Morgan McKinley launches its 2022 Salary Guide for Canada
Toronto, Tuesday 11th January 2022: Morgan McKinley, the global professional recruitment firm, has launched its 2022 Salary Guide.
As part of the guide, research was conducted to find out how organisations are trying to combat the Great Resignation and whether there are mismatches in expectations between employees and employers in the current hiring climate.
The ‘Global Hiring Realities’ survey of 4,134 professionals and key hiring decision makers from 62 companies across Canada, Australia, the United Kingdom, Ireland, Singapore, Hong Kong, Japan and Mainland China revealed:
Attraction and Retention
79% of Canadian professionals are considering a career move in the next 6-12 months
25% of Canadian professionals don’t know what their employer is doing to try and retain them
45% of global employers outline ‘increased salaries/compensation’ as their most effective form of talent attraction
Hiring Process Length
61% of Canadian professionals have declined a job offer because the hiring process was too long
65% of global employers have lost their preferred candidate due to a lengthy hiring process
83% of Canadian professionals would consider leaving an organisation if they didn’t provide their preferred flexible working options
90% of global employers have changed their policies on flexible working compared to pre-pandemic
Ian Kinsella, Managing Director of Morgan McKinley Canada, commented:
“The demand for tech talent has led to an increase in salaries across the board. On top of this, employers are also offering much more flexibility around where people can work and what their work week looks like. It’s a true candidate market which is reflective in how businesses are responding. It is likely we will see a 5-10% increase for 2022 across tech, and some niche, high-impact roles are expected to increase by as much as 20-30%. The influx of US companies hiring Canadian talent has not slowed down, and remote work has made this even more attractive. This makes the market even more competitive and complicated.”
“One of the biggest challenges companies are facing is how to maintain a good culture in a virtual environment. Lots of amazing organisations who prided themselves on their office culture have lost lots of great talent in the past year. It’s somewhat a level playing field and people are more open to hearing about new opportunities, therefore attrition has been higher.”
“If you want to hire the best talent in 2022 in the most competitive market we have ever seen, our advice is to get your interview processes organized; aim to have it done in 2-3 weeks from date of application. There is a lot to be said about companies who have smooth, short interview processes”
“From a job seeker’s perspective, if you are lucky enough to have skills that are in demand, you can get a good increase on your current compensation. However, be mindful of companies that pay way over the odds for talent. They may well be hiding their culture behind high salaries.”
The Morgan McKinley 2022 Salary Guide presents up-to-date salary data for a wide range of Technology roles across Toronto, providing hiring managers with industry benchmarks when they are working out what to pay employees and giving professionals more visibility over what they can earn.
For the Morgan McKinley Canada 2022 Salary Guide, visit: https://www.morganmckinley.com/ca/canada-salary-guide-calculator