- Short-term incentive awards were highest for employees working in
the Utilities and Energy Sector.
- Employees in Atlantic Canada received the highest average short-term
incentive payment among the provinces surveyed.
TORONTO, Nov. 12 /CNW/ - Watson Wyatt Data Services, a wholly-owned subsidiary of Watson Wyatt Worldwide, today announced the release of its 2009/2010 Canadian Survey Report on Professional & Skilled Trades Personnel Compensation.
The data are based on the responses of 275 organizations encompassing 1,610 locations reporting data on 96,790 incumbents. Data are presented on a total of 50 geographic areas and 108 industry classifications.
Bonus/Profit Sharing Trends
Bonus and/or other cash incentive payments, including profit-sharing and commission, averaged 9.7 percent of salary for all salary levels combined. The percentage of employees receiving a short-term incentive varied significantly among salary levels, ranging from a high of 52.9 percent of professional and skilled trades personnel earning $100,000 or more to a low of 26.5 percent of incumbents earning less than $40,000.
The percentage of employees receiving a bonus and/or other cash compensation varied significantly among the industry sectors reported. Among the participants, 63.4 percent of incumbents in the Banking and Finance Sector received incentive compensation, while 31.2 percent of incumbents in Health Care and 32.4 percent in the Retail and Wholesale Trade received an incentive payment. Professional and skilled trades personnel working in the Utilities and Energy Sector received the highest average incentive compensation at 15.1 percent of salary, while those working in the Insurance Sector received the lowest average incentive compensation payment at 6.3 percent of salary.
There were significant regional differences in bonuses and/or other cash compensation. The largest percentage of employees receiving incentive compensation were in Ontario, at 47.6 percent; the lowest percentage of employees receiving incentive compensation work in Atlantic Canada, with 22.3 percent receiving a payment. However, in terms of average incentive payout the opposite was true-incumbents in Atlantic Canada received the highest average payout at 13.7 percent of salary whereas incumbents in Ontario received an average of 8.5 percent of salary.
Employees in small to mid-sized organizations fared better than those in larger organizations. In organizations with fewer than 300 full-time employees (FTEs), 54.3 percent of employees received an incentive payment averaging 10.7 percent of salary. The lowest percentage of employees receiving an incentive payment work in organizations with 2,500 FTEs or more-29.7 percent received incentive compensation averaging 7.9 percent of salary, the lowest average payout by organization size.
The 2009/2010 Canadian Survey Report on Professional & Skilled Trades Personnel Compensation is available online, or as an online/printed report set.
About Watson Wyatt Data Services
Watson Wyatt Data Services (WWDS), a wholly-owned subsidiary of Watson Wyatt Worldwide (ranked 980 on CNN Money's FORTUNE 1000 list of top companies for 2009), is a leading provider of compensation, benefits and employment practices information to the global employer community. From offices around the world, we solicit, analyze and publish an extensive library of printed, interactive and online survey reports. Our compensation databases are recognized worldwide as the most reliable source of current data for compensation planning.
Global scope, local knowledge ...
Covering 97 countries across six continents, our data centers in the U.S., Canada, Europe, Asia and Latin America annually compile reports on the remuneration, benefits and employment practices of local and multinational companies. Our "in-country" experts apply their local knowledge of the varied employment markets, practices and customs to deliver a complete compensation picture that can be used to create sound, market-based pay programs for entire institutions. Our international databases contain compensation information covering millions of employees based on the annual survey participation of organizations ranging from emerging growth companies to many of the world's largest conglomerates.
In addition to compensation surveys, WWDS also publishes references that help HR practitioners attract, retain and reward exceptional employees. These guides cover a wide variety of subject areas, including variable pay, performance management and personnel policies on a local, regional and global basis. For more information, visit our Web site at WWDS.com.
SOURCE WATSON WYATT DATA SERVICES
For further information: For further information: Cherie Langevin, Watson Wyatt Data Services, Tel: (416) 813-4428, E-mail: Cherie.Langevin@watsonwyatt.com