As the economy returns to full capacity, salary budget increases for Canadian employees are remaining steady.
Mercer’s 2013/14 Canada Compensation Planning Survey shows that the average raise in base pay is expected to be 3.1% in 2014.
This is a small decrease from the average actual salary increase of 3.2% reported in both 2012 and 2013.
“While we are seeing a flattening in salary increases across the country, competitive industries and markets continue to recognize that, in order to attract and retain top-performing employees, they’re going to have to reward them,” says Iain Morris, leader of Mercer’s talent consulting business for Central Canada.
The oil and gas industry continues to have the highest salary increases in both 2013 (4.3%) and projected for 2014 (4.2%). The pharmaceutical/biotech and wholesale/retail industries are projected to see the smallest salary increases at 3% and 2.7%, respectively.
Not surprisingly, Alberta has the highest projected average salary increases in the country (3.2%), followed by Saskatchewan (3.1%). Comparatively, the lowest projected salary increase is in Quebec, Manitoba and Greater Vancouver, each at 2.8%.
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