The Wynford Group, provider of the Canadian Salary Surveys (IAT),one of Canada’s most comprehensive Compensation Survey and HR Practices Reports, announced the results from their Fall Update Survey of over 350 organizations across Canada conducted in November 2011.
Approximately 66.5% of nation-wide participants indicated that they are expecting business growth in 2012, with only 5.3% projecting a decline. The optimism continues with the projected National average base salary increase climbing to 3.23% for 2012, with the highest provincial base salary projections as follows:
|– British Columbia||3.18%|
The industries leading the 2012 projections for base salary increases are:
|– Energy Sector||4.10%|
|– Engineering Procurement & Construction||3.96%|
|– Energy Services||3.75%|
With Canada’s 2012 economic growth outlook looking bright, many of the critical challenges Human Resource groups are facing relate to talent. From the Wynford 2011 Fall Flash Compensation Survey results, the top three HR challenges were:
|1||Attract Top Talent|
|2||Retain Key Talents|
|3||Develop/Maintain Competitive Compensation|
While past years’ challenges reflecting how organizations adjusted to the economic downturn, the current challenges focus on hiring and retaining employees, as the employment picture brightens, particularly in Western Canada.
The Wynford Group has been closely monitoring trends in Human Capital strategies since 2008. The chart below tracks some of the drastic changes that have occurred since the beginning of the recession in 2008. Key trends include:
- The recovery is in full swing with few staff reductions and recruitment now back to normal levels.
- Significant increases in the hiring of summer students and training budgets indicates growing skill and talent gaps.
- The increases in training budgets and use of retirees indicates a “talent squeeze” between New Hires and the Retirees supported by the increased Human Capital investment in those areas.