SALARY PROJECTIONS FOR 2024: VERY HIGH SALARY INCREASES CONTINUE DESPITE THE SLUGGISH ECONOMY
MONTREAL, Sept. 21, 2023 /CNW/ - Quebec employers are planning to raise salaries by 3.7% next year for all types of jobs. This is the second highest projection recorded in the last 15 years and in line with what organizations have actually been granting so far in 2023 (3.5%). The Ordre des conseillers en ressources humaines agréés revealed these findings today from its 2024 Salary Projection survey.
The survey also concludes that a minority of businesses are thinking about freezing salaries for 2024, an observation made in all sectors, regardless of the type of position or size of the organization.
"Small, medium or large, all businesses have to factor in their employees' greater expectations, due to inflation in the last few years and the relative labour shortage that persists despite the current slump. Even in their respective circumstances, SMEs and the retail sector also have to adjust their salary offers," explains Manon Poirier, CRHA and Chief Executive Officer of the Ordre des conseillers en ressources humaines agréés.
The variability of projections between economic sectors is slightly higher in Quebec than elsewhere in Canada, with gaps of 1.5 percentage points in Quebec, compared to 0.9 in the rest of the country.
Retail and wholesale businesses, professional and technical services, and the agricultural and forestry sector top the list in Quebec, followed by several other sectors with a projection above 3.7% and bordering on 4%: manufacturing, transportation and storage, finance and insurance, as well as the arts, entertainment and recreational sector.
Conversely, public administrations in Quebec foresee more modest increases, at 2.6% on average.
For the first time this year, the tool published by the Ordre des CRHA allows users to distinguish between unionized and non-unionized employees. In general, salary adjustments for unionized employees are lower than those for non-unionized employees.
"The advantage of collective agreements is that they allow employees to predict their salaries and conditions because these agreements are signed for a few years. The disadvantage is that they do not provide as much latitude or allow for as many quick adjustments to the context and market when granting annual increases. We noticed that the collective agreements that were signed in last year's inflationary context often contained a significantly higher adjustment for the first year of the agreement, and then a more modest one in the following years," comments Manon Poirier.
To find out more, consult the practical tool.
The salary projections for 2024 were based on the surveys of seven firms that participated in the 2023 Rendez-vous Rémunération event: CGC-Talent (Quebec only), Gallagher, Mercer, Normandin Beaudry, Saucier Conseil (Quebec only), Telus Health and WTW (Canada only). When combined, they reveal the expectations of around 850 businesses in Quebec and 2,400 across Canada.
With a membership of 12,000 chartered professionals, the Ordre des conseillers en ressources humaines agréés is the reference when it comes to employee management practices. It protects the public and contributes to the advancement of CRHAs | CRIAs. Through its actions in the public arena, it plays a key and influential role in Quebec's world of work. In doing so, the Order actively participates in maintaining balance between organizational success and employee welfare. To find out more, go to ordrecrha.org.
SOURCE Ordre des conseillers en ressources humaines agréés
Patrick Leblanc, Advisor, Public Affairs, Ordre des conseillers en ressources humaines agréés, Cell: 514-571-6400, [email protected]
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