But half of Canadians expect to make more money in 2021: survey
Nearly six in 10 (59 per cent) Canadian workers who took a pay cut during the pandemic say it has not returned to normal levels, slightly more compared with workers in the U.S. (55 per cent) and U.K. (52 per cent).
Nearly three in 10 workers in Canada (28 per cent) and the United States (29 per cent) say they took less income because of a job loss amid the COVID-19 pandemic. Comparatively, this drops to 17 per cent for workers in the United Kingdom, according to a report from Elements Global Services, an employer records solutions provider.
Also, nearly half of workers in Canada and the U.S. (both 46 per cent) and more than half of those in the U.K. (53 per cent) say they were affected by freezes on raises and bonuses announced by many employers, finds the survey.
One in five Canadians (21 per cent) expressed financial concern, according to a report released in February.
Optimism for 2021
However, many people are feeling more optimistic about their money situation heading into 2021.
Fifty per cent of workers in Canada, the United States and the United Kingdom expect to make more money this year than they did last year, finds the survey.
Three in 10 (30 per cent) expect to make at least the same amount while 20 per cent expect to make less.
And what would workers do with the extra income? Nearly six in 10 people living in Canada and the U.K. (58 per cent) would put it towards savings, compared with 48 per cent of Americans.
However, few people are having conversations about salary increases with their employers, found the survey of 1,545 Americans, 386 Canadians and 355 Britons conducted between Feb. 1 and 14, 2021.
While 20 per cent have talked with their employer about the matter three or more times over the past 24 months, 51 per cent have talked about it just one to two times. The remaining 29 per cent have had zero communication about the matter in the previous two years.
On average, workers would leave their current employment to join a new employer if they were offered a salary increase of between 20 to 25 per cent, according to the report.
More than two-thirds (68 per cent) of Canadian employees are “sheltering” or staying in their current job to prioritize a steady paycheque or benefits over career growth or work they find rewarding, according to a LinkedIn report released in February.
Many employees are also open to the idea of receiving some of their income via Bitcoin. Specifically, this appeals to 40 per cent of workers in Canada, 37 per cent of those in the U.S. and 50 per cent of those in the U.K.