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.
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.