In this edition:
Over one million jobs in Canada go unfilled as vacancies reach all-time high
Across all sectors, Canadian employers were actively seeking to fill more than one million (1,012,900) vacant positions at the beginning of March 2022, a record high. Vacancies increased by 22.6% (+186,400) in the month and were up 60.5% (+382,000) from March 2021 (not seasonally adjusted).
In the accommodation and food services sector, the number of vacancies rose 37.2% (+42,900) in March 2022. Following this increase, employers were seeking to fill a total of 158,100 positions. The job vacancy rate was 12.8%, the highest across all sectors for the 11th consecutive month (not seasonally adjusted).
There were 109,200 job vacancies in retail trade in March, up 37.2% (+29,600) from February. Following this increase, vacancies in the sector were 40.7% (+31,600) higher than in March 2021 (not seasonally adjusted).
Record-high vacancy levels were also seen in construction, healthcare and social assistance.
Falling sales in vehicles and parts erase other gains in retail
Retail sales were virtually unchanged in March. Sales were up in 10 of 11 subsectors, led by higher sales at gasoline stations (+7.4%). Lower sales at motor vehicle and parts dealers (-6.4%) erased the gains observed in the remaining subsectors.
Sales were up in 10 of 11 subsectors, representing 75.0% of retail trade.
Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—increased 1.5% in March.
Town of Lincoln introduces pilot project to reduce speeds in neighbourhoods
During Tuesday’s Committee of the Whole meeting, the Council for the Town of Lincoln received and approved a report on the proposed 40 km Neighbourhood Area Speed Limit Implementation Pilot Project as a direct method to assist with traffic calming throughout the community. Council has taken several steps to help with speed reduction on Town roads, as promoting a healthy and safe community is a priority for the municipality. This includes the speed reduction pilot project and consists of other traffic calming measures such as speed humps and designated community safety zones.
Bank of Canada 50-basis-point June 1 hike “done deal”
The Bank of Canada will hike its overnight rate by 50 basis points on June 1, according to all 30 economists polled by Reuters, who see interest rates at least a half-point higher by year-end than predicted just one month ago.
The BoC seems set to follow an aggressive path similar to that taken by the Federal Reserve to tame soaring inflation, which hit over a three-decade high of 6.8% in April and has now been above the central bank’s 1-3% range for more than a year.
Financial benefits apparent with hybrid working
Canadian HR Reporter
For organizations who switch to a hybrid work model — in which employees work sometimes from home or elsewhere, and sometimes from an office — the savings accrued can be as high as $13,000 per employee each year, according to new research.
A study of these potential savings, done by flexible workspace company IWG, showed that for companies who reduce real estate footprints and move out of downtown cores, the savings are massive.
“Businesses can save as much as about 51 per cent on their rent and their operating expenses, by both reducing their footprint by moving to more of a flexible hybrid model, and utilizing either work-from-home policies or working-closer-to-home policies with flexible workspaces, coworking memberships, etc.,” says Wayne Berger, CEO The Americas at IWG in Toronto.
A unified cybersecurity strategy is the key to protecting businesses
Following the changes the pandemic has brought about in the business world, organizations have significantly increased their use of data and the internet. This, in turn, has increased the prevalence of cyberattacks and cybersecurity risks.
Accounting firm PricewaterhouseCoopers recently released a report estimating that about 62 per cent of Canadian organizations were impacted by ransomware incidents and attacks in 2021.
Since these risks have crucial implications for companies and their investors and clients, cybersecurity spending saw a major increase. Global cybersecurity spending grew to more than $120 billion in 2017 from $3.5 billion in 2004.
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GNCC election platform
The GNCC asks that the next Government of Ontario support a strong workforce by offering training and financial support programs that empower employers to tackle social issues such as the gender pay gap, truth and reconciliation, or equity, diversity and inclusion. Businesses want to be part of the solution, but many lack the tools and resources to do so. The Government of Ontario can drive change by unlocking the potential of business to solve social inequalities.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.