Canadian Salaries Are Set For An Increase In 2024 & Here’s How Much Of A Raise You Can Expect

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If you’re looking forward to a possible raise in 2024, you might be in for some good news. A recent survey of over 700 Canadian companies has revealed that salaries in Canada are likely to see an increase next year.

In some cases, these pay raises could be even higher than the usual standard. This data has been extracted from the 13th annual Normandin Beaudry’s Salary Increase Survey. In this article, we’ll break down the key findings and explore what these projections mean for workers across Canada.

  1. Average Salary Increase in Canada:
  • The Normandin Beaudry’s Salary Increase Survey predicts a 3.6% increase in the average salary in Canada for 2024.
  • It’s worth noting that this projection excludes any potential salary freezes, which are expected at only 2% of companies next year.
  1. Regional Variations in Salary Increases:
  • Depending on the province or territory you work in, your salary increase may vary.
  • Workers in Ontario, British Columbia, and Yukon can all expect the projected average salary increase of 3.6%.
  • However, Quebec stands out with the highest projected salary increase in all of Canada in 2024, at 3.7%.
  1. Industry-Specific Salary Projections:
  • The salary increase forecasts also vary by industry.
  • Workers in the tech, real estate, and scientific or technical services sectors may see the most significant raises, potentially reaching up to 3.9%.
  • Employees in the pharmaceutical and manufacturing sectors could also enjoy a substantial raise of 3.8%.
  1. Compensation Cost Containment Measures:
  • Surprisingly, more than half of Canadian organizations have not implemented any compensation cost containment measures to manage potential economic slowdowns.
  • This situation is primarily attributed to ongoing labor shortages in Canada.
  1. Comparison to Previous Years:
  • While these salary increases for 2024 are positive news, they are still lower than the average raise of 4.2% that Canadian workers received in 2023.
  • The report advises caution to companies, as salary increases represent a permanent increase in fixed operating costs. Organizations are encouraged to explore creative approaches to compensation packages to set themselves apart in a competitive job market.
  1. Impact on Job Seekers:
  • Given the focus on compensation packages, job seekers have started searching for attractive job perks such as unlimited vacation and a four-day workweek.
  • Companies looking to attract and retain top talent may need to consider these non-monetary benefits as part of their overall rewards offerings.

Conclusion: In conclusion, the salary increase projections for Canadian workers in 2024 offer some hope for financial growth. However, it’s essential to remember that these increases come at a time when many people are grappling with the high cost of living in Canada. While salary hikes are a positive sign, organizations should carefully evaluate their compensation strategies to stay competitive in the job market. As 2024 approaches, keep an eye on your industry and region to determine how these projections may impact your salary.

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