forward to continuing to support Total Rewards pros as they leverage data and think strategically to formulate 2025 compensation budget recommendations and negotiate with CFOs.” 

Report Highlights:    

Additional countries included in 2024: New to this year’s study are data from the Gulf Cooperation Council (GCC) countries, South Africa, South Korea, and Vietnam.

New industry data for Pharma. For the first time this year, data are available for Pharma as a standalone industry.

Organizations are taking action on equity. Across the U.S., Canada, the UK, and India, the majority of organizations anticipate making pay adjustments to remediate pay equity issues in 2025. These adjustments may include both those required to maintain internal equity among employees as well as those needed to resolve unwarranted differences in pay between different groups of workers.

Canadian salary increase budgets came in at predicted levels in 2024. After correctly predicting that 2024 salary increase budgets in Canada would average 3.9%, Canadian HR pros anticipate a slight additional decline in 2025 to 3.7%

India’s substantial increase budgets. India again shows the largest average salary increase budget in the survey, averaging 9.6% for 2024. This figure, matching last year’s prediction for 2024 is a four-tenths decrease from last year’s average of 10%.

UK salary structure adjustments slow in 2024 but exceed predictions. Coming in at 4.3% in 2024, salary increase budgets in the UK came in at the level projected by participants in last year’s Salary Budget Survey, but salary structure adjustments slightly exceeded predictions. Nonetheless, 2024 structure adjustments, averaging 3.1% in 2024, are lower than 2023 adjustments and are projected to decline further in 2025.

Methodology:
WorldatWork collected survey data for the “2024-2025 Salary Budget Survey” from April 8, 2024, to June 15, 2024. The survey was completed by 2,249 organizations, many of which reported data for multiple countries, resulting in 6,536 unique survey responses. Members were asked to respond for the U.S. and 24 other countries: Australia, Belgium, Brazil, Canada, China, France, GCC Countries, Germany, India, Italy, Japan, Mexico, Netherlands, New Zealand, Nigeria, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, the United Kingdom, the United States, and Vietnam. (Insufficient responses were received in 2024 to report data from New Zealand, Nigeria, or Russia.) 

About WorldatWork:   
WorldatWork is the leading global nonprofit association for professionals engaged in the critically important practice of Total Rewards. We serve those who are responsible for cultivating inspired, engaged, productive, and committed workers in effective and rewarding workplaces. We guide them in the design and delivery of Total Rewards programs with our membership, education, certification, idea exchange, thought leadership, knowledge creation, information sharing, research, and networking. For more than 65 years, WorldatWork has served Total Rewards professionals throughout the world working in organizations of all sizes and structures. Professionals from more than 93% of Fortune 500® organizations rely on WorldatWork for Total Rewards solutions. 

Media Contact:
Diana Adkins
480-304-6860
381215@email4pr.com

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SOURCE WorldatWork

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style

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BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.

The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide.  According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists.  However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.

Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc.  This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.

Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.

Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.

Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.

The Halal Route application is free to download on both iOS and Android systems.

Read the full article at https://www.chula.ac.th/en/highlight/185916/  

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SOURCE Chulalongkorn University

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