Determining Salaries for Skilled Trades in 2020: What You Need to Know
Securing top candidates within your industry is the key to any organization’s success. With the help of Roevin’s 2020 Compensation Guide, determine the best skilled trades salary for your business to achieve a prosperous new year.
To help you stay on top of changing salaries, we’ve gathered industry trends and factors to help you develop your compensation strategy for 2020.
Industry trends
Skilled trades continue to be in demand as the average skilled labour wage in Canada climbs to $53,625 annually. The highest paying skilled trade jobs include heavy duty equipment technicians with an average annual salary of $107,220 just four years after certification, closely followed by steamfitters and pipefitters earning an average of $105,620 after four years in the field. Talent working in booming sectors such as technology can expect salary increases reaching 3.2% due to tightened competition for talent.
Provincial breakdowns
As we see falling unemployment rates across the country, employers continue to increase salaries to stay competitive. Newfoundland and Labrador can expect the biggest annual salary increases at 3.1% due to rising oil production and mineral fuels mining, while employers in British Columbia can expect annual salary increases of 2.8% and Alberta, Ontario and Quebec trail close behind at 2.7%. Salary increases in the remaining provinces will fluctuate between 2.5% and 2.9%.
Competition for labour
As job creation continues to escalate — with 53,700 jobs created in Canada in September 2019 — the unemployment rate remains low across Canada. In this scenario, employers face growing competition in skilled industries for top talent. The candidate-driven labour market makes offering industry competitive salaries more essential than ever.
Additional forms of compensation
Employers continue to work towards diversifying their compensation packages in order to attract and retain top talent within their fields. With tough competition for candidates, employers have shifted their compensation and benefit packages to promote a healthy work-life balance and positive corporate culture to prospective applicants. Comprehensive compensation packages may include profit sharing, flex work or telecommuting, retirement contributions, etc.
Need help attracting top candidates in your industry? Rely on Roevin for all your Skilled Trades, Engineering and Information Technology staffing needs. Contact your local branch to request your copy of Roevin’s 2020 Compensation Guide.
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