Employers to Reduce Pay Hikes Next Year

A survey of employers shows Canadians can expect an average pay hike of 2.3% next year, according to survey results released by Hay Group yesterday.

While that’s well down from the 3.7% bosses were planning to give in anticipation of 2009, it matches the actual average raise of 2.3% this year, the Toronto-based business consultancy said.

“The 2010 forecast and the actual adjustments of 2009 obviously reflect the impact of the recent economic downturn,” Hay Group said in a statement.

The data were based on responses from 500 private-and public-sector employers. Karl Aboud, director of Hay Group’s compensation-consulting division, said although there were economic headwinds a year ago when the previous survey was taken, there was still a great deal of optimism in the energy sector.

The survey also showed 15% of employers are planning wage freezes for next year, up from 2% in last year’s survey.

Financial Post September 3, 2009

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