Okanagan salaries reveiwed in study

Accelerate Okanagan is looking to find answers to uncertainties regarding employee salaries and compensation.

To that end, the not-for-profit organization is inviting companies to take part in its workforce insights salary and compensation study.

In addition to salaries, the study will assess peripheral aspects of compensation and benefits such as paid time off, bonuses and stock options.

“We want to provide local business owners with a holistic picture of what compensation looks like in today’s competitive global market,” said Accelerate Okanagan CEO Brea Lake. “It has become critical for employers to understand how compensation affects not only their ability to recruit but also how it affects their ability to retain their employees.”

To conduct the study, Accelerate teamed up with research consulting firm BenchMarket, which specializes in compensation and HR policies. BenchMarket is conducting a similar study on Vancouver Island and across Ontario. Companies taking part in the Okanagan study will have the ability to compare salary data against these other regions. The national comparisons will help business owners looking to hire remote workers across Canada and stay competitive.

“Between hybrid work environments and cost-of-living, a lot has changed in the last couple of years, and keeping on top of where salaries should be has been a challenge,” said Rob Barlett, CEO of Wtfast. “We are eager to see this report to make sure our compensation is in line with industry standards.”

The study comes at a time when national inflation is on the rise and Canada’s tech sector has seen widespread layoffs.

“With growing uncertainty from both employers and employees, it is important to evaluate the current trends to really understand what is going on in the Okanagan region,” Accelerate Okanagan said.

The study is not limited to companies in the tech sector; all Okanagan businesses are invited to participate. While technical roles will be highlighted, businesses with sales, marketing, administrative and executive teams are encouraged to join. All participants will have access to the final report free of charge.

For more information and to participatte in the study, visit accelerateokanagan.com/workforce-insights. The study will be open to Okanagan companies until Nov. 4.