Are you hoping to get a pay raise in 2024? Well, you might be in luck.

In September last year, actuarial consulting service Normandin Beaudry released the results of its 13th annual Salary Increase Survey and reported that Canadian organizations were "planning fairly substantial salary increases" in 2024.

Close to 700 companies across Canada took part in the survey.

Analysts found that Canadian workers could see an average pay increase of 3.6 per cent in 2024.

Darcy Clark, senior principal of compensation at Normandin Beaudry, said that while a recession remained possible, organizations plan to grant increases of over 3 per cent for a third year.

Forty-three percent of the employers surveyed planned to grant an average additional budget of 1 per cent to salary increases for 2024.

Historical Salary Increases 2024. Chart courtest of CNW Group/Normandin Beaudry.

According to the report, securing supplementary budgets has been a trend in recent years, driven by the uncertain economic landscape and competitive job market.

"With these additional funds, organizations have more leeway to address the pressure brought on by the labour shortage by making strategic adjustments throughout the year to retain employees in critical roles, differentiate the compensation of top performers or accelerate the salary progression of certain employees," the report explained.

Industries that have led the pack regarding pay raises include the professional, scientific, and technical services sectors. They reported the highest actual salary increase budget of 4.8 per cent in 2023.

This year, the following sectors are setting the pace with higher-than-average salary budget increases:

• Professional, scientific and technical services: 3.9 per cent
• Real estate, rental and leasing: 3.9 per cent
• High technology: 3.9 per cent
• Pharmaceutical and biotechnology: 3.8 per cent
• Durable goods manufacturing: 3.8 per cent
• Accommodation and food services: 3.7 per cent

For those worried about pay freezes in 2024, Normandin Beaudry said only 2 per cent of companies plan to implement that.

"These particularly low numbers are most likely due to the ongoing labour shortage and high inflation, as salary freezes usually range from 3 per cent to 5 per cent," its report read.