2017 SALARY BUDGET REPORT MAKING SENSE OF THE MARKET
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1 2017 SALARY BUDGET REPORT MAKING SENSE OF THE MARKET OCTOBER 2016
2 IS YOUR 2017 SALARY BUDGET FINALIZED? NO If you are finalizing your budget, the Accompass 2017 Salary Budget Report provides a strategic and systematic approach to helping you determine your budget, starting from examining your organization s priorities, to the actual increase itself. 86% 14% YES Congratulations on finalizing your budget. The following insights will provide you with great data to help you validate your assumptions. MAKING SENSE OF THE MARKET TOP COMPENSATION PRIORITIES IN WHAT S CONSIDERED WHEN FINALIZING THE ANNUAL MERIT BUDGET 3 IT S ALL RELATIVE: DO YOU PAY ABOVE OR BELOW MARKET? 4 DO EXECUTIVES GET A HIGHER MERIT INCREASE THAN ADMINISTRATORS? 5 ARE COMMISSIONED SALESPEOPLE ELIGIBLE FOR AN INCREASE? 6 ANNUAL BONUSES: WILL YOU PAY AT, MORE, OR LESS THAN TARGET IN 2017? 7 HOW MUCH ARE YOUR GROUP BENEFITS INCREASING BY? 8 SALARY BUDGET: 2%, 2.5%, OR 3%? 9 YOUR SALARY BUDGET TREND: IT S ALL ABOUT SUPPLY AND DEMAND 10 PAGE THE DETAILS: FOR YOUR REFERENCE 11 ABOUT ACCOMPASS 13 1 ACCOMPASS 2017 SALARY BUDGET REPORT
3 TOP COMPENSATION PRIORITIES IN 2017 Retain employees (e.g. competitive compensation package, succession planning, positive work environment, employee communication) 45% Motivate employees (e.g. performance management, annual bonus/incentive, absence management, strong management) 43% Attract new employees (e.g. recruitment, growth mode, hiring strategies) 12% 1 Most employers surveyed continue to indicate retention and motivating employees as their top priorities for 2017, suggesting that organizations are recognizing the value of developing and fostering talent from within their current employee base. Companies that are focusing on attracting and recruiting new employees will want to ensure that they are managing the risk of a less motivated employee base, and the potential impact on performance and turnover. ACCOMPASS 2017 SALARY BUDGET REPORT 2
4 WHAT S CONSIDERED WHEN FINALIZING THE ANNUAL MERIT BUDGET Internal budget constraints 38% Economy and market conditions 23% Your organization s pay position against market 17% External compensation survey results 15% Employee activity (e.g. terminations etc.) 6% EMPLOYEE TURNOVER RATES 50% 40% 46% 30% 20% 10% 0% 16% 10% 8% 16% 4% 0% - 2.5% 2.5% - 5% 5% - 10% 10% - 15% 15% - 20% 20%+ 2 Internal budget constraints continues to impact annual merit budget decisions. Dialogue with management and finance should factor in the key role of market-competitive pay, along with the costs of employee turnover and productivity implications. 3 ACCOMPASS 2017 SALARY BUDGET REPORT
5 IT S ALL RELATIVE: DO YOU PAY ABOVE OR BELOW MARKET? Significantly lower 1% Slightly lower overall At par with market Slightly higher overall 14% 17% 65% Significantly higher 3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 70% 60% WHO PAYS AT PAR WITH MARKET 69% 64% 65% 56% 50% in 5 organizations believe they are paying higher than market. If this is true, there is pressure on 80% of companies to compete for talent with strong total compensation packages. Market surveys such as the Toronto Region Board of Trade Big Bench report provide assistance in understanding your relative pay position. Benchmarking also informs your merit increase strategy. ACCOMPASS 2017 SALARY BUDGET REPORT 4
6 DO EXECUTIVES GET A HIGHER MERIT INCREASE THAN ADMINISTRATORS? SALARY INCREASE DIFFERENTIATED BY LEVEL 80% 20% No Yes 4 Down from 45% in 2016, 20% of organizations set different salary increases according to job levels. Given a choice, performance and market-based adjustments are a better way to manage increases across levels. 5 ACCOMPASS 2017 SALARY BUDGET REPORT
7 ARE COMMISSIONED SALESPEOPLE ELIGIBLE FOR AN INCREASE? No 47% 53% Yes 5 It s important to make sure that your desired ratio between base salary and commissioned earnings does not drift towards commissions. Communications can help to address a desire that some commissioned employees might have to participate in organization-wide programs such as the merit increase process. ACCOMPASS 2017 SALARY BUDGET REPORT 6
