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What’s The Market Rate? Up-to-Date Salary Information For Employers

What’s the Market Rate? Up-to-Date Salary Information for Employers

If you’re an employer in Canada, it should be no surprise to you that we are currently in a robust job market. As such, it’s always a good idea to make sure the compensation you’re offering is comparable to other employers in similar industries. Sure, you can ask your potential candidates what they’re making, but there are also many external resources you can use.
External Sources of Salary Data

  • The Government of Canada publishes salary data by industry, profession, province and region. These surveys are good but Service Canada’s survey is based on National Occupational Classification (NOC) codes. One of the difficulties in using the NOC is they classify apprentices with journeypersons and junior engineers with senior engineers.
  • Statistics Canada on the other hand, tracks earnings by industry across Canada which may be helpful in determining raises once salaries are set.
  • Some of the best and most detailed salary surveys come from Engineering Associations, such as Apega in Alberta.
  • Finally, there are consultants and companies that specialize in advising and collecting compensation data.
  • Here at Red Seal we conduct quarterly salary surveys for Heavy Duty Mechanics, Power Line Technicians, Millwrights and Electricians which can help our clients in their search for the right compensation structure. These surveys add to a number of government, private and association salary surveys which may be available to employers.

Salary and compensation decisions are critical to any business’s success; the right pay rate structure can help you attract skilled workers into your organization. More importantly, your employees are more likely to remain satisfied and stay on with your company. The truth is, if you’re not compensating for your employee’s experience, someone else will.

Kael Campbell is President and Lead Recruiter of Red Seal Recruiting Solutions, a company providing recruitment services in mining, equipment and plant maintenance, utilities, manufacturing, construction, and transportation. When he is not recruiting, Kael spends as much time as possible with family in the great outdoors and on the water. He volunteers his time as a Board Member of the Entrepreneurs Organization of Victoria and a Member of Victoria Marine Search and Rescue. You are invited to subscribe to our employer newsletter or submit your resume.