Compensation Planning Outlook

By Human Resources Team • Updated January 23, 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 Pulse Check Survey

4.0%

Projected average salary increase for 2023 [up from spring projection]

3.3%

Health care and social assistance was the only industry that did not change its projected salary increase

3.1%

Number of organizations that plan to freeze salaries for all employee groups in 2023 [down from spring projection]

70%

Organizations that plan to maintain the STIP target amounts they implemented in 2022.

Pulse Check Survey
Spring Survey

Based on insights from 228 organizations that participated in the Fall Pulse Check for the Compensation Planning Outlook 2023 survey, this data briefing provides comprehensive information on:

projected salary increases for 2023
salary freeze projections
projected STIP payouts

Despite economic insecurity, projected salary increases have improved since the spring of 2022, fewer organizations plan to implement salary freezes, and most businesses are holding steady on their 2023 payout targets for STIPs.

Access Research

Based on the insights of 443 Canadian organizations—representing over half a million employees—who participated in the Compensation Planning Outlook 2023 survey, this data briefing provides comprehensive information on:

salary increase projections for 2023
projected STIP payouts for the upcoming fiscal year
salary freeze patterns for different employee groups
the impact of hybrid and remote work arrangements on regional rates of pay

Access Research

Highlights from the Compensation Planning Outlook Spring Survey

3.3%

Projected average salary increase for 2023

9.0%

Organizations who plan to implement pay freezes in the upcoming fiscal year

3.6%

The highest provincial projected increases for 2023— Prince Edward Island and Nova Scotia

75%

Organizations that have not implemented new compensation policies to account for rising inflation

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Client

I can always count on The Conference Board of Canada to give me the most up-to-date and accurate salary planning data. Year after year, I eagerly await this trusted publication to plan my company’s salary range adjustments and merit budget.