Salary survey predicts ‘generous’ increases in Canada for 2023
September 9, 2022
For a second consecutive year, organizations are planning average salary increase budgets of 3.8 per cent (excluding salary freezes) in 2023.
And while this projection may seem conservative, more than one out of 10 organizations are planning average salary increase budgets above five per cent, according to a survey by Normandin Beaudry.
In some cases, the increases are as high as 20 per cent.
“The overall results of this recent survey comes as no surprise given the current economic environment and the ultra-competitive labour market… employers continue to adapt to market pressures,” says Darcy Clark, principal, compensation, at Normandin Beaudry.
The average salary increases granted in 2022 in Canada reached 3.8 per cent, exceeding the initial projection of 3.4 per cent and 2.8 per cent, published in February 2022 and July 2021 respectively, he says.
Employer size makes a slight difference, as smaller companies (fewer than 50 employees) have an average projected budget of 4.5 per cent, followed by companies with 50 to 99 employees (4.1 per cent) and those with 100 to 199 employees (4.0 per cent), excluding salary freezes.
The survey, conducted over the summer, polled more than 750 companies across Canada.
Source: HR Reporter
