Insurance jobs pay less

Working in insurance? Expect lower bonus

A recent survey by Watson Wyatt Data Services for their 2009/2010 Canadian Survey Report on Professional & Skilled Trades Personnel Compensation has some interesting numbers.

The survey found that cash incentive payments such as bonuses, commission and profit-sharing and commission, averaged almost 10% of salary for all salary levels combined.

The range was quite varied. When considering a short-term incentive the salary levels went from a high of almost 53% of skilled trades personnel and professionals earning $100,000 or more down to almost 27% percent of people earning less than $40,000.

The Insurance Sector had the lowest average incentive compensation payment at 6.3% of salary.

It depends on where to you live as well. Ontario had the largest percentage of employees receiving incentive compensation with almost 48%. Atlantic Canada had the lowest percentage at just over 22% receiving some form of incentive compensation such as a bonus or commission. It is interesting to note that the average incentive payout worked out differently. Atlantic Canada had the highest average payout of almost 14% of salary with Ontario receiving almost 9% of salary.

It will be interesting to see if the recent economic struggles will affect these percentages this year. There is an expectation that wages will take a hit and reduced incentive compensation could go hand-in-hand with these cutbacks.