Salary survey: What are Canadian employers planning for 2024 and which sectors will see the highest increases?
Summary
These numbers are significantly lower than the pre-pandemic levels, which ranged from 3% to 5%, indicating that most Canadian employers are meeting or exceeding the expectations and preferences of their employees when it comes to salary increases. The survey results suggest that Canadian employers are optimistic and confident about their salary increase plans for 2024, despite the potential risks and uncertainties in the economic and labour market environment. However, Canadian employers should also be cautious and prepared for the possible changes and challenges that may arise in the coming months and years, such as: • The effect of the inflation rate and the cost of living, which may erode the value and the perception of the salary increases. To cope with these changes and challenges, Canadian employers should consider the following recommendations: • Monitor and analyze the economic and labour market trends and indicators, and adjust their salary budgets and forecasts accordingly. By following these recommendations, Canadian employers can optimize their salary increase plans for 2024 and beyond and create a competitive and sustainable compensation strategy that supports their organizational goals and objectives, as well as their employee needs and preferences.