Total Rewards Compensation Consultant Quebec City
Quebec City’s labor force grew by 15,000 in 2023, reaching nearly 500,000 total workers. This is good news for employers, but with unemployment at historic lows (around 3%), finding job candidates isn’t easy. Research centers, R&D companies, technology organizations, universities and other knowledge-focused enterprises need a strong compensation program to attract talented professionals from around the country. Partnering with a total rewards compensation consultant in Quebec City can be the key to success.
How Much Do Quebec City Businesses Spend on Employee Benefits and Total Rewards Incentives?
In a tight labor market, convincing skilled workers to join your team is like signing athletes for college sports. The more qualifications these professionals bring to the table, the harder your competitors work to attract them. In September 2024, area businesses spent over $330,000,000 on employee benefits. This is in addition to paying a monthly worker salary of $5,500 on average — not to mention the incentive pay that many companies offer.
With nearly 30,000 job vacancies in the region and 55% of local businesses on the lookout for more workers, incentives are essential for retaining your best workers. A valuable total rewards policy can make your business stand out.
Of course, money isn’t the only thing that makes an impression on job candidates. One 2024 survey showed that flexible work options, family benefits and programs for career advancement were nearly as popular (~70%) as paid leave (80%).
What Does Total Rewards Compensation Include?
A total rewards program includes everything your business uses to attract and retain employees, from wage-related rewards to professional opportunities:
- Financial compensation: Competitive salaries, performance-based bonuses, end-of-year bonuses and incentive pay options
- Insurance benefits: Health plans, dental and vision coverage, retirement savings contributions and life insurance options
- Wellness programs: Gym memberships, online workout courses, exercise and nutrition assistance, mental healthcare and other initiatives for employee well-being
- Recognition policies: Appreciation lunches, office awards, goal coaching and employee-of-the-month incentives
- Work-life balance: Remote work, flexible work schedules, paid parental leave and paid vacations
- Professional growth: Mentoring, student loan repayment programs, ongoing training courses and senior leadership interactions
At HUB International, our total rewards compensation consultants in Quebec City help you customize initiatives to fit your organization’s identity, your long-term goals and the needs of the industry. Some enterprises win candidates with a family-first work environment. Others retain talent through performance-based bonuses and plenty of in-house career advancement opportunities.
What Are the Benefits of Working With a Total Rewards Compensation Consultant in Quebec City?
One of biggest mistakes with a total rewards program is making decisions from an executive perspective without considering stakeholder opinions, industry benchmarks or market trends. What you think your employees want in a benefits program may not line up with the things they truly prioritize. This can result in wasted resources and poor results.
Total rewards specialists have more experience with modern labor force trends. They can help your organization:
- Motivate workers and boost performance
- Prepare team members for leadership with development programs
- Cut down on training costs with better retention
- Incentivize high-quality work and dependability with the right bonuses
- Lower costs by designing effective reward policies and smart benefits
Additionally, our rewards specialists are fluent in Quebec legislation related to mandatory benefits and compensation programs.
Sources:
https://meetings.quebec-cite.com/en/key-industries-quebec-city
https://www.quebecinternational.ca/en/news/labour-market-report-and-outlook-2023-2024
https://www.shrm.org/topics-tools/research/employee-benefits-survey
https://www.helioshr.com/blog/2013/11/what-makes-up-a-great-total-rewards-package
https://www.indeed.com/career-advice/career-development/total-rewards-strategy