Canadian employers appear optimistic that the economy will firm up in 2011 and are backing that view up with larger projected salary increases, according to recent news from Towers Watson Data Services.
In its 2010/2011 Salary Budget Survey Report, Towers Watson compared actual raises from 2009 to those budgeted for 2010, and those projected for 2011. Among survey respondents, 98% were projecting salary increases for 2011, up from 95% in 2010 and the 70% who granted them in 2009.
Executive base salaries are projected to increase by 3.1% in 2011, while the average management increase is projected to be 3%. Professional/technical and administrative/support pay increases are projected at 2.9%, while hourly wage earners are expected to see a 3% increase.
For all employee groups, the budgeted incentive/bonus pools are higher than those originally projected for 2010.
