Survey indicates ‘challenging’ year ahead for wages

As employers seek ways to maintain costs amid pandemic-caused volatile revenues streams, many are looking at wages. More than a third (36 per cent) of Canadian organizations have frozen salaries this year, compared to just two per cent before pre- COVID, says Morneau Shepell’s latest Salary Projection Survey. The human resources company’s survey shows the trend will likely persist in 2021, with 46 per cent of employers uncertain about increasing or freezing salaries, while 13 per cent already holding the line in 2021. “With nearly half of employers reporting uncertainty going into 2021, it’s important that Canadians recognize the impact on their financial well-being as we expect another challenging year,” said Anand Parsan, vice-president, compensation consulting practice at Morneau Shepell.