Salary forecasts for 2010: Lower increases than in 2009 according to a paper published by the CPQ
MONTREAL - Wage increases allocated by employers next year will be lower than in 2009, with average increases of 2.5 % in Canada and a slightly lower increase in Quebec.
This is the trend identified by the Conseil du patronat du Quebec (CPQ) in its most recent Special Report on 2010 Salary Forecasts, prepared by Quebec's top human resources consulting firms (Aon Consulting, Mercer, Morneau Sobeco, Towers Perrin, and Watson Wyatt). The report was released today in Montreal to more than 100 human resources managers from companies of all sizes.
The report's data also indicate that the number of firms that introduced a wage freeze in 2009 is higher than the number planning to apply the same measure in 2010.
Faced with the current economic recession, businesses have had to make strategic choices in terms of salaries. The wage increases that employers project to give their employees in 2010 reflect this concern. The anticipated shortage of skilled workers remains an important issue for many employers.
Disparities between regions and sectors
As in previous years, there are differences among regions and economic sectors, but these discrepancies are less significant.
Regionally, Alberta is not the only province to stand out this year; Saskatchewan seems to be leading the way regarding wage increases. Quebec and Ontario are expected to see slightly more modest increases.
In terms of sector disparities, the highest salary increases will be in the public sector, the insurance sector and the pharmaceutical industry.