The salary hikes and incentives come at a time when inflation is outpacing wage gains for a majority of Canadians and there is huge competition for talent
. Banks’ expenses are also rising, driven in part by higher performance-based pay and spending to attract and retain talent. TD’s costs rose 3 per cent in the first fiscal quarter to nearly $6-billion, compared with a year earlier.in the early half of 2022, with full-time equivalent positions up 4.3 year-over-year.
Spokesperson Toni-Lynn Raponi said in an e-mail the pay increases are “not in response to employee retention challenges.”
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