Compensation

Compensation Packages

Employees want wages that are fair/attractive, based on their responsibilities, within their industry. You can compare current wage and salary information on the Alberta Learning Information Service (alis) website.

A competitive salary may attract employees, but it may not be enough to motivate them to stay, particularly if other aspects of the job are not favourable. Offering benefits, perks, training and career development, and work-life balance can be good incentives for retention.

Types of compensation include:

  • Retention based compensation: rewarding employees for staying with the company.
  • Performance based compensation: rewarding employees for meeting measurable performance goals set out for them.

Common rewards include a bonus, a raise, additional paid vacation days, stock options, or a combination of these items.

Benefits

Benefits such as medical, dental and pension are always appreciated. Understanding your employees and their needs will help ensure that you are offering the most attractive benefits package. For example, younger workers may be more interested in help with tuition payment while others may prefer incentives related to work life balance such as additional paid leave.

Learn more about compensation and benefits in alis’ “Retaining your Staff” guide.

Employment standards legislation

Alberta employers must comply with employment standards laws such as providing rest periods and vacation entitlements to their employees. You may wish to offer your employees more attractive packages, but at a minimum, you must meet the following required rest periods and vacation entitlements.