Personal Investor: Overworked and underpaid? Get in line
Nearly half of Canadians feel they are underpaid, according to a new poll. No kidding.
A new survey by staffing firm Robert Half finds 47 per cent of the workforce feel they are not fairly compensated for the work they do. The survey spans various professions across the country and finds resentment is fuelled by employers who fail to keep on top of benchmark salaries and compensation, or understand local pay rates. Disgruntled employees often learn they’re being shortchanged by word of mouth from friends who have found the grass actually is greener on the other side, or speaking with employment recruiters.
The study goes on to warn employers they could be left behind by competitors who recognize the value of good employees. It also says many employers with operations across the country fail to recognize the differences in living costs from city to city. As examples, the study says employers in Vancouver should expect to pay a 5.6 per cent premium compared with other Canadian cities. Toronto employers should expect to pay a 4.9 per cent premium and Calgary employers should boost their salaries by four per cent, the study says.
Still, there are employers who recognize the value of satisfied employees. The survey found 51 per cent of respondents feel they are paid fairly and two per cent feel they are overpaid (they might want to keep that to themselves).
Incidentally, Statistics Canada reports the average annual salary in Canada last year was $51,000.