Labor shortage is putting pressure on small and medium-sized businesses in Canada, says the latest Help Wanted report of the Canadian Federation of Independent Business (CFIB). Around 430,000 job vacancies in Canada are reported to have been remaining unfilled in the private sector for the past four months as the employers could not find qualified candidates.
These unfilled job vacancies in Canada are putting pressure on employers to increase wages. It is predicted that the employers will have to raise the wage levels by 2.6 per cent. According to Ted Mallett, vice president and chief economist of CFIB, the rate of rise in job vacancies in Canada has crossed the records set before the financial crisis in 2008. He thinks that in response to these trends, businesses may start investing more in capital than in labor in 2019. They may also redistribute wages to key roles in the company.
According to the CFIB report, Quebec has the tightest labor market with a 4.1 per cent vacancy rate. The job vacancy rate of British Columbia is 3.7 per cent, while that of Ontario is 3.3 per cent. The job vacancy rates of Nova Scotia and Alberta rose to 2.6 per cent while that of New Brunswick (2.7 per cent) and Manitoba (2.6 per cent) remained the same. The rates of Saskatchewan, Prince Edward Island and Newfoundland and Labrador are at 2 per cent, 1.5 per cent and 1.3 per cent, respectively.
|Provinces||Vacancy rate||Number of vacant jobs|
|Prince Edward Island||1.5%||700|
|Newfoundland & Labrador||1.3%||2,100|
While the job vacancy rates increased in professional services, construction, agriculture and oil and gas, they remained steady in other sectors. Personal services sector witnessed the highest vacancy rate at 4.8 per cent. It was followed by construction at 4.4 per cent and professional services at 3.8 per cent. The sectors that witnessed the lowest vacancy rates were finance and information, at 2.1 per cent and 1.8 per cent respectively.
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