Executive salary increases continue three-year decline
Despite a tepid economic recovery, more Toronto region businesses rewarded employees with base salary increases in 2010, according to a new salary survey.
The Toronto Board of Trade surveyed more than 330 organizations for the 2010 Compensation, Benefits and Employment Practices Toronto Region Reports. Nearly two-thirds (62 per cent) of respondents said their companies gave salary increases in 2010, compared to 51 per cent in 2009.
However, the average salary increase for 2010 was 2.7 per cent, down from 3.2 per cent in 2009.
“While some companies were forced to downsize last year, many also rewarded remaining employees with salary increases as a sign of recognition for helping the organization through two years of economic uncertainty,” said Mary Jo Kavanagh, manager of HR surveys and programs at the Toronto Board of Trade.
“Now with the job market opening to new opportunities, employers recognize they must offer competitive salaries in order to retain and attract top talent.”
