TORONTO, Aug. 26
- New data reveals that salary increases are steadily on the rise among Canadian organizations.
- Canadian organizations are optimistic about economic recovery in 2011.
TORONTO, Aug. 26 /CNW/ – Towers Watson Data Services, a wholly-owned subsidiary of Towers Watson, today announced the release of its 2010/2011 Salary Budget Survey Report.
The report, conducted between May and June 2010, provides data on actual salary increases granted for 2009, budgeted for 2010 and projected for 2011.
Chief among its findings was that Canadian employers are cautiously optimistic about economic recovery in 2011, as evidenced by the increased percentage of responding organizations projecting salary increases. Among the 200 survey participants, 98% project salary increases for 2011, up from 95% in 2010 and 70% actually granting increases in 2009.
Some of the report’s other key findings are listed below:
- For 2011, within organizations that plan to grant increases, average salary increases are projected to be higher than those budgeted for 2010 for all five employee groups surveyed (executive, management, professional/technical, administrative/support and hourly). Base salaries are expected to rise next year by an average of 3.1% for executives; 3.0% for management; 2.9% for professional/technical and administrative/support groups; and 3.0% for the hourly group.
- More organizations are expected to adjust salary range midpoints in 2011 versus organizations that already adjusted or plan to adjust salary range midpoints in 2010
- For all employee groups, the budgeted incentive/bonus pools are higher than those originally projected for 2010
The 2010/2011 Salary Budget Survey Report is available online, or as an online/printed report set.