Canada's Biotech Sector Gets Boost with New Compensation Guide

OTTAWA, Ontario--(BUSINESS WIRE)--BioTalent Canada today released its 2022-23 National Compensation Guide for the bio-economy.

The eighth edition of the guide provides employers nationwide with updated compensation data for more than 50 individual roles within the biotechnology sector—with many roles now based on the National Occupational Standards (NOS) for Canada’s bio-economy. Using this information, organizations can design recruitment and retention strategies that give them a competitive edge in the war for talent.

BioTalent Canada’s recent labour market research shows that more than 65,000 new biotech workers will be needed in Canada by the end of this decade. Areas where labour shortages are expected by 2029 include distribution and logistics, manufacturing and production, and management, finance and administrative jobs.

“Competition for talent has gotten fiercer since the pandemic, and biotech workers are in high demand globally,” says Rob Henderson, President and CEO of BioTalent Canada. “While salaries remain important, employees also want robust benefits such as health and dental insurance, professional development opportunities, and flexible work environments.”

The latest edition of the compensation guide will serve as a valuable tool for small and medium-sized enterprises looking to grow their business. BioTalent Canada’s 2022-23 guide includes reviews of more than 50 professional jobs within the bio-economy.

This year’s edition of the guide has been updated to include salary profiles based on new National Occupational Standards, leading to better data and more profiles.

The profiles offer a set of standards for Canada’s biotech sector that have been validated by industry professionals. The standards define the skills, education, and credentials needed to perform specific roles within the industry.

Some of the in-demand jobs reviewed in this year’s National Compensation Guide include microbiologist, chemical operator, pharmaceutical manufacturer, and business development manager, to name only a few.

The guide also provides bio-economy employers with important information such as industry-standard compensation practices, benchmark compensation levels, and market intelligence that can be used to recruit talent and reduce staff changeover.

The National Compensation Guide is available in both of Canada’s official languages. For information on how to download a copy of the guide, please visit biotalent.ca/CompensationGuide

Rob Henderson is available for comment to the media.

About BioTalent Canada:

BioTalent Canada supports the people behind life-changing science. Trusted as the go-to source for labour market intelligence, BioTalent Canada guides bio-economy stakeholders with evidence-based data and industry-driven standards. BioTalent Canada is focused on igniting the industry’s brainpower, bridging the gap between job-ready talent and employers, and ensuring the long-term agility, resiliency, and sustainability of one of Canada’s most vital sectors.

Recently named one of the 50 Best Workplaces in Canada with under 50 employees, a Best Workplaces™ for Mental Wellness, Healthcare, and a Great Place to Work® for 2022, BioTalent Canada practices the same industry standards it recommends to stakeholders. These distinctions were awarded to BioTalent Canada following a thorough and independent survey analysis conducted by Great Place to Work®.

For more information, please visit biotalent.ca.

About National Occupational Standards:

National Occupational Standards (NOS) document the skills, education, and credentials —performance indicators and supporting knowledge — industry requires to perform effectively in a particular occupation. National Occupational Standards have become sought after management tools in many industries not only within Canada, but globally.

For more information, please visit biotalent.ca/NOS.