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The Canadian high-tech industry is scaling up and the demand for skills is shifting away from Canada’s conventional and resource-driven industries. In Mercer’s 2019/2020 Canada Compensation Planning survey, the average total increase budget for the high-tech industry was forecasted at 3.9%, exceeding all other reported industries, including the longtime front running energy industry, which has taken a back seat.
The Digital Media/Gaming sub-sector has been particularly hot, with median salaries increasing by 6.6%. The HR Tech Group Salary Survey, conducted by Mercer, reported that the most drastic increases in compensation this year include:
Canada-wide merit increases remained flat for 2019 and forecasted for 2020, despite a competitive labor market. The highest projected total salary increases for 2020 are in the Canadian tech hotspots of Greater Vancouver and Greater Toronto.
“(British Columbia) has become a major force in the tech industry, not only in Canada but across North America, and we are seeing compensation trends reflect that,” said Stephanie Hollingshead, CEO of the HR Tech Group. “Our industry has a globally competitive workforce that is continuing to drive economic value for our province.”
The high-tech industry is also experiencing notable voluntary turnover of 13.2%, slightly higher than the national average of 12.1% as reported in the 2019 Canada Mercer Turnover Survey. More and more tech jobs are rapidly being created across all industries, further increasing the demand and competition for talent.
Competing on pay is not an option for all tech organizations as many new start-ups enter the market. Perks and workplace benefits are heavily relied upon to gain a competitive edge when attracting top talent. Workplace benefits like flexible work hours, work from home options, and fully equipped game rooms and flex spaces are now provided by the vast majority of tech organizations, and benefits such as paid time off to volunteer are quickly increasing in prevalence and being considered by many others.
Is your company recognizing and rewarding its best high-tech talent in these rapidly changing times? Contact Mercer today to see how we can help you stay cool in this red hot high-tech world.