More than a Pay Cheque? Results of a CPA NB Total Compensation Survey for Accountants in New Brunswick
The Chartered Professional Accountants of New Brunswick (CPA NB) conducted a comprehensive survey to gain insights into the current state of total compensation received by its members. The survey received a response rate of 78% from a representative sample of 498 CPA NB members, covering salary, bonuses, retirement plans, healthcare benefits, and work-life balance. The aim is to provide a comparative analysis with broader Canadian CPA surveys. The results offer specific information on compensation in New Brunswick, enabling informed decisions on creating attractive compensation packages and strategies for talent recruitment and retention.
The results show that the top five total compensation factors that influence employees to stay with their current employer are competitive compensation, bonuses and merit-based rewards, flexible work arrangements, vacation time, and retirement plans. It also highlights the importance of nonpecuniary compensation, such as flexible work arrangements and career development opportunities, in attracting and retaining top talent.
The survey found that extended healthcare coverage, accidental death and dismemberment insurance, and long-term disability coverage were popular benefits among respondents. Most respondents had their continuing professional development (CPD) paid for by their employer, indicating that many companies recognize the value of investing in their employees’ ongoing education and development.
It also identified reasons why employees would leave their employer and revealed if they promote their employer. It also showed common objections encountered by employees during negotiations for total compensation, including budget constraints, company policies, market competitiveness, economic conditions, and organizational structure.
The survey also discussed the impact of the COVID-19 pandemic on work-life balance and workplace flexibility, with around 67% of respondents indicating a shift in perspective.
Overall, the survey provides valuable insights into the total compensation and benefits received by CPA members in New Brunswick. Employers can use this information to create more attractive compensation packages, emphasize work-life balance, invest in employee development and training, create a positive workplace culture, and attract high-quality talent. Employees can also use this information to negotiate better salaries, and benefits, or gain a better understanding of the total compensation landscape in New Brunswick.
Based on the findings in this report, it is clear that employees value a range of factors when it comes to their ideal work experience. However, there is room for improvement in terms of access to career advancement for underrepresented groups and promoting diversity and inclusion in the workplace. Overall, employers who prioritize creating an engaging and fulfilling work environment that meets the needs of their employees are more likely to attract and retain top talent and create a more productive and satisfied workforce.
Please click HERE to download the full report.