Compensation Planning Outlook 2023

The Conference Board of Canada, 32 pages, October 19, 2022
Data Briefing by ,
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Each year, the Conference Board’s Compensation Planning Outlook provides a trusted forecast for compensation and HR professionals across the country. Its up-to-date data and analysis are essential for any organization looking to secure the talent they need to succeed in an increasingly competitive marketplace.

Document Highlights

  • The lifting of COVID-related public health measures contributed to record-low unemployment in 2022. Employment will remain high into 2023 because of the tight Canadian labour market and high demand for labour.
  • Average salary increases for non-unionized workers rose to 3.3 per cent in 2022 and will remain above 3.0 per cent in 2023.
  • Employees in Yukon, Northwest Territories, and Nunavut received the highest average pay increases in 2022, at 4.3 per cent, but will be tied with Ontario for the second lowest pay increases (3.3 per cent) in 2023.
  • Employees in cooperatives and the private sector will continue to have the highest salary increases in 2023, while those in provincial government departments and agencies and in universities and school boards will continue to have the lowest.
  • Salary freezes are projected to be more common for most employee groups in the 2023 fiscal year.

Table of Contents

Key Findings
Labour Market Participation Remains Steady
Lingering Effects of the Pandemic
Economic Uncertainty Will Have Minimal Impact on Pay Increases
Salary Increases Have Recovered and Will Be Consistent in 2023
Base Pay Accounts for the Bulk of Total Compensation, But Incentive Plans Can Add Significant Value
Final Thoughts

Appendix A—Methodology

Appendix B—Glossary

Appendix C—Respondent Profile

Appendix D—Participating Organizations

Appendix E—Bibliography

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