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 Canada’s extremely competitive job market.
Further Information on Salary Structure in Canada for 2023
The average Canadian salary structure increase forecast for 2023 is 3.2%. This record excludes companies that decided to freeze their salary structure, Canadian Visa Professionals reported. The new record is higher as the initial forecast for last summer was 3.0%.
Regarding salary budget increases in Canada, Quebec (3.4%) and Ontario (3.2%) are leading. British Columbia and Alberta are next in line with revised budgets of 3%.
Increased Salary for Employees in Canada in 2023
In 2023, about 48% of Canadian employers are raising their salary budget. This report is according to a new survey by Normandin Beaudry. Based on this forecast, Canadian Visa Professionals concluded that new immigrants have good opportunities to secure high-paying jobs in Canada.