In this report, we detail compensation practices in base pay, variable pay, benefits, strategy, grades and ranges and the links among compensation, culture, performance and engagement. Here are some highlights:
- Only 13 percent of surveyed companies gave an average raise of 3 percent in 2016 (14 percent budgeted for it), while other respondents went higher or lower. Seven percent actually budgeted more than 5 percent for increases.
- Most Canadian organizations in the report have a compensation strategy, or are working on one — 38 percent and 36 percent, respectively.
- The top three reasons for changing compensation strategy among organizations were retention (78 percent), recruitment (71 percent) and the need to pay more for hot skills (58 percent).
- Canadian companies count retention among their top talent concerns. Half of Canadian organizations reported this year that they agree or strongly agree that employee retention is a major concern for the company.
- Nearly 80 percent of respondents said some type of variable pay was part of their compensation structure.
- Many surveyed companies have aspirations of increasing transparency about compensation: Twenty-nine percent said they hope to be at Level 3 on PayScale’s Transparency Spectrum next year, and 22 percent hope to be at Level 4.
Wanna dig deeper? Grab your copy of the 2017 Compensation Best Practices Report: Canadian Edition for many, many more insights.
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