OSPE - The Voice - March 2018 - 12
news
2017 merCer OSPe
national engineering
compensation SUrVey
attracting and retaining the workforce of the future
Across all sectors of the economy, employers have had to adapt to the workforce's shifting demographics and changing employee preferences. Today, as millennials begin to
supplant baby boomers as the largest workforce generation, what should employers
do to ensure they're attracting and retaining the talent they need to succeed?
To help answer this question, Mercer and OSPE have worked in partnership to
produce the 2017 Mercer OSPE National Engineering Compensation Survey. With a
legacy of over 60 years, this survey is a powerful tool for understanding compensation
for a range of engineering specialties across six levels of responsibility.
In Ontario specifically, this year's survey included data from 183 companies, representing more than 11,000 engineers. Improvements in the Canadian economy allowed
for base pay rates to rise modestly for engineers in 2017 versus 2016. When Mercer
looked across the companies that provided data to the survey in Ontario over five
of the last six years, engineers in professional positions (levels A - C) saw increases
between 2.5 - 4 per cent, and greater than the Consumer Price Index (CPI) of 1.2 per
cent. However, economists project that the economy will slow over the coming years
and that 2 per cent GDP growth will be the new normal.
In Ontario
specifically, this
year's survey
included data
from
183
companies,
representing
more than
11,000
engineers.
What other mechanisms will organizations that employ
engineers be able to leverage to attract and retain talent?
Incentives
As we look at incentives that entice employees into the profession, we notice that pay
is heavily weighted to guaranteed pay or base salary especially in Ontario (See Figures
1 and 2). And how does this stack up against the market at large? When referencing
the robust 2017 Canada Mercer Benchmark Database (MBD), made up of data from
almost 800 organizations, we see that the short-term incentive packages for engineers
fall short, especially at the more junior levels. In the general market, professionals on
average receive short-term incentives of approximately 11 per cent of their base salary,
higher than the comparative levels of engineers in the 2017 Mercer OSPE National
Engineering Compensation Survey.
Outside of pay, what should companies consider to stay on
top of changing market dynamics?
March 2018
The VOICe
13
Table of Contents for the Digital Edition of OSPE - The Voice - March 2018
OSPE - The Voice - March 2018 - I
OSPE - The Voice - March 2018 - Cover1
OSPE - The Voice - March 2018 - Cover2
OSPE - The Voice - March 2018 - 3
OSPE - The Voice - March 2018 - 4
OSPE - The Voice - March 2018 - 5
OSPE - The Voice - March 2018 - 6
OSPE - The Voice - March 2018 - 7
OSPE - The Voice - March 2018 - 8
OSPE - The Voice - March 2018 - 9
OSPE - The Voice - March 2018 - 10
OSPE - The Voice - March 2018 - 11
OSPE - The Voice - March 2018 - 12
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OSPE - The Voice - March 2018 - 18
OSPE - The Voice - March 2018 - 19
OSPE - The Voice - March 2018 - 20
OSPE - The Voice - March 2018 - 21
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OSPE - The Voice - March 2018 - 27
OSPE - The Voice - March 2018 - 28
OSPE - The Voice - March 2018 - 29
OSPE - The Voice - March 2018 - 30
OSPE - The Voice - March 2018 - 31
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OSPE - The Voice - March 2018 - 36
OSPE - The Voice - March 2018 - 37
OSPE - The Voice - March 2018 - Cover3
OSPE - The Voice - March 2018 - Cover4
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