Survey: Half of the Canadian Firms will Increase their Pay Budgets During 2023
A survey by Normandin Beaudry revealed that two-fifths of 440 employers had set apart an average of 1.2% in additional funds for salary raises. Some of the reasons for these respondents' actions are market adjustments and the need to retain a critical role. Another reason is the need to retain workers at risk of leaving.The respondents also said they're anticipating an average budget raise of 4.7% to allow for salary raises in 2023. Locations anticipating the highest budget increases are Quebec and Ontario. Canadian Visa Professionals added private businesses and nonprofit organizations are anticipating the highest budget raises.Ultimately, companies continue to invest in salary increase budgets in spite of the volatile economic condition. Darcy Clark, senior principal for compensation at Normandin Beaudry, said they are doing this to adjust to…