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Chapter 9: Managing Compensation
Compensation in Your Career
Exercises that you completed in previous chapters should have led you
to identify one or more occupations you wish to pursue as a career. The
purpose of this exercise is to learn what compensation you might receive
should you pursue this career. To determine the salaries in your chosen
field for an entry-level or junior person, an employee with several years'
experience, and a senior professional, consult some of the following sources:
- Community colleges and universities. Speak to the placement officer
and ask what students are receiving as job offers from companies in
the field that interests you
- Advertisements. Read newspapers and trade magazines, and check bulletin
boards in the organizations in which you work. If the salary range is
not given, phone the company and ask for this information.
- Working professionals. Through friends or colleagues, identify people
who are already working in your field. Ask their permission to contact
these working professionals, and then talk to them, explaining your
career interest.
- Professional associations. Most occupations are represented by a union
or professional association that can provide you with compensation information.
Ask the relevant organization if it conducts, uses, or publishes compensation
surveys.
- Consultants. Compensation surveys are conducted by professional consulting
firms such as KPMG, Watson Wyatt, Robert Half Canada Inc., Hewitt Associates,
and Hay Management Consultants. Phone these companies or visit their
websites to find out if they publish these surveys and if they are willing
to provide you with a copy for a nominal fee.
- The Internet. The web site at Human Resources and Skills Development
Canada (www.hrsdc.gc.ca/en,
and then click on Job Prospects) will provide you with average hourly
compensation for thousands of jobs. The web site at Monster.ca (http://salarywizard.monster.ca)
provides a salary calculator for the Canadian market, giving salary
ranges for jobs by city.
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