Even before COVID-19, employers across Canada were turning out their pockets to score top talent. Not literally — no one was passing new hires wadded up bills or a few coins covered in pocket lint. But around 66% of employers at the end of 2019 said they can’t come up with a good compensation strategy to attract new hires.
As we head deeper into the post-pandemic market, we’re seeing that trend quickly return. Talent shortages are growing in many industries, and it’s expected to get worse from here.
If you're struggling to come up with a compensation strategy that balances your business budget with the need to increase pay rates to attract or retain employees, you're not alone. And the issue isn't likely to resolve itself without action on your part.
learn about salary trends
Looking for support in how to put all this salary trend data to work for your business?download the guide
salaries are expected to trend up in 2023
A recovering economy and the markets to match are driving inflation, which naturally causes salaries to trend up.
Pair that with enormous skills shortages across Canada that have only been made worse by the COVID-19 pandemic, and you have a recipe for a highly competitive job market in 2022 and potentially beyond.
With many employers looking to hire for the same crucial skills, top candidates may have their pick of job offerings. While you don't always have to be the top bidder when it comes to salary offerings, you're not going to have consistent success with salary ranges that fall below the median.
But many businesses don't know where to start to ensure they're offering competitive compensation.
The process involves doing the research, benchmarking your pay rates against the competition and considering the value of any perks you offer. Because compensation isn't just salary — you should always consider the big-picture compensation package you can offer candidates (while keeping in mind the importance of earning potential).
randstad can help you strike the right balance
Randstad's industry-experienced, market-savvy teams can help you navigate compensation challenges. You can download our guide to find out how our teams partner with yours, helping you make data-backed, market-appropriate decisions about salary ranges and a host of other HR and hiring tasks.
The guide covers:
- some basics about why you can't ignore the fact that you might be offering noncompetitive salaries
- how you can partner with us to address compensation challenges
- some of the many benefits you get as an official Randstad partner
- how to begin your partnership with Randstad today