Companies are under more pressure to offer higher compensation, new research from talent solutions and business consulting firm Robert Half shows.
According to its 2023 Salary Guide, 42% of Canadian employers are offering higher starting salaries to recruit skilled professionals, while 79% of managers who increased base compensation for new hires in the past year have also made pay adjustments for current staff.
Perks are also more plentiful. A majority of companies surveyed (90%) have introduced mental health resources (39%), flextime (38%) and wellness programs (38%).
Even still, more than half of professionals (57%) feel underpaid, and 34% plan to ask for a raise if they don’t get one (or if the amount offered is lower than expected) by year-end.
Nearly four in 10 workers would consider changing employers for a 10% increase in pay.
To better position themselves for a raise, workers surveyed reported taking on responsibilities outside their job description (41%); acquiring new and relevant skills or certifications (27%); and researching salaries and sharing discrepancies with their manager (27%).
Compared to 12 months ago, workers are more confident, with 47% likely to request a higher starting salary. Over half (57%) feel they are in the driver’s seat when it comes to negotiating pay, perks and benefits.
"The Canadian labour market remains tight," said David King, senior managing director, Robert Half Canada. "Keeping in lockstep with current compensation trends is a critical element of recruiting and retaining skilled talent, as is providing perks and benefits that support employees' overall well-being."