salary and compensation trends in canada.

This salary guide will be an invaluable tool to help you with your compensation planning for 2023 and beyond. The goal? To offer current and future employees competitive salaries they won’t be able to refuse.

The salary information used is generated by the Economic Research Institute (ERI), which rigorously compiles current market data about wages, cost of living, and compensation for more than 1,000 sectors.

The data, which comes from a variety of sources (e.g., internal surveys on executive salaries and compensation purchased from third parties), is provided by employers. It is also validated by our industry experts across Canada.

what’s inside our 2023 salary guide:

• detailed salary data for hundreds of job titles and locations across Canada 
• salaries defined for entry, intermediate and senior experience levels 
• salary trends and most sought-after benefits in 2023
• insights on why today’s talent leave, and how to make them stay

The ’Great Resignation’ shows no signs of slowing down. A record number of employees are quitting their jobs in search of new challenges. And employers are increasingly worried about an imminent economic downturn.

Rampant inflation has led both sides to be more cautious. There are indications that talent is asking for higher wages, whereas employers are adopting a ’wait-and-see’ recruitment strategy.

It’s a risky bet: competitors may go the opposite route and adopt more offensive strategies. For a winning strategy, we suggest offering both a competitive salary and benefits that are sought after by most employees. 

While certain benefits are considered standard, other unique or intangible benefits can bring added value to a job offer during salary negotiations or when revamping compensation packages.

• because they can. 

In the past, quitting a job was a source of anxiety. Today, the labour shortage has convinced talent across many sectors that they can find a job wherever and whenever they want.

• because they’re burned out. 

Despite the democratization of flexible or hybrid work, almost four in ten Canadian workers said they’re more burned out now than they were a year ago. These findings also show the importance of combining flexible work options with solutions for improving employee well-being.

• because they’re frustrated. 

Unreasonable performance expectations or lack of career growth opportunities are sources of frustration. The high turnover currently happening within companies certainly doesn’t help; some talent may have to bear a heavier workload to get everything done. That’s why increasing loyalty among your talent has to be a priority from a long-term perspective.

• because they have a different view of work.

The era where work was a person’s reason for being is no more. They now long for a substantial change in their lives, want to contribute more to society, question the purpose of their work, and have changed their expectations toward their employer.

Use the salary guide to ensure you can meet the most important expectations of talent: having a good salary and benefits package. 

Because despite this overview, which reflects a profound shift in talent values, salary and benefits are still crucial motivators for changing jobs or staying in a current position.

What does today’s talent want? Randstad Canada conducted a survey in partnership with Ipsos to find out what incentives would get Canadian workers to stay with their current employer. Unsurprisingly, salary was the top factor.

Several survey respondents also mentioned wanting traditional benefits, which are viewed as ’essentials’ in a job offer or compensation package.

In 2023, the key to success is flexibility. It’s the ace in the hole of any HR strategy worth its salt. Flexibility has become one of the most sought-after benefits by employees. Our recent survey conducted with Ipsos found the following:

• Only 47% of industrial workers and 49% of office workers are currently satisfied with the amount of flexibility they are given.
• More than one out of four workers or employees admit that this lack of flexibility may lead them to change jobs.

If well implemented, this benefit is a long-term investment in greater trust between employer and employee, performance focused on results (rather than on hours of attendance) and employee empowerment.