2024 Global Pay Transparency Survey Report 

Dublin, November 2024 — Mercer, a business of Marsh McLennan (NYSE: MMC) and a global leader in helping clients realise their investment objectives, shape the future of work and enhance health and retirement outcomes for their people, announced today its 2024 Global Pay Transparency Survey Report.

The report, based on responses from more than 1,000 companies worldwide, finds that across continental Europe, the Nordics, and the UK & Ireland, only 7%, 5%, and 1% of organisations respectively have implemented a pay transparency strategy, despite pay transparency legislation coming into force in the European Union in 2026.

Like much of the world, pay transparency is quickly becoming a requirement for organisations in Europe — critical not only to comply with regulations but also to attract and retain employees. Europe, however, lags behind other regions when it comes to having a pay transparency strategy, with the US leading the way at 19%.

Lea Lonsted, Mercer’s Pay Equity & DEI Leader, Europe & UK, said: "With the European Union's Pay Transparency Directive set to take effect in 2026, companies have limited time to prepare for the upcoming transparency requirements and reporting obligations that will be enforced starting in 2027."

However, the survey found that while over three-quarters of companies across continental Europe (75%), the Nordics (83%), and the UK & Ireland (87%) cited compliance as a key driver of their pay transparency strategy, around half of the companies noted increasing employee satisfaction and aligning with company values as additional leading drivers.

Nearly seven out of 10 employers (69%) across the world, 64% in continental Europe, 54% in the Nordics and 68% in the UK & Ireland agree that pay transparency is an expectation of candidates. In all regions, expectations for pay transparency are higher among candidates than employees, reflecting the growing demand for open compensation practices in the talent market.

While employers acknowledge the rising expectations around pay transparency, there is still a significant readiness gap. Less than one-third (32%) of organisations globally said they feel prepared to meet global transparency requirements.

Looking ahead, companies plan to significantly increase their level of sharing of hiring pay ranges on job postings as well as disclosures on gender pay gaps. Currently, 60% share hiring pay ranges but this is expected to rise to 94% globally in the next two years. Similarly, the survey sees disclosure on pay gaps rising to 75% globally over the next two years. Overall, Europe will likely see a greater increase, with 43% of organisations in continental Europe, 42% in the Nordics and 54% in the UK & Ireland currently sharing hiring pay ranges, and an expected rise to 93% in continental Europe, 93% the Nordics and 90% in the UK & Ireland over the next two years.

Gordon Frost, Mercer’s Global Rewards Solution Leader, added: “It’s time for companies to act on pay transparency. With fair pay the second-most important reason employees choose to stay with an organisation, employers need to prioritise these efforts to position themselves for success. The journey towards pay transparency is challenging, but it’s also ripe with opportunities for those who navigate it early and effectively. As organisations strive to meet the growing demand for transparency, they have the unique chance to transform what was seen as a compliance effort into a competitive advantage.”

For more information on the Ireland results of this survey please visit our Ireland specific page here.

About Mercer’s 2024 Global Pay Transparency Survey

Mercer’s 2024 Global Pay Transparency Survey was administered online from April 15 to May 15, 2024, and 1,160 companies headquartered in 45 countries participated. Approximately 35% of the companies that participated are headquartered in the Europe (Continental Europe and the Nordics), 32% in the United States, and another 22% in Canada, 7% in United Kingdom & Ireland, and 4% in Asia.

About Mercer

Mercer, a business of Marsh McLennan (NYSE: MMC), is a global leader in helping clients realise their investment objectives, shape the future of work and enhance health and retirement outcomes for their people. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit mercer.com, or follow on LinkedIn and X.