BioTalent Canada has launched the 2024-25 National Compensation Guide. This guide provides bioscience employers with vital salary and benefits insights. Rising living costs and talent shortages are challenging employers in the bioscience sector.
The guide aids employers in recruiting and retaining skilled professionals in Canada’s bioeconomy. Small and medium-sized enterprises (SMEs) often operate on tight budgets. This guide offers the necessary data to create competitive compensation packages.
According to Rob Henderson, President and CEO of BioTalent Canada, “SMEs that invest in attracting and retaining top talent can gain a significant competitive edge.” He noted that this guide is essential for SMEs facing limited resources.
The 10th edition of the guide includes compensation data for over 45 key job functions. It offers insights into salary trends and compensation structures across various experience levels. This year’s guide integrates a new data source, enhancing the report’s depth and accuracy.
The guide has been developed using robust data methodologies. It was validated by industry experts to ensure relevance for employers in the bioscience sector. Employers can make informed decisions about talent recruitment and retention.
The guide also features National Occupational Standards (NOS). These standards outline educational and skill requirements for specific roles. They assist SMEs in defining clear roles and responsibilities.
Henderson emphasized that SMEs drive innovation in biotechnology and local bioeconomy hubs. However, they often face challenges in attracting talent. The National Compensation Guide addresses these challenges by offering tailored insights.
BioTalent Canada supports SMEs with various resources for talent acquisition and retention. This includes industry-specific labour market intelligence and employer support programs.
Overall, the National Compensation Guide serves as a vital tool for bioscience employers. It aims to enhance their recruitment efforts and secure skilled professionals in a competitive job market.
