Compensation Trends
It likely comes as no surprise that The Consumer Price Index (CPI) rose 6.9% on a year-over-year basis in September 2022. The price of living has certainly gone up and Statistics Canada says the average hourly wage has also risen to compensate to 5.2%.
Administrative compensation has skyrocketed in the last 5 years as well. Our Team Productivity and Hiring Coach, Kim Poulin shares information from the latest Robert Half salary guide for 2023. Salary numbers differ based on role and city and the percentile the employee falls into. The 3 percentiles include:
25th - Employees who are new to the role.
50th - Employees who consistently perform core responsibilities without direct supervision.
75th - Employees who bring value above and beyond normal job duties.
The chart below shows how much salaries have gone up for Administrative roles in the 3 percentiles since 2018.
Here are what salaries are going to look like for 2023. Keep in mind that these results are not industry specific.
Whether you are hiring or not, it's important to review and consider this information. You want to understand the current rates to keep your existing employees happy and offer a fair salary.
Unfortunately, we have seen teams lose their assistant when someone came in with an offer significantly better than what they were currently getting paid. Understanding the numbers is important for both attraction and retention.
If you would like Kim to do a compensation analysis in your city, to help grow and retain your team, feel free to connect and she will provide you with a quote.
CRM Administration Subscription Service
Often, advisory teams aren't maximizing the effectiveness of their office technology. Our Information Technology Consultant, Emily Bennett is now offering a monthly service to anyone who feels like they could be doing more. Maximizing the use of your CRM has a significant impact on the client experience so this is time well spent!
For $375 + tax per month, Emily will help your team bridge any gaps between your CRM application and how the users are interacting with it. Services include:
Basic user administration (add, delete, edit users)
Software administration & troubleshooting
Updates to native objects (fields, automation)
Customized, editable procedure guide
Monthly 30 minute virtual touch base
Customization of existing objects
For more information, please reach out.
Custom Cards
Enhance the client experience with a card that aligns with your brand with thoughtful imagery and verbiage that will resonate. Wow your clients with a card they will want to display all year round.
Heather Amlin, Our TouchPoint Coach does cards for all occasions. She can book a call with you to understand what you are looking for and provide a quote.
Website Review
Our Branding and Marketing Specialist, Kelly Maxwell will be offering website reviews in December and January. This is a great idea for any advisory teams who want to improve their website but don't know what the next steps are.
For $475 + tax, Kelly will review your website, create a complete list of recommendations and provide next steps.
Inspiration
“Good fortune is what happens when opportunity meets with planning.” – Thomas Edison
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