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A recent Normandin Beaudry survey predicts a 3.6% wage increase for Canadian workers in 2024. This news exclusively explores key survey findings, including factors impacting salary projections and potential effects on newcomers.

A survey carried out by the financial management consulting company Normandin Beaudry reveals that, on average, employees in this nation are anticipated to receive a 3.6% wage hike in 2024.

After polling over 700 Canadian businesses, this Ontario-based firm highlighted various noteworthy insights concerning the financial outlook for Canadian workers. While some findings are optimistic about the future, others hint at the possibility of salary stagnation.

The following will summarize the findings from Normandin Beaudry's survey and offer insights into the implications for Canadians, with a specific emphasis on potential consequences for newcomers to Canada.

Let鈥檚 List Out the Survey Findings

Apart from the anticipated 3.6% average salary increase, the Normandin Beaudry survey revealed that only a mere 2% of companies are foreseeing salary freezes in 2024.

Note: Before the onset of the COVID-19 pandemic, wage freezes typically ranged from 3% to 5%.

Prominent Trends in Annual Salary Increases

Moving further let us delve into the detailed increments anticipated for 2024, in a structured process of generalized sectors to the niche domains/ sectors in Canadian Job Markets as per the

• Across Ownership Types

A shared vision for wage increases is observed, demonstrating consistency across various ownership structures. The glimpse of which include

• Sectors Leading the Way

In 2023, the professional, scientific, and technical services sector surpassed expectations with a 4.8% salary increase, exceeding the initial forecast of 4.2%. For 2024, several sectors are forecasting salary increases above the national average of 3.6%:

Findings Bonus: Additional key findings from the survey

Having explored the domain-specific and generalized findings of the report we have assembled additional information, you ought to take advantage of it.

1. Budget Allocations: 43% of surveyed companies intend to allocate an additional 1% to salary budgets.
2. STEM Demand: STEM occupations are in high demand in Canada, as indicated by Express Entry draws. The federal government prioritizes this category for immigration, with 28-31% of expected Invitations To Apply for 2023 going to STEM candidates.
3. Top Occupations: The 2021 Express Entry year-end report revealed that two of the top five most common occupations receiving Invitations to Apply were Food Service Supervisors (13,097 ITAs) and Cooks (4,624 ITAs) in the Accommodation and Food Services industry.
4. Regional Variations: Provinces like Quebec (3.7%), Yukon (3.6%), Ontario (3.6%), and British Columbia (3.6%) are poised for salary increases at or above the national average in 2024.
5. Provincial Differences: The remaining provinces and territories are expected to have slightly lower wage increases, with employed Canadians in the Northwest Territories, Saskatchewan, and Prince Edward Island projected to receive average salary increases of 3.3%.

Also Read: India Restarts Visa Services in Canada for Select Categories

Economic Outlook in Focus

Current economic conditions pose notable challenges for businesses. Key factors affecting organizations include:

• A slight uptick in the unemployment rate over the past year, although it remains low at 5.5% (2023) in Canada compared to 4.9% in the same period in 2022.
• Recent deceleration in the Consumer Price Index (CPI), with a year-over-year increase of 3.3% in Canada in July, slightly above the Bank of Canada's target range of 1% to 3%. While inflation is moderating, persistently high interest rates are impacting consumers.
• Ongoing labor shortages across North America, are driven by factors such as an aging population, career shifts, and early retirements resulting from the pandemic.
• Increased risk of recession and heightened financial volatility for organizations due to rising interest rates. Despite a rise in immigration in recent months, the labor shortage contributed to a stronger-than-expected Q1 2023 economic rebound in Canada.

Also Read: Canada to Make Improvements to International Student Programs

Implications For You as Newcomers to Canada

An increase in average salaries in Canada is positive news for all residents, especially newcomers who often require additional resources to establish a comfortable life in a new country.

If the projections from the Normandin Beaudry survey materialize, newcomers stand to benefit significantly from these anticipated wage hikes.

Canada's already high quality of life, ranking 3rd globally according to the 2023 Best Countries rankings, places it among the most desirable places to live.

The projected salary increases in 2024 further enhance the prospects for newcomers, solidifying the nation's appeal and their potential for an improved quality of life. It's worth noting that in the 2023 Best Countries overall ranking, Canada held the 2nd position.

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