Bosses pay up to keep talent (in Canada, not the USA)

[Newsjock]

Source: The Globe and Mail

Competition for workers is forcing employers to become "more aggressive" on pay, which means Canadian employees can expect average base salary increases in the range of 3.8 per cent next year, according to the Hay Group.

"Whether or not the economy will meet earlier expectations, and despite continued global tensions, Hay Group's projections for 2008 salary increases are as optimistic as they have been in recent years," the human resources consulting firm said Tuesday in reporting results of a survey of 550 Canadian employers.

"Quite simply, there are not enough workers," said Karl Aboud, the firm's national director of reward management.

... "Annual bonuses are a key part of total pay packages for an increasing number of employees," his firm said in reporting its survey results.

Bonus targets, as a percentage of base pay, range from 7 per cent for production jobs, 15 per cent for middle management, 30 per cent for senior management and 50 per cent for senior executives, the firm reported.

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