Overtime hours, contract work, bonuses also popular
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.
To remain competitive and lure skilled talent, employers are pushing up salaries to stay one step ahead of competitors and access the best-of-the-best talent, according to Randstad Canada.
“This trend isn’t limited to any one job market, either. We’re seeing salaries grow across the entire spectrum of jobs. From high-skilled roles in IT, engineering and finance, to lower skill roles such as general labourers, salaries are universally on the rise, largely driven by strong economic growth and labour shortages.”
However, less than half of CEOs have "very strong" or "strong" expectations about their organization's growth over the next 12 months, according to a report from Deloitte. This is down 16 per cent from January and 28 per cent from a year ago.