Canadian employees can expect an average salary increase of 2.9 per cent in 2013, according to a survey by Hay Group. The projected increase is slightly more than that projected in 2012 (2.8 per cent).
The sectors expecting the biggest gains are the oil and gas sector at 3.9 per cent followed by mining at 3.6 per cent, found the survey of 500 employers. However, these higher forecasts are more of a reflection of the demand for key skills — and the competition for skilled talent — rather than "boom times," said Hay Group. Chemicals (3.4 per cent), business/professional services (3.2 per cent) and utilities (3.1 per cent) are also forecasting increases that are higher than the national average.
Alberta (3.6 per cent), Newfoundland and Labrador (3.4 per cent) and Saskatchewan (3.2 per cent) lead the country buoyed by the continued investment in natural resources. A clear divide between the provinces continues, with resource-rich provinces coming in between 3.2 per cent and 3.6 per cent, with the rest of Canada predicting increases of 2.6 per cent to 2.7 per cent.
The sectors with the lowest projections for 2013 are health care (two per cent) media (2.2 per cent) and government and telecommunications (both at 2.3 per cent). Overall, the public sector is forecasting noticeably lower salary increases (2.5 per cent) than is the private sector (industrial and financial at 2.9 per cent).
Canadian projections ranks about average against some of the other advanced industrialized nations, above
(2.6 per cent) and
(two per cent) but slightly behind other industrial countries such as the U.S. and United Kingdom (both at three per cent).
still lags far behind the booming economies of the BRIC countries —
(ten per cent),
(8.9 per cent),
(9.5 per cent) and
(5.5 per cent).
© Copyright Canadian HR Reporter, HAB Press. All rights reserved.