In this research, we examine the results of a survey of 392 Canadian organizations to provide an update on the pay environment, projected salary, and short-term incentive plan payouts for 2024. Are employers adjusting their compensation policies to align with the rising cost of living? In 2024, will projected salary freezes decline? Which employee groups will see an increase in short-term incentive target payouts?
Key findings
Persistent downtrends in Canadian economy impact labour market
Looking back: Trends in wage and incentive pay increases
The future of business looks promising
Maintaining a competitive position tops the priority list for 2024
Are organizations adjusting their compensation philosophies to attract talent?
Base pay increases exceed inflation for the first time since the pandemic
Salaries are expected to thaw in 2024
Salary increases for 2023 and 2024
Regional pay trends
Most organizations align raises with individual performance
Short- and long-term incentive plans
Conclusion
Appendix A—Methodology
Appendix B
Appendix C—Glossary
Appendix D—Respondent profile
Appendix E—Participating organizations
Appendix F—Bibliography
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