New salary survey: ‘Significant’ increases predicted for 2023

September 25, 2022

Canadian base salaries increased by 4.01 per cent in 2022 and are set to increase by 3.93 per cent in 2023, excluding freezes.

Including freezes, actual increases this year were 3.77 and 5.7 per cent of organizations froze their base salaries, according to a survey by LifeWorks, a wholly owned subsidiary of TELUS now operating as part of TELUS Health.

Including freezes, employers are projecting an average annual base salary increase of 3.86 per cent for 2023, finds the survey of 548 employers.

“Last year, we projected base salary increases of 2.67 per cent. In fact, the actual base salary increases were 4.01 per cent. This demonstrates that Canadian organizations adapted to many challenges such as market pressure, inflation and labour shortages,” says Al Kiel, senior partner, retirement and financial solutions.

“As we look toward 2023, we anticipate a continued rise in the average base salary in an effort for employers to attract, retain and empower talent to drive business results.”

Source: HR Reporter