Quebec companies expect to raise wages for their employees more than those in several other provinces, LifeWorks concluded in a report released Wednesday.
According to the company — former Morneau Schieble — Quebec companies plan to give average wage increases of 2.9% in 2022, excluding a wage freeze, according to a survey of 829 companies. This rate is just behind Newfoundland and Labrador, where an average increase of 3% is expected, and compares favorably with the Canadian average (2.7%).
Businesses in Ontario and the three prairie provinces expect average increases of 2.5%, excluding another wage freeze.
This is encouraging data for workers who have seen a resumption of economic activity after the crash caused by the COVID-19 pandemic in 2020. Last year, amid uncertainty, Canadian employers expected wages to increase by about 1.9%, although they eventually reached 2.2% Taking into account the wage freeze imposed in several places due to the pandemic.
“Only 3.3% of organizations expect a salary freeze in the coming year, which means employers are aware of the need to increase bonuses and reclassify their overall compensation value proposition in order to attract and retain key talent,” said Anand Parsan, Partner and Head of National Group, Compensation Advisory Services. at LifeWorks.
The latter stressed that due to the significant shortage of manpower, employers have an interest in raising wages.
“Employers are grappling with skill shortages. Attracting and retaining employees is harder than ever. These problems are putting pressure on employers’ ability to pay,” but Gillen Bellevue, director of compensation advisory services at LifeWorks, allayed concerns about the rate of inflation that continues in height.
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