The Chartered Professional Accountants of Prince Edward Island (CPAPEI) conducted a comprehensive survey to gain insights into the current state of total compensation received by its members. The survey covered salary, bonuses, retirement plans, healthcare benefits, and work-life balance. The aim is to provide a comparative analysis with broader Canadian CPA surveys. The results offer specific information on compensation in Prince Edward Island, enabling informed decisions on creating attractive compensation packages and strategies for talent recruitment and retention.

The survey found that what respondents value most in their compensation packages are competitive compensation, vacation time, flexibility and work life balance, retirement planning and closely behind that colleagues with whom they enjoy working. This information should assist employers in attracting and retaining CPAs in their organizations.

Dental, Extended healthcare coverage, life insurance coverage were favoured benefits among respondents. Most respondents had their continuing professional development (CPD) paid for by their employer, indicating that many companies recognize the value of investing in their employees’ ongoing education and development.

It also identified reasons why employees would leave their employer and revealed if they promote their employer. It also showed common objections encountered by employees during negotiations for total compensation, including budget constraints, company policies, market competitiveness, economic conditions, and organizational structure.

The survey also discussed the impact of the COVID-19 pandemic on work-life balance and workplace flexibility, with 83% of respondents indicating some level of shift in perspective related to work life balance.

Overall, the survey provides valuable insights into the total compensation and benefits received by CPA members in Prince Edward Island. Employers can use this information to create more attractive compensation packages, emphasize work-life balance, invest in employee development and training, create a positive workplace culture, and attract high-quality talent. Employees can also use this information to negotiate better salaries, and benefits, or gain a better understanding of the total compensation landscape in Prince Edward Island.

Based on the findings in this report, it is clear that employees value a range of factors when it comes to their ideal work experience. However, there is room for improvement in terms of access to career advancement for underrepresented groups and promoting diversity and inclusion in the workplace. Overall, employers who prioritize creating an engaging and fulfilling work environment that meets the needs of their employees are more likely to attract and retain top talent and create a more productive and satisfied workforce.

Please click HERE to download the full report. 

Please click HERE to download the Executive Summary.