In 2020, the average salary for tech talent in the U.S. was U.S.$146,000, the global average was U.S.$130,000 and Canada trailed at just U.S.$109,000.
With the dawn of remote work and the entrance of large American players (such as Amazon and Netflix) into the Canadian market, Canadian startups need to be strategic about investing in talent to stand apart. Some of these new competitors are even hiring Canadian talent through professional employer organizations (PEO) that help them hire talent in any location.
In this tough and dynamic market for talent, startups need to adopt a two-sided strategy. They must be attractive to new hires and then work on retaining them. Traditionally, startups have overemphasized hiring numbers without having a retention plan for current talent. You should be bringing in new employees for the long-term impact on your business growth. Early intervention with the right incentives, career plans and learning opportunities are key to making this happen.
Below are six actionable ideas that startups should consider in order to compete against bigger talent players.
Need more inspiration? We crowdsourced ideas from our high-growth ventures — here is what they are doing on the compensation and retention fronts.