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2022 vs 2023: What's the Data Telling Us About What's Going on in the Tech Industry - SocialHRCamp Montreal 2023

SocialHRCamp
SocialHRCamp

Speaker: Stephanie Hollingshead (https://www.linkedin.com/in/stephaniehollingshead/ This session was presented at SocialHRCamp Montreal 2023 on October 26, 2023. Each September Tech and People Network releases its highly anticipated Canadian Tech Industry Salary and Policy and Practices Survey which encompassses close to 30,000 salary data points from it's 200+ member companies across Canada. In the past 18months the tech industry experienced the extreme swing of the "great resignation" and the (often expensive) struggle to retain their talent directly into a cooling period, with many companies forced to take cost cutting measures. All of this came on top of the resurgence of return to office decisions and the shifting priorities of our workforce. Stephanie Hollingshead, CEO of Tech and People Network will kick off Montreal's SocialHRCamp by sharing the data on the top insights gleaned from their 2023 data.

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Stephanie Hollingshead, TAP Network 2022 vs 2023: Whats the Data Telling Us About Whats Going on in Tech?
About TAP Network tapnetwork.ca BECOME A MEMBER DATA, LEARNING & EVENTS TAP INTO OUR TECH SALARY SURVEY DIVERSITY, EQUITY & INCLUSION RESOURCES TAP Network is a non-profit association for People and Culture professionals in Canada's tech sector, providing members with access to tech sector data, industry experts and an inclusive peer community to drive innovation, collaboration and results. Our associations 900+ members lead and influence the People and Culture practices at 250 tech companies spanning numerous subsectors, including ICT, VFX and Animation, Interactive and Digital Entertainment, Cleantech, AI, Life Sciences and more.
3 2023 Tech Sector Salary and Total Rewards Survey 30,600 INCUMBENTS (individual employees) 204 ORGANIZATIONS 234 JOBS
Skills shortages and inflation drove sizable salary increases across Canadas tech sector Key Takeaways from TAP Networks 2023 Tech Sector Salary & Total Rewards Survey 4 Tech sector salaries continue to grow in softening market. 2023 average salary increase budget - 4.5% Critical tech skills in high demand despite widespread layoffs New hire pay pressure isolated to high demand roles and senior or specialized positions. Companies are making targeted salary adjustments for existing employees. The common incumbent median salary increase remained high at 7.5%
5 Top 10 Hot Jobs Common incumbent (same employees) year over year median base salary increase percent by job DevOps Developer/Engineer - Fully Competent 10.5% Accounting Clerk - Senior/Lead 10.3% Data Scientist - Intermediate 10.0% UI/UX Designer - Entry 10.0% Hardware/Electrical Engineer - Entry 9.9% Game Designer - Intermediate 9.6% Accounting Clerk - Intermediate 9.4% Implementation Specialist 9.0% Technical Customer Support Representative - Intermediate 8.7% Production - Coordinator - Film 8.7%
Employers are paying closer attention to employee financial health and flexible work arrangements. 51% offer RRSP matching. 17% are considering adding it. 42% offer paid time off to volunteer. 17% are considering adding it. 53% offer health & wellness / flex allowances. 13% are considering adding it. 7% offer condensed work weeks. 12% are considering adding it. 52% offer family leave top-up. 10% are considering adding it. 6 Fastest Growing Benefits in Canadas Tech Sector:
7 Voluntary turnover remains high despite economic uncertainty 0.0% 5.0% 10.0% 15.0% 20.0% 2018 2019 2020 2021 2022 Tech Sector Average Annual Turnover voluntary turnover involuntary turnover
8 Diversity and Inclusion in Canadas Tech Sector EDI PRACTICE YES CONSIDERING We conduct analysis to identify pay gaps for equity-deserving groups 45% 25% We provide EDI training to leaders 40% 29% We ask our employees if they have accessibility needs and/or accommodation requests 56% 12% Our senior leadership team has formal accountability for EDI related goals/mandates 23% 30%
Pay Transparency Readiness Pay transparency practices appear to be in the early stages at most companies. 22% of companies are currently including pay information on external job postings. 25% of companies intend on publishing pay ranges in all jurisdictions where they operate, even if not statutorily required. 53% of companies are still determining how wide of a pay range to publish on job postings. 43%+ of companies intend to provide managers with training on pay transparency, and/or compensation philosophies and pay practices. ** Data is from TAP Networks October member pulse survey (129 respondents)
38% operate fully remotely 42% operate with hybrid work models. Competitive Advantage from Remote and Hybrid Work Arrangements 10 Purposeful in-person gatherings Mandatory core hours where teams are online Mandatory minimum number of onsite days Mandatory office days where teams are onsite together Arrangements to support hybrid work:
Save the Date: Trends and Insights from TAP Networks 2023 Salary and Total Rewards Survey November 16th 12pm ET Tap into your peers! www.tapnetwork.ca

