Accurate and timely compensation data hold even greater value this year as a new post-pandemic normalcy begins to take shape. Presently, the general economy appears to have stabilized and is starting to rebound. A closer look at the details reveals significant differences across industries, locations, and company sizes. The 2021 compensation trends we see in the data reinforce how simply aging salary survey data would be a mistake.

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Now that many employees can work from an entirely different region, how should pay be determined? And what if a worker needs to travel to the physical office occasionally — who should bear the costs? As companies implement long-term remote work policies for the post-pandemic world, it’s important you have the answers as an HR professional.

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Mercer’s March edition of the Canada Compensation Planning pulse survey confirmed once again that the pandemic had little to no impact for the majority of companies when it came to rewarding employees. As we begin to navigate the new normal, what’s on their minds in terms of compensation planning for 2021?

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With many employers going through reductions in force in Q4 and, even more importantly, establishing budgets and compensation strategies for 2021 and beyond, this year’s salary surveys will have quite a story to tell. Using aging data, rather than participating in salary surveys and purchasing fresh data, would definitely be a mistake for a variety of reasons. Why, you might ask? Let us explain.

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Times of uncertainty naturally make us feel overwhelmed and anxious. It's tempting to spend time on other essential activities and choose not to participate in compensation and benefits surveys and maybe to even consider compensation surveys as a variable cost that you can reduce this year. Not now; you’re going to need this data.

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Budgets for merit-based salary increases have remained flat for years, meaning your company should be looking to other avenues for incentivizing and retaining top-performing employees. The use of performance-based bonus is an attractive option for doing so, but only when executed correctly.

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Check out the highlights from Mercer’s 2020 Canada Geographic Salary Differential Tool to get a head start on your compensation planning.

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