Canadian Human Resources Benchmarking: Total Rewards—October 2022
The Conference Board of Canada
October 3, 2022
This ongoing series examines the HR practices and metrics of Canadian organizations, specifically around turnover, engagement, diversity and inclusion, absence, and health and safety.
- Compensation and total rewards are key to attracting and retaining high-quality talent. However, most organizations (89.9 per cent) that participated in this survey pay at the 50th percentile (p50) for base salary.
- Short-term incentive plans (STIPs) make up nearly a quarter of total compensation for management- and executive-level professionals in the private sector. In contrast, the same employee groups in the public sector receive most of their compensation (over 82 per cent) as base pay.
- Individual cash incentives and bonuses are the most common STIPs offered by organizations. Employees in trades, service, and production positions, however, were slightly more likely to receive team-based STIPs.
- Over a third of C-suite executives (41 per cent) agree or strongly agree that adopting hybrid work models will necessitate the development of a new total rewards structure over the next year, while 17 per cent report that hybrid work arrangements will likely have no impact.