Canadian workers can expect pay raises next year, although they may not be as high as in previous years. Many companies are planning to offer salary increases in 2024, with average hikes ranging between 3.3% and 3.7% for non-unionized positions. These increases are considered significant but are still lower than the pay bumps experienced in 2023. The slowing economy may also result in companies spending less on salaries. However, labor shortages in certain sectors mean that employees may still have the upper hand when it comes to negotiating pay increases. High inflation has squeezed personal finances, leading many workers to prioritize higher compensation. However, employers may be able to offer other perks and benefits to offset smaller salary increases. Flexible schedules and hybrid work arrangements are highly valued by employees. In addition, many companies have increased their benefit plans to combat inflation. Although pay increases are expected to be slightly more conservative in the coming year, most employees can still anticipate a boost to their paycheques.
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