Cash is key, and hybrid work holds weight.
These are some of the trends in Canada’s realm of tech talent for the year ahead, according to the 2024 Salary Guide from Robert Half, which found that despite a nationwide slowdown in hiring last year, more than 60% of companies plan to expand payrolls.
However, an astonishing 92% of hiring managers cite challenges finding and attracting skilled talent.
“This, along with retention concerns, is prompting hiring managers to stay closely attuned to trends in salaries, benefits and perks, and employees’ preference for flexible work arrangements,” the guide reads.
One trend worth paying attention to is that workers are frustrated by being offered a pay package not in line with expectations, with more than one-third of hiring managers reporting an uptick in job candidates who ask to negotiate compensation packages.
Consequently, about four in 10 employers plan to increase starting salaries in 2024 to attract and keep skilled workers, with a similar number intending to add new perks and benefits for workers, according to Robert Half’s guide.
“Economic uncertainty and cost of living continues to be a top concern for professionals, resulting in the high prioritization of salaries as workers look towards 2024,” stated David King, Senior Managing Director at Robert Half for Canada, recently.
However, while overall salaries are expected to rise in 2024, increases are likely to be more measured than in recent years, according to the outlook.
While cash remains king, hybrid work models can put a fine polish on an otherwise lacklustre compensation package: About three-quarters of talent in Canada point to flexible work options as the most-desired perk of a job, data from Robert Half shows.
Indeed, it is worth noting that a majority of workers “would rather stay in a job with flexible work options than accept a position with higher pay but rigid in-office requirements.”
“Now more than ever, it’s crucial to for companies to ensure that they are benchmarking salaries and overall compensation, perks, and benefits,” King continued, “in order to both attract and retain valued talent, enhance employee satisfaction, and maintain continuity and productivity across their business.”
Overall, tech talent appears to remain in the driver’s seat in Canada in 2024—across major markets, Robert Half found that “demand for skilled talent still outpaces the supply of candidates, especially in professions like finance, accounting and technology”—although it may be a somewhat bumpy ride going forward at times.