Salary increases projected for 2015 by Canadian organizations are holding steady at 2.79%.
That’s in line with the 2.74% increase projected in last year’s survey, according to the Pal Benefits 2015Salary Budget Report.
Similar to last year, organizations continue to adopt a cautious and conservative outlook, despite pressures to retain and motivate employees.
In addition to the average salary increase remaining relatively steady when compared to last year, the percentage of employers that plan to freeze salaries—provide no increases at all—appears to be stabilizing at 8%, the same as was projected for 2014, and similar to 9% in 2013. Salary freezes appear to be less of a factor moving forward.
“Organizations appear to be staying the course when it comes to salary increases and freezes,” explains Steven Osiel, vice-president, total compensation, with Pal Benefits. “However, it’s worth noting that there are more companies planning an increase of 2% or more, as compared to last year’s survey—43% will be giving raises in the 2.6% to 3% range.”
This annual survey was conducted in September and reflects the responses of 401 organizations in Canada, with the majority based in Ontario, Alberta and British Columbia.
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