TELUS Health's annual Salary Projection Survey
shows fourth year of consecutive growth, with majority of
organizations planning to implement financial wellbeing
programs
VANCOUVER, BC, Sept. 26,
2024 /CNW/ - TELUS Health today released its
42nd annual Salary Projection Survey, forecasting a 3.45
per cent increase in average base salaries for non-unionized
workers in Canada in 2025,
outpacing inflation for the first time in four years. This
forecast, excluding salary freezes, is driven by ongoing labour
shortages. The projected increase significantly exceeds
Canada's current inflation rate of
2.0 per cent, as reported by the Bank of Canada earlier this month.
"The persistent demand for skilled talent is driving robust
salary growth into 2025, despite easing inflationary pressures on
employers," said Guylaine Béliveau, National Practice Leader
- Compensation Consulting, TELUS Health. "As inflation rates
decline, employees stand to reclaim purchasing power lost in recent
years. This shift could significantly boost individual financial
wellbeing and overall workplace morale."
Key findings from the study, based on data from more than 355
Canadian organizations across various industries, include:
- Provincial salary projections for 2025 show regional
variations:
- British Columbia leads
with a projected 3.60 per cent increase in highest average base
salaries, followed by Alberta at 3.54 per cent and
New Brunswick at 3.50 per
cent.
- Quebec saw strong
salary growth of 3.85 per cent in 2024, but expects growth to slow
to 3.41 per cent in 2025.
- Nova Scotia
consistently shows the lowest projected increases among provinces
with statistically significant data at 2.94 per cent for both 2024
and 2025.
- From an industry perspective, the highest projected increases
for 2025 are expected in Construction (4.13 per cent),
Real Estate (3.92 per cent) and Business Services
(3.90 per cent). These same three industries also led salary growth
in 2024. For 2025, the lowest salary increases are expected in
Public Administration (2.75 per cent), taking the place of
Information Technology, which held that position in
2024.
- With respect to salary structures in Canada, the forecasted increase for 2025 (2.72
per cent) is slightly lower than the actual increase implemented in
2024 (2.89 per cent).
The study also highlights that Canadian employers' priorities
remain relatively consistent between 2024 and 2025. Employee
engagement and building critical skills for leaders continue to be
top priorities. Additionally, there's an increasing focus on
upskilling, training and development programs and cultivating
current and future leadership.
In response to ongoing challenges, 59 per cent of organizations
have implemented or plan to implement programs to enhance financial
wellbeing. These initiatives include healthcare spending accounts
(24 per cent of organizations), financial literacy education (20
per cent) and group RRSPs (18 per cent).
As part of this year's TELUS Health Salary Projection Survey,
researchers included questions about the adoption of artificial
intelligence (AI) in Canadian organizations. The results reveal a
significant trend: nearly three-quarters (74 per cent) of surveyed
companies are either actively exploring or seriously considering AI
solutions to boost operational efficiency in the upcoming year.
This finding underscores the growing importance of AI in shaping
workplace productivity and innovation across Canada's business landscape.
The need for a holistic approach to wellbeing
Recent
data highlights the critical need for comprehensive workplace
wellbeing strategies. Last year's TELUS Financial Wellbeing special
report revealed ongoing challenges: 25 per cent of workers in
Canada worry about their ability
to retire and 30 per cent prioritize financial planning in benefits
plans. Many employees believe employers should offer retirement
savings options to improve financial control.
"In today's evolving job market, employees are seeking more than
just competitive salaries," says Philip
Mullen, Vice President, Employer Solutions Consulting, TELUS
Health. "They're looking for employers who offer comprehensive
support for their financial, physical and mental wellbeing.
Organizations that partner with benefits administrators to create
holistic packages - integrating retirement planning, investments
and health services - are likely to see improved recruitment
outcomes, higher retention rates and enhanced productivity."
About the TELUS Health Salary Projection
Survey
The 42nd edition of the TELUS Health
Salary Projection Survey, based on data gathered in July and
August 2024, is a trusted resource
that offers comprehensive insights to HR and compensation leaders
across Canada. This year's report
covers actual salary budget increases in 2024, projections for
2025, and details on how respondents are navigating these
challenges. Leaders have consistently relied on this survey for
crucial insights into salary and human resources trends, helping in
the strategic planning of their organization's approach towards
total compensation. Employers across Canada from various industries and regions
voluntarily participated.
Beyond national perspectives, the current report also includes
industry breakdowns and region-by-region analyses across
Canada. To consult the summary
report and learn more about TELUS Health's Compensation
Consulting practice, visit: LINK
About TELUS Health
TELUS Health is on a mission to
become the most trusted wellbeing company in the world by enhancing
the overall efficiency of healthcare and championing workplace
wellbeing. By integrating advanced healthcare technology with
comprehensive employee support services, TELUS Health provides a
holistic approach to primary and preventive health and wellbeing
for over 75 million people across 160 countries. Our innovative
digital health platforms, including electronic medical records
(EMRs) and virtual care solutions, empower healthcare
professionals, individuals, employers and governments to deliver
personalized care efficiently. Our employee wellbeing programs
offer extensive support through Employee Assistance Programs
(EAPs), mental health resources, financial counseling, and
workplace wellness initiatives.
At TELUS Health, we are committed to revolutionizing healthcare
to ensure people receive the support they need and employees thrive
both personally and professionally. Together, let's make the future
friendly. For more information, visit: www.telushealth.com.
For media inquiries, please contact:
Marielle Hossack
TELUS Media Relations
marielle.hossack@telus.com
SOURCE TELUS Health