8 ANNUAL BONUSES: WILL YOU PAY AT, MORE, OR LESS THAN TARGET IN 2017? 70% 60% 50% 40% 30% 20% 10% 0% 23% Bonus paid below target EXPECTED BONUS PAYMENT 68% Bonus paid at target 10% Bonus paid above target 6 7 in 10 employers with a bonus plan expect to pay at target, which is good news, but it doesn t explain whether it s an appropriate bonus plan. To be truly valued, your incentives strategy should ensure that the outcomes (i.e., payouts, performance, fairness, etc.) match your employees expectations and perceptions. 7 ACCOMPASS 2017 SALARY BUDGET REPORT
9 HOW MUCH ARE YOUR GROUP BENEFITS INCREASING BY? GROUP BENEFITS EXPECTED BUDGET INCREASE 0% 1% - 5% 6% - 10% 11% - 15% Over 16% 14% 46% 24% 5% 11% AVERAGE BUDGET INCREASE 7.8% 7 60% or survey respondents believe that their group benefits will increase by less than 5% in But the average survey response was 7.8%. This suggests that some organizations may be faced with a more substantial increase in the cost of their benefits than they might be anticipating. ACCOMPASS 2017 SALARY BUDGET REPORT 8
10 SALARY BUDGET: 2%, 2.5%, OR 3%? 2017 VS 2016 AVERAGE SALARY INCREASE 40% 3.0% 35% % of Organizations 30% 25% 20% 15% 2.0% 2.5% % 5% 0% 1.0% 1.5% 3.5% SALARY FREEZES ARE A THING OF THE PAST 20% 15% 16% 10% 5% 0% % 8 The vast majority of organizations set their salary increase budget at one of three numbers: 2%, 2.5%, or 3%. Any recommendations within these ranges are considered within market. When establishing your own increase, it s important to keep in mind the impact of past lower budget increases, relative market position for pay within your specific industry, and your organization s priorities and compensation philosophy. This should factor in to your ultimate decision about your 2017 increase. 9 ACCOMPASS 2017 SALARY BUDGET REPORT
11 YOUR SALARY BUDGET TREND: IT S ALL ABOUT SUPPLY AND DEMAND SALARY BUDGET PROJECTION AVERAGE INCREASE 3% 9% AVERAGE SALARY / INFLATION 2% 1% SALARY BUDGET INCREASE INFLATION UNEMPLOYMENT 2.52% 8% 7% UNEMPLOYMENT 0% % THE NUMBERS: AVERAGE 2.52% MEDIAN 2.50% MODE 2.75% 9 A common assumption is to relate salary budgets to inflation. While it s true that the budget is underpinned by inflation, with higher inflation rates resulting in higher wage increases, unemployment rates play a more substantial factor in salary budget increases. When many people are seeking employment, there is less pressure on businesses to give greater increases to retain or attract talent. In a tight labour market featuring a lower supply of talent, the pressure mounts to offer greater salaries to compete. ACCOMPASS 2017 SALARY BUDGET REPORT 10
12 THE DETAILS: FOR YOUR REFERENCE BY ORGANIZATION SIZE EMPLOYEE LOWER 1ST MEDIAN 3RD UPPER AVERAGE SIZE LIMIT QUARTILE QUARTILE LIMIT % 2.0% 2.5% 3.0% 5.0% 2.6% % 2.0% 2.5% 3.0% 4.0% 2.5% 501-1, % 2.2% 2.7% 3.0% 5.0% 2.6% 1, % 2.0% 2.5% 3.0% 4.0% 2.4% Excluding zero increases Same as 2016, employers with 501 to 1,000 employees will be providing the highest average overall increases than those with fewer than 100 employees. BY INDUSTRY INDUSTRY LOWER MEDIAN UPPER AVERAGE LIMIT LIMIT Associations & Foundations 2.0% 2.8% 3.0% 2.6% Engineering 2.5% 2.5% 3.0% 2.6% Financial Services 1.5% 3.0% 3.0% 2.6% Healthcare 1.0% 2.0% 5.0% 2.2% High Technology 2.0% 3.0% 5.0% 3.2% Manufacturing - Durable 1.7% 2.5% 3.0% 2.4% Manufacturing - Non-Durable 1.7% 2.5% 3.0% 2.5% Professional Services 2.0% 2.5% 5.0% 2.5% Real Estate Management 1.8% 2.8% 5.0% 2.7% Retail/Wholesale 2.0% 2.5% 3.0% 2.5% Other 1.0% 2.5% 7.0% 2.5% Excluding zero increases The range of salary increase projections in 2017 by industry are from a low median of 2.0 per cent in the Healthcare industry, to as much as 3.0 per cent for High Technology and Financial Services. There are a number of industries with high Upper Limit increases projected, in particular the Real Estate Management industries. These high increases are interpreted as one-off exceptions, given the closeness in value between the median and the average. That is, there is very limited upwards skew in the data observed. 11 ACCOMPASS 2017 SALARY BUDGET REPORT
