Year after year, employers face the challenging task of creating an affordable salary scale that attracts and retains top talent in their industry. Stay ahead of the curve and elevate the employee experience at your organization with Adecco’s Salary Guide for 2020.
Canadian salaries continue to rise, with Morneau Shepell projecting an increase of 2.7 percent across Canada. Even with the expected slowing of the Canadian economy, salaries are still expected to grow, which is why Adecco’s Salary Guide is so useful. It helps employers identify the salary ranges their candidates expect in today’s job market so that you can make your compensation package as attractive as possible for today’s top talent.
As you prepare for 2020, here are the factors that determine pay rates that you need to consider.
1. Competitive labour market
September saw almost 54,000 new jobs added to the Canadian economy with the unemployment rate dropping to 5.5%. As the competitive labour market remains a reality within Canada, employers are driven to offer higher salaries and benefits to applicants to attract and secure top talent.
2. Comprehensive compensation packages
As salaries continue to rise, employers are using comprehensive compensation packages to gain a competitive edge on other employers. These packages go beyond salaries to offer additional benefits that support their financial, physical and mental health. So, in addition to health insurance, paid vacation and paid time off, consider including flex work or telecommuting, profit sharing and retirement or pension plan contributions to provide an attractive compensation package.
3. Demand for technology
Continuous growth of technology means employers must consider how to determine pay rates to secure top talent in IT and Engineering fields. Technology fields expect an upsurge in salary of 3.2% reflecting a high demand for skilled talent from a shrinking labour pool.
4. Employee retention
As employers compete over a small pool of top talent, employee retention is a key consideration in determining salaries for employees. Providing fair compensation for employees leads to higher job satisfaction and motivates employees at work, ultimately leading to greater employee retention within the workforce.
Still questioning how to determine salary for a position? Check out Adecco’s 6 tips for establishing pay rates or contact your local Adecco branch today!