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According to projections for Quebec, salaries are expected to rise by an average 2.6%, compared to 2.8% for Canada as a whole, echoing last year’s projections. These are the findings of surveys conducted among 1,280 organizations by the following five prestigious compensation consulting firms: Aon Hewitt, Morneau Shepell, Normandin Beaudry, Saucier Conseil inc. and Towers Watson. In addition to data for all workers, the combined results also provide salary increase forecasts according to industry sector and employment category.
“These 2012 projections are comparable to levels projected for 2011. However the recent hike in inflation will siphon off a share of these increases. Any adjustments that companies might make in this context should therefore be closely monitored,” commented Florent Francoeur, CHRP, Ordre president and CEO.
Employers’ forecasts for Quebec in 2012
Overall, the survey anticipates an average salary increase of 2.6% in Québec in 2012 (median: 2.6%).
The financial and insurance sector tops the list for the highest average increase at 3.3%, followed by the construction industry at 13.2%. Conversely, at 1.9%, the retail sector is expected to post the lowest general increase.
As for types of employment, senior executives in the financial sector will see their salary rise by 3.9%, representing not only the highest increase for this job classification, but also for all categories combined. At the other end of the scale, managers and professionals in the retail trade are expected to receive the lowest increase at 1.6%.
Lastly, of the three employment categories, managers and professionals will enjoy the highest average overall increase at 2.6%.
Employer’s predictions for Canada in 2012
Forecasts indicate that the average salary increase Canada-wide should be 2.8% in 2012.
The mining, oil and gas extraction (3.4%), finance and insurance (3.4%) and construction (3.3%) industries are slated for the highest increases in 2012. In contrast, the recreation industry (2.2%) will see the lowest salary increase for all three of its employee groups. In the mining, oil and gas extraction sector, senior executives will receive an increase of 3.6%, which is the highest of all categories.
“By paying not only competitive salaries, but also granting benefits like bonuses, incentive pay or other incentives, organizations can attract the best candidates and ensure their engagement and loyalty to the company. This is particularly important given the current labour shortage,” concluded Mr. Francoeur.
To learn more
Click here to view a table in PDF format summarizing the study on employers’ 2012 salary projections. Please contact Caroline Soulas for a copy of the complete study.
Information on the Rendez-vous de la rémunération meeting
Where: Hyatt Regency, Montreal
When: October 4, 2011, from 8:20 to 4:30.
About the Ordre
With close to 8,500 members, the Ordre des conseillers en ressources humaines agréés is the fifth largest association of its kind in the world. It is the only organization in Quebec mandated to award human resources professionals a title certifying their competency.
The Ordre is a leader in employee management practices. Committed to innovation, it supports the ongoing development of human resources professionals (CHRPs) and industrial relations counsellors (CIRCs), thus helping to maintain a healthy balance between employee well-being and organizational success. It is vigilant in ensuring that this multifaceted function promotes leading-edge solutions that address the major issues impacting the workforce.
Through its actions in the public arena, the Ordre contributes to the advancement and reputation of the profession and plays a key influential role in the world of work in Quebec.