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2022 vs 2023: What's the Data Telling Us About What's Going on in the Tech Industry - SocialHRCamp Montreal 2023

  • 1. Stephanie Hollingshead, TAP Network 2022 vs 2023: Whats the Data Telling Us About Whats Going on in Tech?
  • 2. About TAP Network tapnetwork.ca BECOME A MEMBER DATA, LEARNING & EVENTS TAP INTO OUR TECH SALARY SURVEY DIVERSITY, EQUITY & INCLUSION RESOURCES TAP Network is a non-profit association for People and Culture professionals in Canada's tech sector, providing members with access to tech sector data, industry experts and an inclusive peer community to drive innovation, collaboration and results. Our associations 900+ members lead and influence the People and Culture practices at 250 tech companies spanning numerous subsectors, including ICT, VFX and Animation, Interactive and Digital Entertainment, Cleantech, AI, Life Sciences and more.
  • 3. 3 2023 Tech Sector Salary and Total Rewards Survey 30,600 INCUMBENTS (individual employees) 204 ORGANIZATIONS 234 JOBS
  • 4. Skills shortages and inflation drove sizable salary increases across Canadas tech sector Key Takeaways from TAP Networks 2023 Tech Sector Salary & Total Rewards Survey 4 Tech sector salaries continue to grow in softening market. 2023 average salary increase budget - 4.5% Critical tech skills in high demand despite widespread layoffs New hire pay pressure isolated to high demand roles and senior or specialized positions. Companies are making targeted salary adjustments for existing employees. The common incumbent median salary increase remained high at 7.5%
  • 5. 5 Top 10 Hot Jobs Common incumbent (same employees) year over year median base salary increase percent by job DevOps Developer/Engineer - Fully Competent 10.5% Accounting Clerk - Senior/Lead 10.3% Data Scientist - Intermediate 10.0% UI/UX Designer - Entry 10.0% Hardware/Electrical Engineer - Entry 9.9% Game Designer - Intermediate 9.6% Accounting Clerk - Intermediate 9.4% Implementation Specialist 9.0% Technical Customer Support Representative - Intermediate 8.7% Production - Coordinator - Film 8.7%
  • 6. Employers are paying closer attention to employee financial health and flexible work arrangements. 51% offer RRSP matching. 17% are considering adding it. 42% offer paid time off to volunteer. 17% are considering adding it. 53% offer health & wellness / flex allowances. 13% are considering adding it. 7% offer condensed work weeks. 12% are considering adding it. 52% offer family leave top-up. 10% are considering adding it. 6 Fastest Growing Benefits in Canadas Tech Sector:
  • 7. 7 Voluntary turnover remains high despite economic uncertainty 0.0% 5.0% 10.0% 15.0% 20.0% 2018 2019 2020 2021 2022 Tech Sector Average Annual Turnover voluntary turnover involuntary turnover
  • 8. 8 Diversity and Inclusion in Canadas Tech Sector EDI PRACTICE YES CONSIDERING We conduct analysis to identify pay gaps for equity-deserving groups 45% 25% We provide EDI training to leaders 40% 29% We ask our employees if they have accessibility needs and/or accommodation requests 56% 12% Our senior leadership team has formal accountability for EDI related goals/mandates 23% 30%
  • 9. Pay Transparency Readiness Pay transparency practices appear to be in the early stages at most companies. 22% of companies are currently including pay information on external job postings. 25% of companies intend on publishing pay ranges in all jurisdictions where they operate, even if not statutorily required. 53% of companies are still determining how wide of a pay range to publish on job postings. 43%+ of companies intend to provide managers with training on pay transparency, and/or compensation philosophies and pay practices. ** Data is from TAP Networks October member pulse survey (129 respondents)
  • 10. 38% operate fully remotely 42% operate with hybrid work models. Competitive Advantage from Remote and Hybrid Work Arrangements 10 Purposeful in-person gatherings Mandatory core hours where teams are online Mandatory minimum number of onsite days Mandatory office days where teams are onsite together Arrangements to support hybrid work:
  • 11. Save the Date: Trends and Insights from TAP Networks 2023 Salary and Total Rewards Survey November 16th 12pm ET Tap into your peers! www.tapnetwork.ca