SALARY INCREASE MORE IN MULTI-RESIDENTIAL THAN OTHER REAL ESTATE SECTORS ACCORDING TO NEW DATA
Faced with high inflation, the Great Resignation and labour shortages, companies are continuing to increase salaries this year to attract and retain talent.
Hot off the press interesting statistics from Normandin Beaudry, leader in actuarial consulting services and total rewards. Their Salary Increase Flash Survey launched in November 2021, polling 285 Canadian companies, reported the following:
- Salary freezes this year are planned by less than half a percent of the polled organizations.
- The average budget for salary increases 3.4% as compared to 2.9% based on their initial survey conducted in the summer 2021.
- Respondents from sectors that experienced higher labour shortages revised their budgets more aggressively to compete for staff, specifically in real estate, rental and leasing (+4.2 %), high technology (+3.7%), and foundations, community support and health care (+3.7%).
- 40% of respondents earmarked 1.2% in additional funds, on average.
- More than 50% of respondents plan to use this additional budget to retain key employees in critical roles, while almost all the remaining plan to use it to differentiate compensation for high performers.
- Quebec and Ontario rank highest with budgeted increases of 4.1% and 3.8% respectively.
“Salary increases are anticipated across all sectors and organization types, which differs from last year in which increases were more sector specific. We are now seeing that the labour shortage is impacting all sectors across Canada, thereby putting pressure on employers to increase salaries to attract and retain talent,” stated Darcy Clark, Principal, Compensation, at Normandin Beaudry.
The full report and the interactive tool, with details by province, industry sector, type of organization and company size, amongst others, can be found on Normandin Beaudry’s website
Story by:
Linda Farha
Zenergy Communications
