2016 SALARY BUDGET REPORT

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1 2016 SALARY BUDGET REPORT SEPTEMBER 2015

2 OVERALL CLIMATE We re excited to once again share the results of our annual Salary Budget Report. This year we surveyed 404 organizations in August 2015, and according to the results, the salary increase trend suggests a stay the course approach. Organizations anticipate a modest increase in 2016 of 2.75 per cent on average, down only 0.04 per cent from Here are the highlights below. SURVEY HIGHLIGHTS MOST ORGANIZATIONS ANTICIPATE A SMALL SALARY BUDGET INCREASE 2.75% average increase in salary budget; down just 0.04% from % of employers budgeting between 2.6% - 3.0% Different to last year, more companies plan budget increase of less than 2% COMPENSATION PRIORITIES IN 2016 Retain employees External benchmarking & market position analysis Salary budget established based on internal budget constraints ( not salary surveys) 2.75% AVERAGE INCREASE IN SALARY BUDGET BENEFITS BUDGET 81% projecting cost increase of less than 10% More organizations anticipate a lower increase in their benefits budget as compared to

3 BY THE NUMBERS Number of organizations surveyed Average salary budget increase 2.75% 2.79% Most frequent budget range: 2.6% to 3.0% 43% 43% Salary budget not finalized 79% 80% Sales commissioned employees eligible for an annual salary increase 53% 66% Bonus payout projections At target 61% 56% Below target 34% 31% Above target 5% 13% Perception of market position At par with market 69% 64% Lower than market 15% 15% Higher than market 16% 21% Average group benefits cost increase 8.0% 6.3% Average employee turnover rate 8.9% 11.0% 2

4 2016 SALARY BUDGET PROJECTION SALARY INCREASE FORECAST: NINE-YEAR TREND SALARY BUDGET PROJECTION AVERAGE INCREASE 3.5% 3.3% 3.1% MEDIAN = 2.83% 2.9% 2.7% 2.75% 2.5% The downward trend in salary budget increases has stabilized from 2015 with an overall average projected salary increase of 2.75 per cent in 2016, down from 2.79 in Almost 76 per cent of all organizations are budgeting for a 2.0, 2.5, 3.0 or 3.5 per cent salary increase, with just over 37 per cent projecting a 3.0 per cent budget VS 2015 AVERAGE SALARY INCREASE % of Organizations 40% 35% 30% 25% 20% 15% 2.0% 2.5% 3.0% 37% BUDGETING 3.0% INCREASE % 5% 0% 1.0% 1.5% 3.5% 5.0% 15.0% 3

5 SALARY INCREASE FORECAST Projected overall average salary increase for 2016 has remained the same as last year s forecast for This finding suggests that organizations continue to be linking their budget to a low cost of living, and a steady state amidst rising concern over employee turnover. SALARY INCREASE DIFFERENCE 1.0%-2.0% 29% 24% 5% 2.1%-2.5% 17% 19% -2% 2.6%-3.0% 43% 43% - 3.1%-4.0% 7% 9% -2% 4.1%+ 4% 5% -1% Excluding zero increases Although salary increases equal that of 2015, more employers are planning to give raises in the average range, rather than at either extreme. SALARY FREEZES Only 6 per cent are planning to freeze salaries in In both 2015 and 2014, it was 8 per cent. The era of salary freezes generally appears to be behind us. 20% SALARY BUDGET FREEZE 15% 10% 5% % 4

6 SALARY INCREASE RECIPIENTS Survey respondents are almost evenly split when it comes to awarding different salary increases by level. SALARY INCREASE DIFFERENTIATED BY LEVEL 55% No Yes 45% DIFFERENTIATE BY PERFORMANCE To accommodate high performers the estimated increase for standard performers is 0.4% below the budgeted amount. For example, given a 3.0% overall budget, standard performing employees would be given a 2.4% increase. 5

7 COMPENSATION AND EMPLOYMENT PRACTICES BY ORGANIZATION SIZE EMPLOYEE LOWER 1ST MEDIAN 3RD UPPER AVERAGE SIZE LIMIT QUARTILE QUARTILE LIMIT % 2.0% 3.0% 3.0% 9.0% 2.8% % 2.0% 2.8% 3.0% 4.5% 2.6% 501-1, % 2.3% 3.0% 3.0% 6.0% 2.9% 1, % 2.5% 3.0% 3.0% 4.0% 2.7% Excluding zero increases Irrespective of the size of the organization, projections for budgeted salary increases are essentially the same, as indicated by the median. BY PROVINCE AND CITY PROVINCE/CITY LOWER 1ST MEDIAN 3RD UPPER AVERAGE LIMIT QUARTILE QUARTILE LIMIT Alberta % % British Columbia % % Ontario 1.0% 2.0% 3.0% 3.0% 9.0% 2.7% Toronto & 905 Area 1.0% 2.3% 3.0% 3.0% 9.0% 2.8% Ontario (Outside GTA) 1.5% 2.0% 2.0% 3.0% 3.5% 2.4% Excluding zero increases As in previous years, Alberta continues to exhibit a slightly higher rate of salary increases relative to other provinces. 6

