TORONTO, Sept. 25, 2023 /CNW/ – At this time, Mercer launched the outcomes of its August 2023 Mercer QuickPulse™ Canada Compensation Planning Survey revealing that though value of residing considerations stay high of thoughts for a lot of Canadians, employers are projecting a extra modest annual enhance for each benefit and whole compensation budgets in comparison with 2023.
Canadian employers are projecting 3.3% for benefit will increase and three.7% for whole enhance budgets in 2024 in comparison with 3.6% and 4.1%, respectively for 2023, for non-unionized staff. Complete enhance budgets embrace benefit will increase together with different base pay will increase reminiscent of promotional pay will increase and value of residing changes. Though Canada nonetheless has an especially tight labour market, indices present that the market is stabilizing. Because of this, the usage of pay will increase to answer labour market pressures has slowed down.
“Within the face of financial uncertainty and diminished labour market stress, employer compensation budgets appear to be returning to pre-pandemic ranges,” stated Elizabeth English, Principal in Mercer Canada’s Profession Merchandise enterprise. “If Canada’s labour market continues to chill over the following few months, it might scale back stress on 2024 compensation budgets even additional.”
The survey additionally highlights how pay transparency is an rising precedence for Canadian employers. British Columbia is without doubt one of the first provinces to have handed pay transparency laws requiring employers to publish wage ranges on publicly marketed job postings. The laws goes into impact November 1, 2023.
The survey discovered that many Canadian employers total are taking a much less proactive strategy, with solely 30% agreeing they need to have embedded transparency as a part of their reward and expertise philosophies. What’s extra, 51% of employers don’t have any plans to go additional with pay transparency than required by native regulation. Nonetheless, over the past 12 months, the variety of Canadian firms who report that they share wage ranges in job postings has practically doubled, from 8% to fifteen%.
“Pay transparency laws continues to push employers to quick ahead their insurance policies,” added English. “Proactive motion won’t solely assist employers get forward of future laws, however pay transparency promotes a tradition of belief, will increase worker perceptions of honest play, is essential in attracting candidates, and in the end drives greater ranges of dedication and engagement.”
Mercer’s Compensation Planning Survey consists of information from greater than 500 organizations of various sizes throughout 15 industries. You’ll be able to view extra of the survey findings right here.
To study extra in regards to the survey outcomes and achieve insights immediately from Mercer’s enterprise leaders, register for Mercer’s signature occasion webinar: Reshaping the long run: Complete rewards on quick ahead.
Mercer believes in constructing brighter futures by redefining the world of labor, reshaping retirement and funding outcomes, and unlocking actual well being and well-being. Mercer’s roughly 25,000 workers are based mostly in 43 international locations and the agency operates in 130 international locations. Mercer is a enterprise of Marsh McLennan (NYSE: MMC), the world’s main skilled providers agency within the areas of threat, technique and folks, with greater than 85,000 colleagues and annual income of over $20 billion. Via its market-leading companies together with Marsh, Man Carpenter and Oliver Wyman, Marsh McLennan helps shoppers navigate an more and more dynamic and sophisticated setting. For extra data, go to mercer.com. Comply with Mercer on LinkedIn and Twitter.
SOURCE Mercer
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