With an unemployed-per-job vacancy rate at its lowest record, Canada faces talent shortages for 2023. According to Statistics Canada, the unemployment-per-job vacancy ratio is at its historic low, with 1.4 people unemployed per job vacancy in the first quarter of 2022.
The current tight labour market is making it difficult for Canadian employers to fill job positions. The report states that 35% of businesses expect the labour force shortage to be an obstacle, while 27.6% expect to struggle with retaining skilled employees.
"Mismatches between the offered wage associated with vacancies and the reservation wage — the minimum hourly wage at which job seekers are willing to accept a position — may be contributing to the elevated level of job vacancies in certain sectors, particularly in retail trade and accommodation and food services." the study found.
What do you think will be the biggest challenges to overcome talent shortage this year? Tell us in the comments section below.