The Canadian workforce, presumably along with millions of others all over the world, underwent a collective rattling in light of the COVID-19 pandemic. Some industry experts have dubbed it “The Great Resignation,” a term inspired by the economic events that started in the United States in the late 1920s leading to the 1930s.
There were people who chose early retirement. There were others who decided to work from their homes instead of reporting to the office. There were individuals who thought that it was the perfect time to change careers.
All these, in light of Canada’s skills gap and labor shortage problem, spell anxiety and uncertainty for Canadian businesses.
According to the results of a survey done by the Business Development Bank of Canada (BDC), “55 percent of Canadian entrepreneurs are struggling to hire the workers they need, which leaves them with no choice but to work more hours, as well as delay or refuse orders.”
The BDC also added that more than 25 percent of Canadian businesses are having a hard time retaining employees.
An online article by the CBC published earlier this year, noted how people leaving (or have been let go of) their jobs is impacting other industries like travel, tourism and hospitality.
“The result is rising worker absences, prompting airlines to cancel flights, drugstores to close early and restaurants to move to takeout only,” stated the article.
In terms of labor shortages expedited by the impacts of COVID-19, some of the top affected sectors in Canada include hospitality, health care, construction, manufacturing, retail trade, and trucking. These were highlighted in a report by Statistics Canada.