National Compensation Guide Offers Strategic Insights for Bio-Economy Employers to Attract and Retain Top Talent

OTTAWA, Ontario--(BUSINESS WIRE)--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 today 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.

The 10^th 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.

“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:

1. 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.
2. Base salary information, ensuring that SMEs can benefit from market intelligence to recruit top talent and reduce churn.
3. Benefits data, which allows SMEs to tap into peer and competitive market knowledge to hire with confidence and success.

“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.

FIND: Employer resources to build organizational resiliency and diversify your workforce.

BioTalent Canada's partner organizations in the National Compensation Guide include Life Sciences Nova Scotia, PEI BioAlliance, BIOQuébec, ResearchNB, Life Sciences Ontario, BioAlberta, and McGovern Management Group Inc. (MMGI).

Is it important for your organization to stay updated on the latest HR trends and practices? Contact one of our experts at [e-mail].

Rob Henderson is available for comment.

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, as a workforce development council, 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.

BioTalent Canada has received varied distinctions following a thorough and independent analysis of the organization. By practicing the same industry standards it recommends to partners, the organization has been honored with the following titles:

• The Best Leader in Diversity, Equity, and Inclusion at the 2024 Best Ottawa Business Awards
• 2024 Collaboration Catalyst by Magnet Network
• Great Place to Work® for 2024 and Best Workplaces in Healthcare for 2023 by Great Place to Work Canada®
• Best Workplace by HRD Canada for 2024
• 5-Star Diversity, Equity and Inclusion Employer by Canadian HR Reporter for 2024

For more information, please visit biotalent.ca.