LifeWorks, a leading provider of digital and in-person total wellbeing solutions, today released its 39th annual Salary Projection Survey, revealing that Canadian organizations are displaying a newfound sense of certainty as projected base salary increases surge past pre-pandemic levels.
Key findings of the survey include:
Salary increases (excluding salary freezes)
Salary increases (including salary freezes)
Organizations regain certainty as projected salary freezes decline
Comments from partner and national practice leader, compensation consulting, Anand Parsan:
“Canadian employers are walking a tight line as they juggle and balance a number of factors when it comes to making decisions about their 2022 salary and workforce planning. A tight labour market has caused “the great resignation,” which is forcing organizations to adjust pay levels by the highest percentage in the last five years. Only 3.3 per cent of organizations are projecting salary freezes next year, which indicates that employers are recognizing the necessity of boosting pay and re-branding their total rewards value proposition in an effort to attract and retain key talent. With a booming job market and rising inflation, employees are seeking both higher compensation and purposeful work. Our survey results reveal an increased prioritization of HR initiatives towards creating integrated solutions for an engaged, diverse and remote workforce.”
Concerns arise as Canada’s projected salary increase remains below the current inflation rate
Comments from principal, compensation consulting practice, Guylaine Béliveau:
“Expected salary increases and declining freezes is a positive news story and one that Canadian employees should feel confident in as we look to the new year. We cannot, however, lose sight of the impending impact of the rising inflation rate. Employee turnover needs to be a top consideration for employers, as employees may feel stretched financially. Meanwhile, employers are struggling with a shortage of qualified employees. Attraction and retention are more challenging than ever. These issues put pressure on the employer’s capacity to pay. It is a great opportunity for employers to review their offerings to ensure they are providing competitive compensation, total rewards programs and wellbeing support.”
To read the summary report, which includes regional differences across Canada, and to learn more about LifeWorks compensation consulting practice, visit: https://lifeworks.com/en/resource/2022-salary-projection-survey-report
About the Salary Projection Survey
The 39th annual Salary Projection Survey from LifeWorks presents results that are an analysis of responses collected between July and August 2021. The data represents a broad cross-section of industries representing 829 organizations across Canada and provides data on actual salary budget increase percentages for the past and current years, along with projected increases for next year.
About LifeWorks
LifeWorks is a world leader in providing digital and in-person solutions that support the total wellbeing of individuals. We deliver a personalized continuum of care that helps our clients improve the lives of their people and by doing so, improve their business.
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Heather MacDonald
LifeWorks
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1-855-622-3327
Angela Pinzon
Kaiser & Partners
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1-647-295-0517