Compensation Planning Outlook

By Human Resources Team • Updated November 9, 2023

Salary Increases Lag Behind Inflation

Each year, the Conference Board’s Compensation Planning Outlook provides a trusted forecast for compensation and HR professionals across the country. This report gives the most up-to-date data, essential for any organization looking to secure the talent they need to succeed in an increasingly competitive marketplace.

The data briefing for the Compensation Planning Outlook summarizes the results of the Conference Board’s annual survey for non-unionized employees. Data for unionized employees will be captured in this year’s Labour Relations Outlook.

Highlights from the Compensation Planning Outlook 2024

4.1%

Average non-unionized salary increase for 2023

3.5%

Projected average non-unionized salary increase for 2024

2.0%

Projected salary freezes for 2024

71.2%

Organizations that use the 50th percentile as their base pay target

Part 1

A standoff between wages and inflation

November 9, 2023

Canadian households are spending their savings faster than they can accumulate them. At the same time, disposable income growth is expected to slow this year, largely due to the burden of increased interest costs. Together, this will lead to constrained consumer spending and could contribute to a slow-motion decline in Canada’s economic situation.

Data briefing • 30-min read

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