2023 SALARY INCREASES – PCI Salary Increase Survey Reveals Record Increase of 4.2% on Average for Quebec Organizations
Labor scarcity, inflation and high turnover rates in many industries are among the main factors that will impact salary budgets for the coming year.
MONTREAL, September 15, 2022 /CNW Telbec/ – PCI Compensation Consulting, one of from Canada global compensation and governance consulting firms, released the results of its 2023 salary increase survey. A survey reveals a record increase of 4.2% on average for Quebec organizations.
This 9e edition, which was conducted with more than 350 organizations from a wide range of industries, focused on assessing organizations’ intentions not only in terms of salary increase budgets and the salary structure of their employees, but also in terms of various ongoing initiatives being considered or implemented to address labor issues.
“Despite an uncertain economic environment, record inflation has resulted in significantly higher wage forecasts for 2023 than they have been since we launched our wage increase survey 9 years ago,” he said. declared Evelyne Gaudreau, Consultant and Head of Studies at PCI Compensation Consulting. These new forecasts reflect the harsh reality facing organizations: a competitive labor market, driven in part by an aging population, and inflationary pressures that are just beginning to ease. »
HIGHLIGHTS OF THE IBO SALARY INCREASE INVESTIGATION
- Salary increase budget
- The average forecast budget for 2023 is between 3.2% and 4.5% depending on the sector – Energy / Mining / Materials / Natural Resources being the most generous.
- At 3.2%, the expected rate of wage increase in Culture and leisure / Accommodation and catering sector is somewhat surprising given the labor issues that particularly affect this industry.
- Data collected for 2022 and 2023 shows that the larger the organization, the lower the rate of salary increases.
- Supplementary budget for salary increases
- 53% of the organizations surveyed have an additional budget of 2.5% on average to recognize special cases (high-potential employees, employees in accelerated progression, employees in a situation of labor shortage, etc.), an actual budget in 2022 similar to that of 2023 planned, but higher than the trend observed in recent years which was between 1.5% and 2%.
- Salary structure
- In 2022, 7% of organizations in Quebec have frozen their salary structure, while only 2% plan to do so in 2023.
- Structure increase budgets average 3.3%, a notable increase from the 2% trends we have seen in recent years.
In addition to the data above, PCI Compensation Consulting’s survey reveals several interesting statistics regarding the presence of a formal compensation structure within organizations, recruitment tactics, use of new technologies, as well as aimed at countering inflation.
PCI Compensation Consulting would like to thank all the organizations that participated in the 2023 edition of its Salary increase survey.
About PCI Compensation Consulting
PCI Compensation Consulting is one of the largest global compensation consulting firms in Canada, and trusted partner of hundreds of organizations, associations and non-profit organizations in the private, public and parapublic sectors. The firm offers a full range of global compensation services for boards of directors, officers and employees. For more than 20 years, PCI has helped its clients to stand out and succeed by designing compensation programs adapted to their business needs, aligned with best practices and channeling the strengths of the entire organization towards the achievement of common strategic goals. .
Since last March, PCI has partnered with Gallagher, a global leader in insurance, risk management and employee benefits. Together, we help companies retain and attract top talent through our comprehensive approach to employee wellbeing with the same commitment to personalized, flexible and innovative solutions.
For more information, visit www.pcicompensation.com.
SOURCE PCI Compensation Consulting,
For further information: Maude La Roche, Advisor, Communications, PCI Compensation Consulting, [email protected]514-668-2315