TAP Network's Annual Tech Salary Survey Reveals Substantial Shift Towards Globally Competitive Salaries
September 20, 2022
Our recently released 2022 Tech Salary Survey shows Canadian tech sector salaries increased significantly with sector growth and saw voluntary turnover almost double, as tech companies compete for talent.
Read the full press release here: Vancouver, BC, September 20, 2022 (BUSINESS WIRE)
Sector growth saw doubling of voluntary turnover and significant salary increases in 2022
TAP Network’s recently released 2022 Tech Salary Survey shows Canadian tech sector salaries increased by an average 6.5%, a significant jump from the previous 5-year average of 3.8%. The past year saw voluntary turnover almost double, as tech companies competed intensely for talent, and sweetened the deal with significantly higher salaries, bonuses and stock grants in order to attract and retain talent.
Hottest Jobs
An unprecedented 39% of the jobs surveyed saw average salary increases of 10% or more in 2022. Manufacturing Engineer, Hardware / Electrical Engineer and entry level 2D/3D Concept Artists topped the list with average salary increases greater than 20%. While the hottest jobs were technical by training, many of the jobs that saw salaries jump more than 10% were also in the areas of sales and marketing, human resources and executive positions.
The Great Resignation
The data shows the great resignation was very real and felt throughout the sector last year. Voluntary turnover almost doubled from previous years, with organizations reporting 18.5% of employees leaving organizations on their own accord. The subsectors experiencing the most turnover were e-Commerce (32.5%), VFX, Animation (27.7%) and AI, Data Science, Machine Learning and Robotics (24.3%).
With the surge of voluntary turnover over the past 12 months, organizations reacted and increasingly dangled both cash and non-cash incentives to attract and retain talent. The incentives most commonly used were sign-on bonuses, retention bonuses, and new hire stock grants.
Shifting Workplace Benefits
Perks are changing to accommodate more hybrid and remote work arrangements. More and more employers are offering benefits such as flexible hours, working from home, paid time off to volunteer and even four-day work weeks while onsite office perks such as alcoholic drinks and free or subsidized food are decreasing.
- 99% of companies now offer the option to work either partially or fully remote.
- 78% permit remote employees to live and work in a different province from the office.
- 37% now permit remote employees to live and work in a different country.
The most common benefit that organizations are considering introducing is RRSP matching.
The 2022 Tech Talent Survey reports on Canadian tech sector compensation and policy data from 216 companies, including salary and incentive data for 30,718 incumbents (individual employees) across 227 jobs.
The 2023 Tech Salary Survey will be launched in April 2023, and all members of TAP Network will be invited to participate. In addition to collecting data on compensation by job and organization policies and practices, it will also collect data related to diversity and inclusion as part of the Diversity and Inclusion Tech Project. The TAP Network Tech Salary Survey is conducted by Mercer.
For more details and specific salary figures, purchase a full version of the 2022 Tech Salary Survey online at www.tapnetwork.ca.
Read the full press release here: Vancouver, BC, September 20, 2022 (BUSINESS WIRE)