BIV MAGAZINE
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BIV MAGAZINE: BC TECH ISSUE 2021 PUBLISHED BY BUSINESS IN VANCOUVER
COMPENSATION PRESSURE COOKER Remote work, heightened competition for talent and ‘the great resignation’ create perfect storm for unique compensation market
STEPHANIE HOLLINGSHEAD
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n 2021, salary increases in B.C.’s tech sector have blown past compensation budgets as companies fight to attract and retain critical talent in a highly competitive global talent market.
Since 1994, HR Tech Group has been producing an annual salary survey to provide B.C. tech companies with in-depth local market data. Our member companies rely on the survey to inform their compensation decisions and total rewards practices. In 2020, the survey expanded and now includes data for both B.C. and Alberta. With the ongoing pandemic, a global shift to remote work, mental health challenges, social justice movements and ‘the great resignation,’ this year’s report is unique. It’s also representative of what we’re seeing elsewhere in Canada and beyond. We are not alone. Our 2021 survey, with data from 25,000 incumbents at 184 companies, highlights just how quickly compensation is moving in the sector. Year over year, common incumbents (employees in the same jobs at the same companies) saw a median salary increase of 5.4%. The information and communication technology (ICT) subsector saw the highest increase, with a change in median base salary of 6.4%, followed by the clean tech subsector, with an increase of 4.6%. REMOTE WORK
With the COVID-19 pandemic having paved the way for a seismic shift to remote work, companies have been implementing new compensation policies pertaining to this. Of the 184 tech companies that participated in our survey, 53% are now covering home or remote office costs for items such as equipment, supplies, furniture and internet. We expect to see the prevalence of this increase next year, as an additional 15% of companies are considering adding this benefit. This normalization of remote work propelled by the pandemic
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Stephanie Hollingshead is CEO of HR Tech Group • SUBMITTED
has increased international competition for local talent, putting further pressure on tech sector salaries in this province. Examples of U.S. companies hiring B.C. residents to work remotely are becoming more common. HIGHER OVERALL COMPENSATION
Pay for some jobs is particularly hot right now. Key technical positions in our survey saw average base salary increases of between 6% and 12%. Skills such as software development and IT operations, full stack software development, and data science were identified as some of the most difficult-to-recruit skills,
2021-11-02 3:59 PM
