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Salary increase: Here are the expectations for 2024

Salary increase: Here are the expectations for 2024

Quebecers can hope for a salary increase of more than 3% in 2024, according to expert forecasts, despite the inflationary context that is increasingly weighing on the province.

The survey on salary increases, conducted by Normandin Baudry, reveals that in Canada, an average increase of 3.6% is expected excluding the freeze, but in Quebec employers planned the largest increase in their budget allocated to salaries (3.7). %).

“Although we are still talking about a potential recession in the coming months, organizations are planning budgets in excess of 3%, for the third year in a row,” said Anna Potvin, partner and head of the compensation practice at Normandin Baudry.

Also note that only 1% of employers in the country have frozen salaries this year and 2% plan to do the same next year. In Quebec, 1.2% intend to freeze in 2024, compared to 0.5% in 2023.

The following are the planned increases by sector of activity in Quebec:

– Retail and wholesale distribution: 3.7%

– E-commerce, web design, multimedia/digital: 6.0%

– Security IT design, IT services and artificial intelligence: 3.5%

– Construction: 3.5%

– Energy, mining and minerals: 3.4%

– Manufacturing (durable goods): 3.6%

– Manufacturing (non-durable goods): 3.5%

– Finance and insurance: 3.9%

– Civil Service: 3.2%

– Institutions, community assistance, and health care: 3.6%

– High technologies: 3.7%

– Information, culture and entertainment: 3.4%

– Pharmaceuticals and biotechnology: 3.9%

– IT consulting service: 3.2%

– Educational services: 2.7%

– Real estate, rental and leasing services: 4.0%

– Professional, scientific and technical services: 3.9%

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– Communications, data processing, data hosting and related services: 2.9%

– Transportation and storage: 3.2%