Employment Compensation: Contract Trends Heading into 2024

Contract Trends Heading into 2024

Are Millennials and Gen Z Living Paycheck to Paycheck?

Increased cost of living and overall economic uncertainty have many Canadians looking to renegotiate their employment compensation and contracts with their current employers. It is more costly than ever to just get by these days, with 51% of Millennial and Gen Z Canadians indicating in a poll that they live paycheck to paycheck. As a result, a lot of Canadians are looking to negotiate higher salaries from their employers or negotiate other aspects of their contracts as well.

Another poll has shown that almost half of Canadian workers have indicated that their greatest frustration in looking for work is finding a compensation package that is in line with what their expectations are for a fair salary. Further, approximately 35% of Canadians have said that they would look for a new job elsewhere if their current employer does not give them a raise. Workers looking for better compensation is why almost half of employers polled indicated that they would be looking to increase their starting salaries offered to new hires. Employers across the country are concerned that they will lose talented employees if they do not offer them more compensation.

However, compensation is not the only thing that Canadians are looking to negotiate in their new contracts. A large number of Canadians have indicated a preference for remote or hybrid work arrangements after many jobs were proven to be doable remotely during the COVID-19 pandemic. Compensation, work location, benefits package and more are key factors many employees are negotiating in their employment contracts as we head into 2024.

How Can Whitten & Lublin Help You?

If you are starting a new job or looking to negotiate a new contract for an existing employer, we encourage you to seek legal advice to better understand your rights. We at Whitten & Lublin are happy to provide insight and advice into your specific circumstances. If you are looking for employment lawyers and would like more information about what Whitten a& Lublin can do for you, please contact us online or by phone at (416) 640-2667 today.

Author – Nasyr Asmi