A new survey by Robert Half indicates 42 per cent of employers are offering higher starting salaries to recruit skilled professionals.
The 2023 Salary Guide, released Tuesday by the consulting firm, also said that 79 per cent of managers who increased base compensation for new hires in the past year have also made pay adjustments for currents staff.
“The Canadian labour market remains tight, and professionals continue to have leverage when it comes to negotiating for better pay, perks and benefits,” 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.
“Salary is often the first consideration when workers are evaluating their overall job satisfaction, but it’s important to weigh other factors, such as flexible work options and a supportive team and manager. Before entering a negotiation or making a career move, professionals should take the time to reflect on what will ultimately bring them the greatest value and happiness.”
The survey also found that 90 per cent of companies have added new perks in response to the challenging hiring market, the most common being:
1. Mental health resources (39 per cent)
2. Flextime (38 per cent)
3. Wellness programs (38 per cent)
But despite the overall salary growth, the survey also found that 57 per cent of professionals feel underpaid, 34 per cent plan to ask for a raise if they don’t get one — or the amount is lower than expected — by year-end, and 37 per cent would consider changing employers for a 10 per cent increase in pay.
(Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian)
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