4 in 10 expecting raise or promotion this year
Despite lingering economic uncertainty, Canadians are more optimistic about their company's hiring plans and growth prospects than they were this time last year, according to the annual BMO Bank of Montreal Labour Day Survey.
Forty-one per cent of Canadians believe their company is growing and expect it will be hiring this year, up 13 percentage points from 2011. Albertans are the most optimistic with 60 per cent expecting their employer to hire more employees this year, found the survey of 1,000 Canadians.
"Over the past year we have seen an increasing number of companies show a willingness to look at how they can grow their business through making strategic investments in upgrading technology and processes, opening up new markets, and investing in their people," said Cathy Pin, vice-president of BMO Commercial Banking.
By contrast, Atlantic Canadians are the most likely to feel their company will lay off employees (28 per cent).
Almost two-thirds are comfortable with their job security (up 13 percentage points from 2011). Canadians in Saskatchewan and Manitoba are most comfortable (81 per cent), while workers in Quebec are the most concerned (29 per cent).
"Canadian job security is fairly good, with our 7.3 per cent unemployment rate below historic norms," said Sal Guatieri, senior economist at BMO Economics. "Canadians should expect wages to rise modestly faster than inflation, supporting household purchasing power, with the strongest gains in Alberta and Saskatchewan.”
Only 22 per cent expect their company will be laying off employees.
The survey also found that four in 10 (39 per cent) Canadians expect to receive a raise or promotion in the next year, an increase of 11 percentage points from this time last year. Workers in Alberta (55 per cent) and the Prairies (54 per cent) are most likely to expect a raise or promotion in the coming year.
By contrast, one in five (22 per cent) feel they are working in a dead-end job and indicate that the company they work for is in no position to provide a promotion, raise or year-end bonus. This number is virtually unchanged from 2011.