In light of the increasing labour shortage in Canada, it has never been more important to offer competitive wages to attract top talent.
Companies need to pay attention to their average salaries and benefits to be able to find and keep the best talent.
The Randstad 2024 Salary Guide provides information and advice on how to do this, including analysis and salary trends for the current year, insights on addressing labour shortages, and detailed salary data for hundreds of positions and locations across Canada.
The 2024 salary guide is the best tool for offering competitive salaries for employees and helping your company achieve its performance goals, including recruiting top talent.
Follow these steps to ensure that your company is getting the most out of the annual salary guide, or consider scheduling a meeting with our team to discuss it further:
- get the full picture
- draw up a provisional salary budget
- evaluate the salaries of your current employees
- compare the salaries of your employees with the same skills and background
- negotiate the salary of new employees with the right data
- include salaries in job descriptions
- implement a consistent salary structure
get the full picture
Keep in mind that not all sectors follow market trends, including salary increases.
Having access to the salary guide in these situations is a strategic added value. Don’t miss this opportunity.
draw up a provisional salary budget
Create a budget for annual salary increases by job titles and time of year. Make a list of all employees that need to be paid, as well as those that need to be recruited, and when. Find out the salary pay from the salary guide.
Calculate the projected costs of adding new positions, including annual salaries and recruitment costs.
Make a business case for the additional expense, showing how increasing the number of current employees or recruiting new ones will generate savings and additional revenues.
want to know how annual salaries will change in 2024 and how to pay your employees fairly? get your copy of our 2024 salary guide.get the salary guide
evaluate the salaries of your current employees
Retaining experienced staff who can mentor newer or less experienced employees is essential to cope with high turnover rates.
To ensure your organization's success, ensure employees’ average salaries increase with experience.
Salary increases should not be based solely on inflation in a labour-shortage environment, as ambitious and successful employees will know their worth. They will go elsewhere if they feel underpaid.
compare the salaries of your employees with the same skills and background
To promote a fair and diverse workplace, it is essential to rethink the pay scale. Compare your employees' salaries with the same skills and background for 40 hours a week.
Ensure you pay your employees fairly within each department of your organization.
Consider experience when making comparisons, and be aware that women and people from visible minorities often earn less in their hourly pay than their counterparts.
Studies have shown that companies with transparent pay scales see increased diversity, innovation, and profitability, regardless of size or industry.
negotiate the salary of new employees with the right data
If you’re hiring new employees, you must be prepared to negotiate salaries. Our 2024 salary guide can help you understand market trends so you can offer competitive rates.
Cutting corners on salary may lead to hiring lower-quality candidates who can’t do the job or will accept a better offer as soon as they find one.
Ensure your hiring budget reflects reality, then use our salary guide to determine the salary range for employees that you can use to adjust your final offer based on the skills and experience of the successful candidate.
include salaries in job descriptions
Many employers are reluctant to include salary information in job descriptions for fear of weakening their negotiating position or attracting candidates who are only interested in the salary pay.
But a job posting with a salary range or hourly pay typically receives more high-quality applications than one without.
Specifying a salary range or hourly pay upfront makes it easier to negotiate additional pay later, depending on the candidate’s experience and skills.
Remember that skilled workers know their value in the marketplace and are attracted to positions where the average salary is fair.
Failing to provide salary information may deter excellent candidates.
implement a consistent salary structure
If you’ve just started your business and are asking yourself what is a fair salary range or hourly pay to offer your employees.
Our salary guide can help you create a consistent salary structure that employees receive, ensuring that everyone is paid fairly.
In the salary guide, you’ll find salary data based on years of experience, location, and other job-specific elements. You can use this information to create your own salary structure.
call in the experts
Now that you have all the data in the salary guide, you can develop a comprehensive compensation budget for your company.
With all this information, you are ready to get your management’s approval to implement your salary plan or start the new year on the right foot as a business leader.
However, if you need help ensuring that your company takes full advantage of this information on salary trends, don’t hesitate to enlist the help of experts. We can help you navigate compensation challenges.
want to take full advantage of salary trends to attract and retain top talent?get the salary guide