Total Rewards Compensation Consultant Montreal
Montreal’s workforce has grown rapidly in 20 years, from 1.9 million workers in 2006 to over 2.5 million in 2024. At the same time, the demand for workers has also increased, with businesses adding over 100,000 new job openings in 2023 alone. These market conditions often lead to hiring challenges, which may increase as the last Baby Boomers turn 65 in 2030. For businesses in search of dependable employees, working with a total rewards compensation consultant in Montreal is more important than ever.
Montreal Compensation and Benefits Statistics
One reason large organizations need help with employee benefits decisions is that employment costs have risen alongside job openings. In 2005, the average full-time worker in Quebec made under $900 a week. In 20 years, that amount has risen 50% to nearly $1,500 weekly or $6,000 a month.
For employers with hundreds of employees, any increase in labor costs can have a massive impact on the bottom line. Montreal’s average salary is $28 an hour or $57,000 a year, but this varies by industry and occupation. Local game developers and cybersecurity/IT professionals make closer to $100,000 a year. Corporate risk analysts and financial advisors earn about $75,000 to $85,000 a year.
The Importance of Non-Wage Benefits for Attracting Talent
Experienced workers want and expect good benefits. In a recent survey, nearly 90% of employers listed health coverage and retirement savings as essential benefits for attracting workers. Another 80% prioritized leave benefits such as paid time off, and 70% said workers wanted a flexible work schedule. In Montreal over 40% of employees work from home at least part of the time, making remote work benefits valuable, too.
Working with a total rewards consultant in Montreal can reduce the complexity of program implementation. For example, some benefits are mandatory in Montreal, such as injury and disability coverage and voluntary retirement savings plans. Other benefits focus on improving the quality of life for potential employees, including health and wellness programs, company-sponsored automobiles and annual bonuses. In some circumstances, you may need to charge GST or QST taxes for these benefits.
What To Expect From a Total Rewards Consultant in Montreal
In simple terms, the purpose of a benefits and compensation consultant is to help your organization make smart decisions related to your benefit and compensation programs. This involves several steps.
1. Analysis
Specialized consultants review your current benefits, organizational goals, employee satisfaction metrics and hiring needs. Experts also check regulatory compliance factors such as Quebec Pay Equity laws and Montreal compensation policies and practices.
2. Framework Creation
Our team builds a comprehensive business framework for compensation and benefits policies and practices, including:
- Health and wellness plans
- Salary structures & Total Rewards Architecture
- Sales compensation programs
- Incentive designs
- Wage and non-wage benefits
We customize compensation governance to your organization’s identity and needs. Some brands emphasize family-related job perks and others look for maximum flexibility.
3. Cost Balancing
Maximizing your return on investment means selecting the right benefits and making sure compensation is in line with industry and regional benchmarks. Our consultants perform in-depth reviews to determine competitive and cost-effective compensation for different job positions. That way, you attract top talent without wasting capital on ineffective measures.
Up-to-Date Compensation Trends
Choosing the right benefits depends on industry trends and what business professionals care most about. These factors can vary widely with market conditions and global events. Not updating compensation and rewards with the times can result in lower employee loyalty, poor morale and hiring difficulties. Our consultants can help you avoid these issues.
Sources:
https://statistique.quebec.ca/en/communique/quebec-labour-market-2023
https://www150.statcan.gc.ca/n1/pub/75-006-x/2024001/article/00005-eng.htm
https://www.statista.com/statistics/1339154/montreal-employment-level/
https://www.shrm.org/topics-tools/research/employee-benefits-survey