The easiest way to determine a fair wage in 2022…

Between recruitment and retention there is a little space where both overlap: Compensation.

With so many changes to the workplace over the last few years - along with hybrid workspaces and rising living costs -  one theme that keeps coming up is wage and compensation expectations. What is fair compensation in 2022?

 “We desperately need a new employee, but they are asking for the new market rate... He wants $30,000 more than the rest of our employees are paid. How can I do this fairly?”

“The squeaky wheel in our organization has asked for another raise. Not sure this person’s performance deserves one.  So, how can I manage expectations?”

“What are my local competitors paying? We just had a key employee leave and it was devastating!  How can I prevent this from happening in the future?”

“I want to be transparent about the wages we’re offering so our team knows we’re paying fairly based on capabilities and experience. Can you help us build structure around this?”

A Compensation Review* is an incredible tool to help you respond to precisely these questions.  First, you establish the job description and, then, set clear criteria for when and how someone gets compensated.  It creates an objective system to determine how much someone should make, when and why.

6 Benefits a of Compensation Review:

Clear Plan & Budget for Team Growth 

Analyzing a role allows you to better budget for employee retention and future positions. Plus, you’ll know how to meet the salary demands for valuable employees as they grow and take on more responsibility within your organization.

Reward the Right Employees

Taking steps to be transparent and fair in your compensation practice means you’re establishing yourself as a fair and thoughtful employer - an important part of being a desirable place to work! A compensation review helps you determine what you value: which employees do you want to reward, when and why? 

Reduces Job Switching

Switching jobs is sometimes recommended by recruiters because it is a strategic way to get paid 10-20% more. If that’s the advice your employees are getting, how can you respond proactively?

Having an impartial third-party review compensation gives you peace of mind that you won’t lose a key employee due to a 10% bump from a competitor down the road.  

Competitive offers get the best applicants!

Be confident that you’re competing for the best talent, and show that you have room for growth! A review allows you to clarify roles and create a career path for highly engaged employees. Trends are showing that job seekers want clear salary expectations in job postings. 

No Skewed National Average

Our compensation reviews are informed by 40+ years of Canadian recruitment experience.  The data we share with you comes from our respected recruitment partnerships, established here in Western Canada in the 1970s. Data can be provided for regular employees and executive and C-suite, as well.

This incredible access provides local data, local averages and results from local competitors. This is data which are truly relevant to you and your company.

Fair, Transparent & Predictable

Using this high-level compensation overview ensures a system that is fair so your staff knows that their compensation is objective.  It’s transparent, so they know what skills and abilities are needed to succeed and it’s predictable so you can plan future hires and promotions strategically. 

If you’d like to learn more Learn more about how a compensation might improve your organization’s systems we’d love to chat about it. Feel free to book a Discovery Call with Jillian or ask your Sales Rep for more information.

* A “Compensation Review” provides an executive summary that examines wage and bonuses based on a single role and its job description. It is not the same as a “Total Rewards Review” which is a more in-depth review that factors in all aspects of compensation - health benefits, life insurance, shares, retirement/pension and more. Total Rewards is more often used in the US as healthcare benefits factor heavily into compensation comparisons in a way that isn’t as applicable for most Canadian companies. The terms can be used interchangeably, but they are not the same thing. Note: Total Rewards Review can cost 10x more than a Compensation Review! If you have any questions about the differences, please don’t hesitate to drop us a line.