Hot labour market spurring employers to offer benefits: Sun Life CEO Kevin Strain
Canadian employers project the national average base salary to increase by 4.2 per cent next year, a new survey says.
According to the report by consulting firm Eckler Ltd., the forecast comes as organizations try to balance inflationary pressures, surging interest rates, recession risks and a tight labour market.
British Columbia, Ontario and Quebec are projecting the highest average salary increases, with the Yukon, Nunavut and Prince Edward Island projecting the lowest.
The largest average salary increases are expected to be in the technology sector at 5.4 per cent.
The smallest increases are expected in the education, health care, agriculture and hospitality sectors.
The survey results also show that Canadian organizations are planning to use compensation as a key part of their talent management strategy, with just one per cent of organizations reporting a planned salary freeze for 2023.
Additionally, 44 per cent of organizations remain undecided about salary budgets for 2023.