Hiring challenges for employers set to boost salaries in the year ahead
Canadian professionals fear their salary growth being outpaced by inflation (even as it dips),and want their employers to boost their wages. Firms may have to meet the demand.
The latest outlook for salaries from Robert Half looked at hiring trends and starting salaries for hundreds of positions across finance and accounting, technology, marketing and creative, legal, administrative and customer support, and human resources professions in Canada.
It found that half of workers feel underpaid and 92% are concerned that inflation may outpace their pay increases, with one third of respondents saying that if they don’t get a raise, they will look for another job.
For those looking for a new role, 60% prioritize salary and almost one third of hiring managers say they are increasing starting salaries to attract talent. But they are also having to ensure they offer flexibility with 44% of professionals participating in the survey preferring two to three days per week at the office and 32% of those who are looking for a new job citing more flexibility as the main reason.
But getting the right staff – and succession - remains challenging for employers with 42% saying the talent pool is not abundant enough to find the right skills, while 29% say their upskilling programs are insufficient, and 35% saying that internal candidates are not interested in leadership roles.
AI is having an impact on hiring too with projects involving this and machine learning projects high priorities for Canadian firms. This means firms trying to hire those with in-demand skills or using contract workers or consultants, boosting hiring, outsourcing, and investing in employee training.
Robert Half says that professionals looking to enhance their salaries should:
- Evaluate the entire compensation package, including benefits and perks, and explore options to improve work-life flexibility
- Prioritize skill development and pursue relevant training and certifications to boost your marketability
- Explore contract positions that provide exposure to different projects, teams, work environments and industries.
"Salary continues to be the biggest priority for professionals, as cost of living remains top of mind," said David King, senior managing director, Robert Half in Canada. "However, it's not the only thing that matters. In addition to benchmarking salaries, businesses need to ensure they have efficient hiring processes, and that they are offering attractive perks and benefits, flexibility in the workplace, and upskilling opportunities to hire, retain, and train top talent in this evolving labour market."
