In an era where rising costs of living and talent shortages are putting pressure on bioscience employers, offering competitive compensation has never been more critical. BioTalent Canada released the 2024-25 National Compensation Guide, providing bioscience employers with the latest salary, benefits, and compensation insights to help them recruit and retain top talent in Canada’s bio-economy. With many small and medium-sized enterprises (SMEs) operating on tight budgets, this guide equips them with the data needed to build attractive, market informed compensation packages that not only align with industry standards but also give them a competitive edge in securing skilled professionals.
“BioTalent Canada continues to work with the industry to support SMEs who play a vital role in Canada’s bio-economy, driving innovation in fields like biotechnology and advancing local bio-economy hubs”
The 10th edition of the National Compensation Guide profiles compensation data for over 45 key job functions, offering insights into salaries, benefits and compensation trends across varying experience levels and organizational sizes. This year’s edition integrates a new data source, enhancing the depth and accuracy of the report, and ensuring employers have the most relevant and up-to-date intelligence to refine their compensation strategies. Developed using robust data collection methodologies and validated by industry experts, the guide enables employers to make informed decisions to attract and retain skilled professionals.
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“Compensation benchmarking is an essential piece of any organization’s talent strategy, especially for SMEs with limited resources,” says Rob Henderson, President and CEO of BioTalent Canada. “SMEs that invest in attracting and retaining top talent can gain a significant competitive edge, even in today’s challenging labour market. This National Compensation Guide is a vital piece of that puzzle.”
As the voice for talent development in Canada’s bio-economy, BioTalent Canada supports small and medium-sized organizations with tools and strategies to attract, train, and retain talent in a sector that is critical to the Canadian economy. The latest edition of the compensation guide is one such tool, which includes:
- National Occupational Standards (NOS), outlining the education, skills, and experience needed for specific roles. These standards help SMEs define clear roles and responsibilities, enabling them to hire the right talent for their needs and align job descriptions with industry expectations.
- Base salary information, ensuring that SMEs can benefit from market intelligence to recruit top talent and reduce churn.
- Benefits data, which allows SMEs to tap into peer and competitive market knowledge to hire with confidence and success.
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“BioTalent Canada continues to work with the industry to support SMEs who play a vital role in Canada’s bio-economy, driving innovation in fields like biotechnology and advancing local bio-economy hubs,” says Henderson. “Despite their contributions, SMEs often face hurdles in attracting and retaining talent due to limited resources and competitive pressures. Our National Compensation Guide provides tailored insights and innovative benefits strategies, empowering SMEs to offer compelling packages and attract top-tier talent.”
As a complement to the National Compensation Guide, BioTalent Canada offers employers several resources designed to address SMEs’ unique challenges, including industry-specific labour market intelligence, and employer support programs to support organizations’ talent acquisition and retention efforts.
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Source: Businesswire