8 BY INDUSTRY INDUSTRY LOWER MEDIAN UPPER AVERAGE LIMIT LIMIT Associations & Foundations 1.4% 2.7% 3.0% 2.6% Engineering 2.0% 3.0% 7.5% 3.2% Financial Services 2.0% 3.0% 4.0% 2.9% Healthcare 1.0% 2.0% 4.0% 2.3% High Technology 2.0% 3.3% 6.0% 3.6% Manufacturing - Durable 1.0% 2.8% 3.5% 2.5% Manufacturing - Non-Durable 1.0% 2.3% 3.0% 2.4% Professional Services 1.5% 2.8% 4.0% 2.7% Real Estate Management 0.8% 3.0% 9.0% 2.9% Retail/Wholesale 2.0% 2.8% 4.0% 2.7% Excluding zero increases The salary increase projections in 2016 by industry ranges from a low of 2.0 per cent in Healthcare, to as high as 3.3 per cent for High Technology. There are a number of industries with high Upper Limit increases projected, in particular Real Estate Management. 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. 7

9 SALARY BUDGET The majority of survey respondents have not finalized their 2016 salary budgets when they completed the survey in August Therefore, the survey data is useful for those who are entering into the budgeting process in the Fall. Employers can use this report to help guide management in making the final salary budget decisions. IS YOUR 2016 SALARY BUDGET FINALIZED? 79% No 21% Yes 8

10 ANNUAL BONUS Are you expecting to pay your annual bonus/ incentive at target? 87 per cent of companies are offering a bonus plan and 61 per cent of those are expecting to pay the bonus at target. This indicates that company performance in Canada has remained level during the past year. These values are relatively unchanged in the past few years, indicating that company performance in Canada has remained level. Of note, in 2015 one in three organizations indicated they will be paying a bonus below target in EXPECTED BONUS PAYMENT 70% 60% 50% 40% 30% 20% 10% 0% 34% Bonus paid below target 61% Bonus paid at target 5% Bonus paid above target Are sales commissioned employees eligible for an annual salary increase? 47% No Yes 53% 9

11 MARKET POSITION Confidence in pay position has slipped over the past several years as organizations believe they are falling behind their competitors in pay position. In 2016, only 18 per cent believe that they are paying above the market compared to 24% in Relative to other organizations in your market, do you provide an overall higher or overall lower base salary? Company pay position against the market Significantly lower overall - 3% 3% Slightly lower overall 12% 12% 18% At par with market 69% 64% 56% Slightly higher overall 15% 17% 21% Significantly higher 3% 4% 2% Significantly lower Slightly lower overall At par with market Slightly higher overall 12% 15% 69% Significantly higher 3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 10

12 GROUP BENEFITS AND HR PRACTICES GROUP BENEFITS PROGRAM BUDGET including Life Insurance, Health, Dental and Disability 2015 BUDGETED INCREASE No 24% 76% GROUP BENEFITS EXPECTED BUDGET INCREASE 1.0% - 5.0% 47% 6.0% - 10% 35% 11% - 15% 9% Over 16% 9% Average 8% Yes Given the rising cost of health care, most organizations are increasing their benefits plan budget. The average increase for 2016 is expected to be 8 per cent. (This is compared to 6.3 per cent in 2015.) A majority of respondents indicated a 1 5 per cent budget increase. As in previous years, this estimated figure may be below the reality of actual increases in the Group Benefits cost. EMPLOYEE ACTIVITY Employee turnover rate RANGE % - 2.5% 11% 8% 2.5% - 5% 22% 21% 5% - 10% 29% 39% 10% - 15% 17% 12% 15% - 20% 12% 9% 20+% 8% 11% Employee turnover rates are on the rise. Based on the numbers seen in this survey, the annual salary adjustment is not being used as a mechanism to entice employees to stay. It would suggest that other employment mechanisms should be in place to curb turnover. 11

13 2016 TOP COMPENSATION PRIORITIES TOP ORGANIZATIONAL PRIORITIES Retain employees (e.g. competitive compensation package, succession planning, positive work environment, employee communication) 49% Motivate employees (e.g. performance management, annual bonus/incentive, absence management, strong management) 40% Attract new employees (e.g. recruitment, growth mode, hiring strategies) 11% While attraction, retention and, perhaps, even employee motivation may have been lower priorities in the past several years, retaining and motivating employees are again becoming high priorities for employers. As more baby boomers retire and the talent pool shrinks, attracting new talent will become a priority in the near future. Compensation plays a vital role in attracting, retaining and motivating employees. When asked to name their compensation priorities for 2016, 66 per cent of respondents stated that compensation benchmark review/market position analysis ranked first, the same priority as in #1 COMPENSATION PRIORITY FOR 2016, 66% OF RESPONSES: Compensation benchmark review/market position analysis Understanding how an organization s compensation practices compare to others is a necessary step in designing an effective program to attract, retain and motivate employees. However, it s important to design compensation plans that align with business objectives, thus incentivising employees to perform the organization s goals efficiently. Same as last year, Compensation Communication to employees and Job Evaluation/ Pay Equity rounded the top three priorities. To ensure employee satisfaction, companies should communicate individual compensation packages effectively and administer them flawlessly. 12

