[Canada] Tech salaries will remain high despite downturn

Technology professional salaries in Canada are set to remain high, according to the latest sector salary guide, despite a wave of layoffs, Consulting.ca reports. 

Morgan McKinley’s 2023 Salary Guide presents up-to-date salary data and benchmarks for a wide range of technology roles in Canada, in addition to looking at the appetite for job-switching and employee salary expectations.

“Many technology companies in Canada will be approaching 2023 cautiously, having learnt some important lessons last year,” Ian Kinsella - Managing Director of Morgan McKinley Canada - said. “When faced with a market correction, many leaders came forward to say they made mistakes and hired aggressively.”

Workforce cutbacks at firms like Meta, Google, Shopify and Affirm have all made headlines but, despite this, a majority (60 per cent) of employers in Canada expect salaries in their sector to rise in 2023. 

Ninety per cent of employers reported having to increase salaries to retain staff last year and 70 per cent had to offer higher than expected salaries to attract new employees.

According to Morgan McKinley’s survey, the average annual full-time tech salary in Canada is $72,000.

“Even with a market correction and a potential global recession, our guide showed that technology salaries in Canada increased,” Mr Kinsella said. “A key difference is that the $200K job offers that were frequent in 2021 for individual contributors working across product, software, and SRE were few and far between.”

Mr Kinsella reportedly expects the contracting market to be buoyant this year as companies use contractors as a workaround for hiring freezes.

The majority of Canadian tech employees (59 per cent) expect their salaries to increase this year, while 23 per cent think they will plateau. 65 per cent are expecting a bonus payout of some sort.

Technology employees continue to have a strong appetite for changing jobs, with three-quarters (76 per cent) intending to move jobs in the first half of 2023. As always, the top reason for wanting to move is a higher salary.

Half of employers in Canada reportedly believe they will lose staff in the first half of 2023 due to higher salaries elsewhere.

Flexible work continues to be a key attractor of talent with 65 per cent of prospective applicants preferring to go into the office 1-2 days per week.

Source: Consulting.ca

(Quotes via original reporting)

Technology professional salaries in Canada are set to remain high, according to the latest sector salary guide, despite a wave of layoffs, Consulting.ca reports. 

Morgan McKinley’s 2023 Salary Guide presents up-to-date salary data and benchmarks for a wide range of technology roles in Canada, in addition to looking at the appetite for job-switching and employee salary expectations.

“Many technology companies in Canada will be approaching 2023 cautiously, having learnt some important lessons last year,” Ian Kinsella - Managing Director of Morgan McKinley Canada - said. “When faced with a market correction, many leaders came forward to say they made mistakes and hired aggressively.”

Workforce cutbacks at firms like Meta, Google, Shopify and Affirm have all made headlines but, despite this, a majority (60 per cent) of employers in Canada expect salaries in their sector to rise in 2023. 

Ninety per cent of employers reported having to increase salaries to retain staff last year and 70 per cent had to offer higher than expected salaries to attract new employees.

According to Morgan McKinley’s survey, the average annual full-time tech salary in Canada is $72,000.

“Even with a market correction and a potential global recession, our guide showed that technology salaries in Canada increased,” Mr Kinsella said. “A key difference is that the $200K job offers that were frequent in 2021 for individual contributors working across product, software, and SRE were few and far between.”

Mr Kinsella reportedly expects the contracting market to be buoyant this year as companies use contractors as a workaround for hiring freezes.

The majority of Canadian tech employees (59 per cent) expect their salaries to increase this year, while 23 per cent think they will plateau. 65 per cent are expecting a bonus payout of some sort.

Technology employees continue to have a strong appetite for changing jobs, with three-quarters (76 per cent) intending to move jobs in the first half of 2023. As always, the top reason for wanting to move is a higher salary.

Half of employers in Canada reportedly believe they will lose staff in the first half of 2023 due to higher salaries elsewhere.

Flexible work continues to be a key attractor of talent with 65 per cent of prospective applicants preferring to go into the office 1-2 days per week.

Source: Consulting.ca

(Quotes via original reporting)