Salary forecast

In September 2023, Normandin Beaudry published the results of its annual Salary Increase Survey. As companies continue to finalize their strategies moving into the new year, determining definitive 2024 salary increase budgets remains a top priority. In response, Normandin Beaudry launched an updated pulse survey in November to re-evaluate 2024 market forecasts.

This summer, more than 700 organizations across Canada participated in the 13th edition of Normandin Beaudry’s Salary Increase Survey. The detailed analysis conducted by our compensation specialists provides insights and trends that can be used to support strategic compensation decisions.

In just four weeks, more than 325 organizations took part in our 2024 Salary Increase Survey. Preliminary results show that the country’s average salary increase budgets granted in 2023 reached 4.0%—slightly below last winter’s initial projection of 4.2%. Current projections for 2024 are calling for average salary increases of 3.5%, excluding salary freezes. 

The data collection period has begun! It’s free, will only take 15 minutes of your time: you have until July 7th to participate.

Have questions about salary increases and would like to take part in the survey, free of charge?  

In recent months, organizations have been under mounting pressure to raise employee pay. In an already complex environment marked by the current labour shortage, another much-talked-about economic issue has influenced salary increase decisions: inflation.

In late 2022, more than 440 organizations across Canada took part in Normandin Beaudry’s pulse survey on salary increase projections.

The survey was meant to confirm the 2023 salary forecasts established by the organizations last summer in response to the unique economic landscape and difficult job market conditions.