Many pay rates will rise in 2010
Published Saturday November 7th, 2009
Many firms plan pay raises at double the inflation rate
Atlantic Canadians can expect pay raises that will outstrip inflation in 2010, with pay hikes bigger than those expected in larger Canadian centers such as Toronto, Vancouver and Calgary.
According to the 2010 Gerald Walsh Salary Guide, east coast workers will average 2.9 per cent more pay in the coming year. This year's guide is a mixed bag of news for employees, with better pay and improved benefits countered by smaller work forces and thus longer hours and more workplace stress as employers try to do more with less.
"Cautiously optimistic is the best way to describe the attitude of most Atlantic Canadian employers right now," says Gerald Walsh, president of Gerald Walsh Associates.
"While employers feel pretty good about the coming year, they are definitely keeping a close eye on costs, particularly in the compensation area."
Walsh's annual survey suggests better economic times are coming in 2010, with only six per cent of firms planning layoffs; 58 per cent expecting stable staff levels and 36 per cent hiring more people.
The top three fields which will be hiring in the coming year are sales and customer service; production; and accounting and finance.
On the benefits side, group benefits such as life insurance and health coverage continue to be the top consideration for employees thinking of joining a company. Pension options and learning opportunities such as tuition subsidies and professional development were also ranked highly.
So who'll be making he big bucks in 2010?
In small firms (revenues less than $10 million,) the company controller tops the salary scale, with a salary of up to $89,000. A good sales manager could rake in $86,000 while top plant managers will be paid as much as $87,000 per annum.
Mid-sized companies with revenues of between $10 million and $25 million will pay even more for those positions, as might be expected, with controllers boasting superior abilities earning up to $96,000 at these firms.
The best plant managers can expect as much as $95,000 in remuneration while top sales managers come at a premium, with pay ranging from $78.000 to $94,500.
Human Resource managers and marketing managers are highly valued as well in mid-sized firms, which offer these types of professionals salaries of up to $93,500 in 2010. Big companies with revenues of more than $25 million per year offer equally big pay. Here, plant managers and marketing managers at the top of their game can earn as much as $106,000 and $103,500, respectively.
The best sales managers can expect up to $106,000 while a highly valued controller might earn $105,000.
HR managers will be paid up to $104,000 at these larger companies next year, while the best production managers can expect to be paid up to $86,500.
While everyone likes money, benefits play a large role in companies' ability to attract and retain the best people. Walsh asked more than 400 people to rank the most important benefits to them, which were: group health, dental, disability and life insurance; pension plan; learning opportunities such as tuition subsidies or professional development; flexible work hours; paid days off; professional membership dues; health and wellness allowance; and parking.
Other benefits that ranked highly included time off to volunteer; car or car allowance; gifts and awards; company social events; cell phone; home Internet; matching charitable donations; subsidized food in the office; and counseling services.
Gerald Walsh Associates specializes in executive searches, career transitions and executive coaching.
The data in the guide is derived from within the firm as well as outside sources, from the candidates they have interviewed, research by professional and industry associations, as well as their own survey of 500 Atlantic Canadian employers, managers and professionals.
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