Robert Half Salary Guide shows tight labour market may grow tighter
by CM Staff
Half of workers (50 per cent) think they're earning less than they deserve.
TORONTO — Research from the just-released 2022 Salary Guide from Robert Half shows the Great Resignation trend may accelerate across Canada, and robust compensation packages will be critical for recruiting new talent. Following are five key trends for employers to note:
- Employees feel underpaid. Half of workers (50 per cent) think they’re earning less than they deserve. Millennial professionals (56 per cent) and women (54 per cent) are most likely to feel shortchanged.
- Workers may walk without a bump in pay. Nearly one in five employees (18 per cent) would consider quitting their job if they don’t get a raise by year’s end. Gen Z (35 per cent) and Millennial (28 per cent) workers are even more likely to make a career move if their salary doesn’t increase.
- In-demand roles are commanding top dollar. Employers need to pay competitively and be willing to negotiate to secure highly sought-after talent. In addition, 35 per cent of employers are offering signing bonuses to entice new hires.
- Compensation varies for remote staff. When recruiting for open roles, nearly six in 10 managers (59 per cent) will first look locally and then outside their city if it takes too long to find skilled candidates; 17 per cent will begin their search anywhere from the start given the talent shortage. Companies hiring remote workers are setting their pay by:
- Employer’s office location: 60 per cent
- Employee’s location: 40 per cent
- Candidates are considering the full package. When weighing job offers, it’s not all about the money. Workers most covet:
- Flexible work schedules: 75 per cent
- Remote work options: 61 per cent
- Employee discounts: 40 per cent
“Renewed business confidence is boosting hiring activity in professional industries across Canada, and the need for skilled workers is at an all-time high,” said David King, Canadian senior district president of Robert Half. “Professionals are in the driver’s seat when it comes to negotiating a raise or new role — and they are interested in more than just pay. Companies need to align their total compensation package with market trends and employee expectations.”
“While hiring is top of mind right now, keeping current employees motivated and engaged also needs to be an ongoing priority for organizations,” added King. “This includes regularly benchmarking salaries and identifying factors that enhance job satisfaction, such as opportunities for advancement, flexible schedules, and programs that support employee well-being.”