A tight job market is compelling Canadian organizations to raise the pay levels for their employees. Businesses across Canada are planning to boost their salaries with the highest annual raises happened in the past many years. Only 3.3 per cent of the organizations in Canada are projecting salary freezes next year.
But in the current year, 12 per cent of the employers froze wages owing to the impact of COVID-19. Last year, 36 per cent froze salaries owing to the dire economic conditions. But as the Canadian economy is fast recovering from the impact of the pandemic, the employers have no option but to raise the wages as there is a shortage of workers in the Canadian job market. As the job market is booming and inflation is rising, employees are demanding higher compensation and purposeful work. So, on an average, the companies are planning to offer a pay hike of 2.7 per cent next year. In its Salary Projection Survey Report for 2022, LifeWorks, a human resources services and technology company headquartered in Toronto notes that the highest projected average salary increase in 2022 will be in wholesale trade, which will be 3.1 per cent.
Biggest increases in IT, Hospitality and Construction
The biggest increases in wages will be witnessed in construction, hospitality and IT sectors. The wages are expected to be boosted by three per cent in these sectors. Wages will increase by two per cent next year in the healthcare and social assistance, education, media, arts and culture sectors. However, it is also a fact that raising wages alone will not reduce the labour crisis in Canada. As the employers are facing a shortage of qualified workers, attraction and retention of workers have become more important than ever.
Opportunities for immigration
All these show that job opportunities are high for skilled workers in Canada. If you have the right set of skills and qualifications, you may migrate to Canada. There are many potential immigration pathways that include Skilled Worker programs, Canadian Experience Class, Skilled Trade, Caregiver and Atlantic Immigration Pilot Programs. This year, Canada is planning to welcome 401000 new immigrants to the country. The targets for the coming years are even higher. So, if you are thinking about moving to Canada, this is the right time to start the process. Connect with Canada immigration consultants of Canapprove to know your options.