Canadian workers are feeling gloomier about their financial prospects heading into 2024, with most not expecting to see any increase in salary and compensation, a newly released poll has found.
ADP Canada’s monthly Happiness@Work Index, released Dec. 27, revealed that 56 percent of workers were “less optimistic” about getting an increase in salary and compensation in the coming year.
Fewer people are happy at work this month compared to November, the poll of 1,200 Canadians found. In fact, only 44 percent were “satisfied with their current role and responsibilities.”
Cost of Living
The dip in optimism comes at a time of soaring inflation and a shortage of affordable housing.The central bank has raised interest rates 10 times since early 2022, leaving it at 5 percent over the past six months. Bank of Canada governor Tiff Macklem acknowledged that the interest rate hikes have been difficult on Canadians, particularly with the rising cost of food and shelter, but has yet to commit to lowering the interest rate in the near future.
Happiness Linked to Age, Location
Conducted in the first week of December by ADP, a management services firm, the poll also found that pay is only one factor impacting employee satisfaction rates.Respondents’ age and where they live were also determining factors.
The baby boomers, aged 59 and over, are the “happiest generation” in the workplace, with 69 percent expressing satisfaction with their jobs, while Gen Xs, aged 43 to 58, were the least satisfied, at 64 percent.
Despite coming in ahead of Gen X, Millennials, aged 27 to 42, recorded their lowest score to date, with a 65 percent satisfaction rate, while Gen Zs (aged 18 to 26) held steady month-over-month at 68 percent.
British Columbia and Quebec had the highest number of happy workers at 69 percent, while Ontario had the lowest score on the index: 64 percent.
Compared to the 56 percent expressing less optimism about getting a raise in 2024, a higher percentage of Canadian workers expressed confidence about work-related activities in the upcoming year. Seventy-five percent said they were optimistic about taking time off in 2024 while 72 percent said the same about having a manageable workload.