13 2017 ECONOMIC FORECAST In addition to internal business conditions and competitive market data, current and forecasted economic indicators should be considered when determining salary increases for the coming year. The primary economic indicators include Consumer Price Index, Unemployment Rate, and Employment Growth Rate. The following tables provide a forecast for 2016 as of July 22, CPI RATE (% CHANGE) CPI (Consumer Price Index) measures the average change in prices paid for a market basket of goods and services. This indicator is used as the primary measure of inflation and a gauge to ensure wages keep up with changing prices F 2017F Canada 1.9% 1.1% 1.6% 2.0% ON 2.3% 1.2% 1.8% 2.1% QC 1.4% 1.1% 1.4% 1.9% AB 2.6% 1.2% 1.4% 1.6% BC 1.0% 1.1% 1.8% 2.0% UNEMPLOYMENT RATE (%) The unemployment rate impacts base salaries by either pressuring employers to pay at, above, or below market rates. The lower the unemployment rate, the greater the competition is to pay for talent above market wages. High unemployment saturates the market and reduces the pressure to pay higher wages F 2017F Canada 6.9% 6.9% 7.0% 6.9% ON 7.2% 6.8% 6.6% 6.5% QC 7.8% 7.6% 7.3% 7.1% AB 4.7% 6.0% 7.5% 7.5% BC 6.1% 6.2% 6.0% 5.9% EMPLOYMENT GROWTH (%) The employment growth rate is the year-over-year percentage increase in the number of persons employed. For 2015, a small positive employment rate is forecast for Canada as well as for several specific provinces F 2017F Canada 0.6% 0.9% 0.6% 0.8% ON 0.8% 0.7% 1.2% 1.0% QC -0.1% 1.0% 0.4% 0.6% AB 2.2% 1.2% -1.7% 0.0% BC 0.6% 1.3% 2.8% 1.3% 1 Source: BMO Capital Markets: Provincial Economic Outlook July 22, 2016 ACCOMPASS 2017 SALARY BUDGET REPORT 12
14 ABOUT ACCOMPASS Accompass is a leading independent benefits, investment and compensation firm that designs and manages its clients programs from the biggest picture to the smallest detail. Our clients expect more than periodic meetings and fair value from their plans. They expect a level of attention, proactive preparation, and expertise that is all-encompassing. Founded as Pal Benefits in 1997, Accompass brings its personal, hands-on approach to clients ranging from smaller companies to global enterprises with thousands employees. Our work spans industries including retail, manufacturing, public sector, and pharmaceuticals. We re proud to be considered an extension of many of North America s most respected corporate teams. For more information, visit us at accompass.com or call us at ACCOMPASS 2017 SALARY BUDGET REPORT
15 BH IR EC BC BENEFITS & HEALTH INVESTMENT & RETIREMENT EXECUTIVE COMPENSATION BROAD-BASED COMPENSATION Traditional & flexible benefits Health & wellness solutions Short-term & long-term disability management Financial management, incl. renewals, marketings, funding arrangements, & risk management Employee Assistance Programs (EAP) Claims & audits Preferred provider arrangements Mergers & acquisitions International operations Employee communications & support Day-to-day service Defined Contribution plan design Defined Benefit investment consulting RRSPs & DPSPs Executive retirement needs Financial reporting & monitoring Investment research & management, incl. menu design, manager search, selection, & management Retirement committee support Mergers & acquisitions International operations Employee communications & support Day-to-day service Board and Compensation Committee advisory services Compensation philosophy and principles Market pricing and competitive pay benchmarking Short- and long-term incentive plans Supplemental executive retirement plans and benefits CD&A and proxy disclosure Executive employment, severance and change of control agreements Special situations (i.e. M&A, executive succession, IPOs, etc.) Board of directors compensation plan review and design Compensation philosophy and principles Custom & in-depth market benchmarking Performance-based compensation plans Pay equity review & compliance Competency-based plans Sales incentive & commission programs Total compensation statements Job evaluation & pay administration Mergers & acquisitions International operations Employee communications & support Day-to-day service Education and training services Governance best practices Executive pay-forperformance analysis International operations Total compensation statements ACCOMPASS 2017 SALARY BUDGET REPORT 14
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