Now available - 2024 Canadian Salary Projection Survey Report
The 41st edition of the TELUS Health Salary Projection Survey, based on data gathered in July and August 2023, offers comprehensive insights to HR and compensation leaders across Canada. This year’s report covers actual salary budget increases since 2018, projections for 2024, and details on how respondents are navigating these challenges. Leaders have consistently relied on this survey, provided by TELUS Health experts, for crucial insights into compensation trends, aiding in the strategic planning of their organisation’s total rewards approach.
The report reveals that base salaries are growing faster than previously projected, with an anticipated average increase of 3.66 per cent across Canada for the upcoming year. This marks the third consecutive year of significant increases. The Survey also found that the rising cost of salaries is being primarily driven by recruitment and retention challenges amid ongoing labour shortages.
“In 2024, salaries are slated to exceed projections due to external market pressures, including an ongoing labour shortage that has led to increased competition for skilled talent across the country. That competitive environment has added significant challenges when recruiting new employees and retaining top performers,” says Guylaine Béliveau, Associate Partner, TELUS Health Compensation Consulting Practice. “As salaries rise, total rewards programs have gained prominence, with 33 per cent of companies enhancing benefits to combat financial insecurity within their teams.”