14 ONTARIO RETIREMENT PENSION PLAN We asked employers how they would react when the Ontario Retirement Pension Plan takes effect, requiring a 1.9% employee contribution along with a matching 1.9% employer contribution. Here s how they responded: 42% DON T KNOW YET 58% HAVE DIRECTION The cost of ORPP over and above to the existing pension/savings programs already in place We are exempt from the ORPP as our pension plan qualifies 30% 17% Reduce/freeze base salary to equalize the cost 5% 15% 33% Enhance our existing pension/savings plan to qualify to be exempt from the ORPP Reduce the existing pension/savings program to equalize the cost to our company and employees 70% of respondents will be impacted when ORPP takes effect as their retirement program does not meet the requirements to be deemed exempt. One third of those impacted believe they will enhance their existing pension savings plan in order to be exempt from participating in the ORPP. On the flipside, almost one in four will reduce their existing pension or savings program, or reduce/freeze base salary to equalize the cost. 13

15 IMPORTANT FACTORS WHEN FINALIZING ANNUAL MERIT BUDGET IMPORTANT FACTORS Internal budget constraints 41% Economy and market conditions 23% Your organization s pay position against market 16% External compensation survey results 12% Employee activity (e.g. terminations etc.) 9% It s interesting to note the most important factor when finalizing annual merit budget is identified as internal budget constraints same as previous year. Given this, it is critical to incorporate market position benchmarking data throughout the year to understand your relative pay position and not fall from your competitive position through the salary budget process. 14

16 2016 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 September 25, 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 2016F Canada 1.5% 0.9% 1.9% 1.1% 1.8% ON 1.4% 1.1% 2.3% 1.2% 1.7% QC 2.1% 0.8% 1.4% 1.1% 1.6% AB 1.1% 1.4% 2.6% 1.1% 1.7% BC 1.1% -0.1% 1.0% 1.0% 1.8% 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 2016F Canada 7.3% 7.1% 6.9% 6.8% 6.6% ON 7.9% 7.6% 7.3% 6.6% 6.2% QC 7.8% 7.6% 7.8% 7.6% 7.5% AB 4.6% 4.6% 4.7% 5.7% 6.5% BC 6.8% 6.6% 6.1% 6.0% 5.7% 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 2016F Canada 1.2% 1.4% 0.6% 0.9% 1.0% ON 0.8% 1.8% 0.8% 0.9% 1.2% QC 0.8% 1.2% -0.1% 1.1% 1.0% AB 2.6% 2.4% 2.2% 1.2% 0.4% BC 1.6% 0.1% 0.6% 0.7% 1.3% 1 Source: BMO Capital Markets: Provincial Economic Outlook September 25,

17 METHODOLOGY & DEMOGRAPHICS This survey was conducted by Accompass. Survey invitations were sent electronically on August 13, The survey closed on September 11, 2015 and data was collected via questionnaire and an online survey management tool. A total of 404 organizations provided information. The report represents 18 industries and multiple ownership types including public, private, joint venture, non-profit and government. Organizations ranged in size from small businesses with fewer than 100 employees to national organizations with greater than 10,000 employees. 63 per cent of the respondents are from Ontario, Canada. RESPONDENTS BY PROVINCE/CITY Alberta 2% Workplace location British Columbia Toronto & 905 Area Ontario (Outside GTA) Canada - Others 2% 3% 8% 69% USA 3% Unidentified 0% 10% 28% 20% 30% 40% 50% 60% RESPONDENTS BY SIZE OF ORGANIZATION % # of Employees ,000 1,000+ 8% 19% 23% Unidentified 0% 5% 27% 10% 15% 20% 25% 30% 16

18 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 COMPENSATION & INCENTIVES Steven Osiel Vice President BENEFITS & HEALTH Sarah Beech President INVESTMENT & RETIREMENT Mark Dowdell Senior Vice President MARKETING & COMMUNICATIONS Chris Lee Vice President 17

19 B&H I&R C&I BENEFITS & HEALTH INVESTMENT & RETIREMENT COMPENSATION & INCENTIVES 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 Custom & in-depth market benchmarking Executive compensation 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 18

20 1052 Yonge Street Toronto, Ontario Canada M4W 2L1 T F accompass.com

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