Quebec and Canada 2022 salary forecasts of the CRHA Order.
SUMMARY
2022 EXPECTED INCREASES FOR QUEBEC
2022 EXPECTED INCREASES FOR CANADA
Firm averages : Normandin Beaudry, PCI Rémunération Conseil, CGC Consultants, Saucier Conseil and Life Works Solutions Bien-Etre.
VARIANCES FORECASTED VERSUS ACTUAL
QUEBEC
According to the Salary Forecast of l’Ordre des CRHA and Statistics Canada.
ECONOMIC FORECASTS
Here are the economic forecasts according to Pierre Emmanuel Paradis, economist and President, AppEco.
The growth of the global economy will be strong in 2021 followed by a slowdown in 2022.
THE CHALLENGES OF THE LABOR MARKET
The global pandemic has caused a lot of economic uncertainty, but also significant repercussions on the workforce. The challenges of the current market are important:
• Widespread labor shortages.
• Changes in the organization of work: teleworking and hybrid work mode.
Sébastien Mc Mahon CFA, interim Chief Economist at Industrial Alliance Financial Group, indicates that;
« Quebec’s economic growth makes the situation more critical than elsewhere in Canada. »
Source: Statistics Canada, Haver, CIBC.
According to the Business Development Bank of Canada, the labor shortage will be the challenge of the next decade!
Teleworking and corporate acceptance of this condition progressed slowly before the pandemic. We are now experiencing a major cultural and economic revolution as reported by Bloomberg.
Source: Breeze/Pollfish
In this pivotal period and uncertain times, companies will have to move to an Agile operating model and protect themselves with new policies and innovative procedures. Important decisions will be made regarding budgets for wage increases and the development of medium-term plans to avoid salary escalations.
However, the competition for talent is not just about pay. A comprehensive an global approach is needed and should be based on equity and justice.
Companies that invest and develop an employee experience strategy, both in the hiring process and with current employees, will be successful and efficient and will withstand the upheavals of the labor market.
Stefanie Rochford, CHRP, CRHA