Businesses plan to increase spending on compensation to compete for talent in the first half of the year but are also leaving themselves some room to manoeuvre should economic circumstances change
Canadian employers are looking to ramp up hiring as well as employee compensation through the first half of the year, while simultaneously taking measures to protect against a sudden change to the economic landscape., the Canadian labour market remains historically competitive, despite widespread layoffs in the tech sector, inflation challenges, rising interest rates and fears of a looming recession.
Mr. Clark added that employers are increasing the salary budgets to remain competitive in a tight talent market, especially for positions they consider critical. They’re also using those funds to keep salaries consistent with inflation and ensure that more tenured staff see salary increases on par with the competitive compensation packages offered to new hires.
“By April 1st the dust will be settled on these projections, so any changes to market conditions in June or July are independent; they’re hedging against a soft landing,” he said. “Employees need to be aware that this may be a one-off or two-cycle approach before we get back to normal.” “When you bring on a contract person it’s a variable cost, rather than a fixed cost,” said Robert Hosking, the senior regional director for Robert Half Canada. “If a company is thinking that there may be a degree of uncertainty and they don’t want to make a commitment with a full-time employee, going the contract route is a great option.”
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