If evaluating your organization’s compensation and total rewards programs is part of your annual routine, you may have noticed that spring showers bring more than flowers – they also mark the start of compensation survey season.
Why is everyone seeking compensation data at this time of year? Though there are certainly exceptions, most annual changes to employee compensation happen between the months of January and April. Most decisions for these changes take place in October through January. Therefore spring is the busy season for those who gather and report on this information, so it is at its freshest come fall when the most people need it.
With a tightening labour market and the demand for highly skilled executive talent, it’s no wonder more and more organizations are looking to review and revitalize their executive compensation programs. A recent compensation report published by People First HR Services shows that executive salaries are once again on the rise as companies work towards retaining their leaders. Keeping on top of executive compensation is particularly important where the talent pool is limited by factors such as demographics or seemingly unpleasant geographic nuances that some cities present.
Optics play a big role in determining executive pay at a non-profit
We’ve all seen the media headlines scream CEO earns $250,000 or Head of organization gets $100,000 bonus. Recent Free Press headlines shouted Auditor general questions wages. This headline, like others, raised questions about executive salaries and left us to wonder, “Is it too much? How much is too much? Is there such a thing as too much?”
Recently I delivered a report presentation to a board of directors who asked me that very same question. Here’s a list of points that was offered to them for consideration:
As we ring in the new year, it is often a time to pause and reflect on past successes and maybe some transgressions with hopes of improving in the coming year. I asked three of our resident wise men and women what troubled our clients the most over the past year and how they planned to reduce their woes. Our industry experts provide uniquely valuable insight to help business leaders attract and reward the people who will ensure they continue to succeed by enabling their employees to do well at every stage of their career. Here are the top three common challenges our experts saw in 2012:
WINNIPEG, Manitoba (December 14, 2012) – People First HR Services has released the 2013 results of its annual Manitoba Compensation Planning Report. With survey data from more than 130 Manitoba employers, the report shows that on average, Manitoba workers saw a 3% increase in their compensation in 2012. Looking forward to 2013, employers are currently projecting average salary increases to for 2013 to be 2.9%. Though this appears down relative to 2012, historically employers are cautious when making their estimates. Real increases in 2013 are likely to increase to at least the 2012 levels. Businesses that want to stay competitive should be budgeting accordingly.
All you have to do is type the word salary into any web browser and you will get a plethora of options to choose from to find out how much you should be paid.
If you are the employee who is searching for this information, you may choose to focus on the highest of those that you find. If you are the employer, your view may be different on what the “right” salary is for that same position. I conducted a test of three different websites offering to give me the salary for an accountant, and I came up with three different salaries, with an overall difference of $30,000.
October 19, 2011 – According to the results of the 2011/2012 Compensation Survey for Manitoba Employers Report released today, the competition for talent is driving increases in salaries across many senior leadership roles; while benefits at all levels continue to evolve to match employees’ needs for life-work balance.
“The survey results clearly show that employers have recognized the need to attract and retain top talent, particularly those organizations who suffered staffing set-backs through the recession. We are seeing salary increases across most employee groups trending back to normal pre-recession levels.” says Colleen Coates, National Practice Leader, Total Compensation, People First HR Services.
The attraction and retention of key talent is an important component of an organization’s overall success. That’s why successful organizations consider all of the elements of a total rewards program when communicating with prospective or current employees.
Total rewards, frequently referred to as total compensation, are the tools that make up the employee value proposition. In other words, total rewards include everything that an employee perceives to be of value. Essentially, an employer provides rewards that its employees value in exchange for their employees’ time, talent, effort and, of course, results.
The answer to the question of “How much are you worth?” can often elude both employees and employers. Ask these two groups the same question and you’ll probably receive two very different answers.
The truth is salaries come in all shapes and sizes. Whether you’re negotiating a starting salary or looking for a raise, you should know how much you’re really worth and understand how your organization determines the amount you are paid. Your colleague’s paycheque may be larger or smaller than yours, regardless of how long you have been working for the organization or how many bills you have.