The salaries of Quebecers are expected to increase on average by 3.7% in 2024 and even by 4.1% in certain sectors, according to employer forecasts.
No matter the size of the companies or their turnover, they are all moving in the same direction with increases. Few of them provide for a salary freeze.
These findings come from the survey on the 2024 Salary Forecasts of the Order of Chartered Human Resources Advisors of Quebec unveiled Thursday, which reflect the expectations of approximately 850 companies in Quebec and 2,400 for Canada.
“It is one of the main motivations for organizations to remain competitive to attract talent,” explained Manon Poirier, general director of the Order of Chartered Human Resources Advisors of Quebec, during a press briefing.
Although there is a slight drop in vacancies, the job market is solid, she analyzes.
Anna Potvin, partner and head of the compensation practice at Normandin Beaudry, notes that the specter of a recession has no effect on what happens in business. “What we see with our clients is that there is a shortage of staff, that they refuse contracts because they do not have the capacity. »
Some sectors are forecasting steeper wage increases of 4.1%. This is the case for professional, scientific and technical services, agriculture and retail trade, which, usually, never stands out from the crowd.
“It’s a sector that already had difficulty recruiting [before the pandemic], which was very affected during the pandemic and which wanted to relaunch. They had to make more substantial adjustments,” explains Manon Poirier, who specifies that the $1 increase in the minimum wage has put pressure on this sector of activity.
Unlike in past years, the ultra-competitive information technology sector expects an average increase of 3.7% and public administration closes the list with 2.6%.
Many unionized employees in this sector have three- to five-year collective agreements negotiated at a time when wage increases were less significant. However, according to Gallagher, one of seven firms that participated in the survey, collective agreements that were signed more recently offer salary increases higher than 2.6% for 2024.
“All the good human resources practices that support a healthy, pleasant and inclusive work environment, we have good management practices, we recognize our world, that can often compensate for the salary increase,” she says.
In fact, companies that conduct interviews about employee retention – only 20% so far – indicate that it is the organizational culture and colleagues that encourage them to stay.
“It makes organizations think. We know that we can attract, yes, with competitive salaries and benefits, but we do not necessarily retain with that,” analyzes Guylaine Béliveau, national practice manager, remuneration advisory services at Telus Santé, who participated in the field investigation.
For his part, Marc Chartrand, senior advisor for total compensation at Gallagher, who also took part in the survey, notes a real interest from companies in equity, diversity, inclusion, governance and the environment . He specifies that 31% of participants mentioned going beyond the requirements of the Quebec or Ontario Pay Equity Act.
“We hear a lot about it and then, sometimes, you say, is it the spirit of the times or are there actually concrete actions? », says Mr. Chartrand.
The Order’s forecasts reach the same conclusions as those of Normandin Beaudry’s Survey of salary increases among 700 organizations across Canada, published at the beginning of September, which also forecasts an increase of 3.7%.
The 2024 Salary Forecasts were developed based on surveys from CGC-Talent, Gallagher, Mercer, Normandin Beaudry, Saucier Conseil, Telus Santé and WTW.