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Most Canadian employers say their main concern in 2024 is rising costs as the economy cools and inflation remains high, according to a new global survey.
Among the countries surveyed, businesses in the United Kingdom ranked the highest in expressing concern about rising costs, with about 87 per cent of employers surveyed sharing that concern, followed by Australia at 85 per cent, Ireland at 85 per cent, New Zealand at 83 per cent and Canada at 82 per cent.
The survey asked 79,000 small- and medium-sized businesses in Canada, Australia, Ireland, New Zealand and the United Kingdom about their top concerns in 2024 and how they addressed staff shortages and employee retention. The poll was conducted by Peninsula Group, an international human resources and health and safety consulting firm.
Along with rising costs, Canadian employers are also worried about labour shortage (47.8 per cent) and employee retention (45.6 per cent), according to the survey.
“Despite the tough economic climate, there is an air of optimism amongst small business owners as we move into 2024,” Peninsula Canada CEO Raj Singh said in a press release Thursday. “Compared to this time last year there has been a notable surge in employers dedicating greater resources to the development and growth of their staff.”
Despite these concerns, Peninsula’s survey found many businesses are still optimistic about the future, with 44 per cent of them stating their main goal for 2024 is growth. However, this is down from 58.7 per cent last year.
Among the countries, U.K. businesses surveyed had the biggest motivation for growth with 46 per cent, followed by Ireland (45.9 per cent), Canada (44.7 per cent), Australia (43.7 per cent) and New Zealand (41.6 per cent), the survey found.
When asked about staffing challenges, companies said recruitment of top talent was their top concern. Canadian employers (19.2 per cent) had the least concerns about recruitment, while Australia was most worried about it (30.7 per cent).
Businesses in the U.K. (29.5 per cent) and New Zealand (25.4 per cent) also cited recruitment as their biggest staffing challenge.
As for retaining top talent, 64.9 per cent of Canadian employers and 49.3 per cent of U.K. companies are offering financial remuneration. Meanwhile, nearly 60 per cent of Australia and New Zealand employers are offering flexible working hours.
Canadian businesses unable to offer financial remuneration are instead providing flexible working hours (60 per cent) and reward and recognition (58.7 per cent).
To tackle the labour and skills shortage, 80 per cent of Canadian employers said they increased pay, the highest among the countries, followed by Australia, New Zealand, and the U.K. at 55.5 per cent, 52.9 per cent and 52.8 per cent, respectively.
Canadian employers have also turned to apprentices to fill the gap, with a 217 per cent increase year over year.
As well, Canadian employers have handled the ongoing labour and skills shortage by offering flexible working hours (54.8 per cent) and upskilling and training (50.8 per cent).
While hybrid and remote work became common during the pandemic, more than half of employers surveyed in each country said all employees returned to the office full time in 2023. Among the countries, Canada ranked the highest in this category, with 53.5 per cent of employees back in the workplace and 26.7 per cent of them with flexible working hours.
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