Average increase this year was 3.5 per cent, survey shows stock-based compensation is catching on with Canadian firms
This year's salary increases are smaller than those handed out in 2001, but more and more Canadian firms are embracing the idea of stock-based compensation.
According to WorldatWork’s Total Salary Increase Budget Survey, the average salary increase for 2002 was 3.5 per cent, down from 4.0 per cent in 2001 and lower than the 4.0 per cent predicted.
Salary increases this year ranged from 3.2 per cent for non-management, non-union employees to 3.8 per cent for executives.
The stock’s the thing
Stock option programs are becoming increasingly popular, with significant increases from 2001 in every employee category.
Management saw the biggest jump, as the use of stock option programs for senior staff rose dramatically from 53.6 per cent of companies making salaried employees eligible last year to 80.0 per cent in 2002.
Last year, 25.9 per cent of companies offered the program to non-management salaried employees. In 2002, that number jumped to 48.9 per cent.
Other findings from the survey:
•84.1 per cent of employees received a wage increase in 2002, down from 94.6 per cent last year.
•42 per cent of organizations reported having difficulty finding and keeping key talent, a 30 per cent drop from 2001.
•48 per cent of employers have enhanced the “work environment” to better attract and retain top talent (including things such as flexible work schedules, compressed work weeks, relaxed dress codes and telecommuting.)
Total salary budget increases
Non-management hourly non-union employees
Actual 2001: 3.5%
Projected 2002: 3.7%
Actual 2002: 3.2%
Projected 2003: 3.4%
Non-management salaried employees
Actual 2001: 4.1%
Projected 2002: 4.0%
Actual 2002: 3.5%
Projected 2003: 3.5%
Management salaried employees
Actual 2001: 4.2%
Projected 2002: 4.2%
Actual 2002: 3.6%
Projected 2003: 3.6%
Officers/executives
Actual 2001: 4.4%
Projected 2002: 4.3%
Actual 2002: 3.8%
Projected 2003: 3.7%
The survey polled 260 Canadian firms, representing 627,163 employees and more than $12 billion in payroll. This is the 29th annual Total Salary Increase Budget Survey from WorldatWork.
According to WorldatWork’s Total Salary Increase Budget Survey, the average salary increase for 2002 was 3.5 per cent, down from 4.0 per cent in 2001 and lower than the 4.0 per cent predicted.
Salary increases this year ranged from 3.2 per cent for non-management, non-union employees to 3.8 per cent for executives.
The stock’s the thing
Stock option programs are becoming increasingly popular, with significant increases from 2001 in every employee category.
Management saw the biggest jump, as the use of stock option programs for senior staff rose dramatically from 53.6 per cent of companies making salaried employees eligible last year to 80.0 per cent in 2002.
Last year, 25.9 per cent of companies offered the program to non-management salaried employees. In 2002, that number jumped to 48.9 per cent.
Other findings from the survey:
•84.1 per cent of employees received a wage increase in 2002, down from 94.6 per cent last year.
•42 per cent of organizations reported having difficulty finding and keeping key talent, a 30 per cent drop from 2001.
•48 per cent of employers have enhanced the “work environment” to better attract and retain top talent (including things such as flexible work schedules, compressed work weeks, relaxed dress codes and telecommuting.)
Total salary budget increases
Non-management hourly non-union employees
Actual 2001: 3.5%
Projected 2002: 3.7%
Actual 2002: 3.2%
Projected 2003: 3.4%
Non-management salaried employees
Actual 2001: 4.1%
Projected 2002: 4.0%
Actual 2002: 3.5%
Projected 2003: 3.5%
Management salaried employees
Actual 2001: 4.2%
Projected 2002: 4.2%
Actual 2002: 3.6%
Projected 2003: 3.6%
Officers/executives
Actual 2001: 4.4%
Projected 2002: 4.3%
Actual 2002: 3.8%
Projected 2003: 3.7%
The survey polled 260 Canadian firms, representing 627,163 employees and more than $12 billion in payroll. This is the 29th annual Total Salary Increase Budget Survey from WorldatWork.
