U.S. and EU economies won’t impact Canadian salaries: survey
TORONTO—Global economies may be tanking, but Canadian paycheques are on the rise, according a new survey from Morneau Shepell, a Toronto-based human resources consulting firm.
The survey found Canadian employers are tabling for average salary increases of 2.8 per cent next year. Of the 250 Canadian organizations surveyed, 20 per cent had operations in the U.S.
More than a quarter of respondents were from the manufacturing sector, which plans to shell out an average raise increase of 2.6 per cent.
The biggest jumps in pay will be in the mining and oil and gas extraction sector (3.4 per cent) while the public administration sector will see the lowest (2 per cent).
Employers are also optimistic about growth in their organizations, with 1 out of 4 expecting significant expansion in revenues and profitability.
But the year ahead will have challenges.
Recruitment and retention were the top HR priorities for 2012.
Absenteeism and mental health problems were the biggest barriers to productivity. In response, more organizations are hiring specialized expertise to deal with complex cases. Supervisors are being trained to recognize issues early.
To curb escalating costs of benefits programs, employers are introducing measures such as health promotion initiatives.