2023-09-22 10:40:26
Despite the inflationary context, Quebec employers are planning salary increases of 3.7% in 2024, according to forecasts from the Order of Certified Human Resources Advisors (CRHA).
These forecasts for next year are the highest in the last fifteen years and are generally in line with what the organizations have granted in 2023, i.e. 3.5%.
The salary forecast survey reveals that a minority of companies are considering salary freezes for next year, a choice observed in all sectors of activity, regardless of job type or size organisation.
If more modest increases of 2.6% are anticipated in Quebec’s public administrations, the other sectors are considering increases exceeding the forecast of 3.7% to be around 4%.
Wholesale and retail trade, professional and technical services, agriculture and forestry are the big winners in Quebec, followed by the manufacturing, transportation and warehousing, finance and insurance, arts and shows and leisure.
“Companies must take into account the high expectations of workers, generated by inflation in recent years and by the relative scarcity of labor, which persists despite the current slowdown,” underlined Manon Poirier, general director of the Order of CRHA.
The salary adjustments of unionized employees are generally lower than those of non-unionized employees, according to the tool published Thursday by the Order of CRHA which separates for the first time salary forecasts between unionized and non-unionized employees.
“The advantage of collective agreements is that they give employees predictability regarding their salary and conditions since the agreements are signed for a few years,” admitted Ms. Poirier.
“The downside is that they offer less latitude and ability to quickly adapt to the context and the market in granting annual increases,” explained the CEO of the Order of CRHA.
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