The Voice - Summer 2021 - 40

ONTARIO ENGINEERING ACADEMY
Understanding the Impact of COVID-19
on Compensation
What was the impact on
compensation in 2020?
In response to the COVID-19 pandemic, many companies have
had to re-evaluate their workforce and compensation decisions.
To understand the evolution of these decisions through the
changing environment, Mercer conducted a series of monthly
polls, collecting compensation and policy data from organizations
in all industries across Canada.
First, let's reflect on what we know about the impact on
compensation in 2020. Broadly, we know that the impact on the
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economy has been substantial, but the impact on compensation
market values has been minimal. This means that the value of the
work we do has remained relatively stable.
We know that some organizations had made emergency pay
reductions in March and April, during the onslaught of business
closures, but that this was mostly temporary and isolated to select
industries. We also know that not all industries were impacted
equally during the COVID-19 pandemic. Energy and Retail were
hit the hardest, whereas High Tech and Mining are thriving and
arguably booming.
Canada's first case of COVID-19 was reported in January 2020,

The Voice - Summer 2021

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