Are you planning on working in Canada? There really couldn’t be a better time to be employed in Canada. Employers across Canada are planning to bump up salaries so foreign workers can expect high wages.
Why Are Employers Raising Wages and Salaries?
The pandemic has caused employers to consider several factors when making decisions about their workforce and salaries in 2022. The pandemic has caused ‘the great resignation’ forcing employers to adjust their pay levels to the highest levels in the last 5 years. Employers across Canada are planning to boost salaries with the biggest annual increase in years.
Only 3.3% of organizations in Canada are projected to freeze salaries in 2022 which means that businesses recognize the need to offer higher wages and rebrand their rewards value proposition to attract and retain talented workers.
What Are the Wages and Salaries in 2021?
In 2021, 12% of Canadian employers froze wages in a bid to stay operational during the pandemic. In 2020, almost 36% of employers froze wages. As the Canadian economy recovers from the pandemic and the labor shortages continue, many employers are left with no option but to increase the wages of their existing and new employees. Canada has a thriving job market, therefore, workers are looking for both purposeful work and higher compensation.