One last look at what employers are forecasting for salary increase budgets for 2024 in Canada. This 2023 Mercer QuickPulse™ survey also has insights to share on promotions, off-cycle increases, salary structure adjustments, and some hot topics such as pay transparency.

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Whether you are new to the world of compensation or an experienced practitioner, run through these 10 tips and see what you might want to add to your toolbox.

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When asked what they plan to budget for 2024, respondents reported a decrease in the size of the average projected annual increase budgets for both merit and total increases compared to 2023. Read more on the findings of the Compensation Planning Survey, and see how you can easily access the end of year results.

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This article will provide you with considerations around when to use general industry and industry specific data –  or even when to use both!

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Long-term incentives are considered a standard piece of the rewards package and key drivers of engagement for many employers and employees. However, selecting the right performance metrics and determining how outcomes lead to payout are critical to ensuring this vehicle is able to drive home alignment to the company’s overall success. Read through the helpful tips and considerations shared by Ryan Cameron, one of Mercer’s incentive design experts to find out if your LTI plan is in need of a tune-up.

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There are many different structure designs and not all support the same sort of pay management. Let’s take a look at the many different types of pay management constructs and consider how they might work for various employee populations and organizational cultures. Do you have the best pay structure for your organization?

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So, are you curious? I know I am. There is the continued anticipation of a recession and the labor market remains tight, yet companies report they are in a ”growth” stage. Just how did employers spend their annual increase budget?

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