More than half of employers boost wages amid labour shortage

July 14, 2022

Canadian employers continue to deal with labour shortages so they are pulling out all the stops.

More than half (55 per cent) are turning to larger than normal increases of wages while 66 per cent are increasing recruiting efforts, according to a report from the Bank of Canada.

Money is a top priority amid record inflation, with 35 per cent of employees globally looking for a salary increase, according to a previous report.

Other things employers are doing – according to the Bank of Canada’s survey of 300 to 500 firms – include:

  • turning away sales or postponing shipments (36 per cent)
  • increasing overtime hours (33 per cent)
  • contracting out work more frequently (25 per cent)
  • providing benefits, bonuses or stock options (20 per cent)
  • relying more on M&E or automation (16 per cent)
  • reducing minimum qualifications (15 per cent)

 

Four out of five Canadian employers say they would consider hiring applicants who do not have a degree or certification to the job they’re applying for, and that they would instead offer on-the-job training for new hires, according to a survey of 1,000 employers from Indeed.

Source: HR Reporter