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A recent survey has shown that the average salary in Canada is trending downward.
Normandin Beaudry — an Ontario-based consultation firm — has revealed a decline in notable increases in salary nationwide.
Key findings in a recent report have shown that 65 per cent of companies stated that their average salary rate will not increase due to budget cuts.
Data also showed that any intent to adjust salaries nationwide remained low, as for 2025, only 3.6 per cent of Canadian companies intend to bump up salary rates.
Projections made on behalf of Normandin Beaudry last summer showed that a 3.7 increase was a likely reality.
“Organizations are trying to find the right balance between retaining top talent, while also managing their compensation spend to remain agile and competitive amid an evolving and uncertain geopolitical landscape,” said Darcy Clark, Senior Principal, Compensation at Normandin Beaudry in an official statement.
However, Clark quickly noted that despite this stagnancy, the 2025 salary forecast is, as a whole, outpacing the current inflation rate.
Industries that have taken the hardest hit in salary reduction and stagnancy, according to Normandin Beaudry’s report, include:
Electronic gaming and visual effects Transportation and warehousing Telecommunications Data processing/warehousing industries.As for the 3.6 per cent of companies that are likely to increase their salaries, these include:
Finance and insurance Public services Pharmaceutical Biotechnology industries.Ownership structures across Canada operating outside of the current nationwide average include:
Not-for-profit averages will increase by 4.1 per cent. Privately owned averages will increase by 3.9 per cent. Publicly traded averages will increase by 3.4 per cent. Government/Crown averages will increase by 3.6 per cent.Conclusions made in Normandin Beaudry’s survey showed that as long as salary rates in Canada continue to decline, businesses will need to come up with employee retention solutions beyond what they deem as “cash compensation.”
For more information on the report, visit Normandin Beaudry’s official website.
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Average salary rate for jobs across Canada likely to decrease in 2025: survey | insauga Canadian News Today.
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