Published January 11, 2023 • 3 Min Read
In 2022, business owners across the country faced an acute challenge: hiring and retaining qualified staff. For over 30 per cent of business owners, the labour force shortage was an expected obstacle in 2022, while retaining skilled employees was a concern for nearly 28 percent of owners. Indeed, as the unemployment to job vacancy ratio reached a historical low, labour shortages wreaked havoc on business owners’ ability to operate and grow.
And it’s not a challenge owners can expect to overcome soon. As Cynthia Leach explains in an RBC Thought Leadership report, “Canada’s labour shortages may be particularly acute as a result of the pandemic, but labour market tightness will outlive the next recession. Lack of working age people and shifting skills demand with the rise of automation, green investment and other factors will lead to chronic mismatches between jobs and workers.”
Given this particular headwind is expected to blow strong through the foreseeable future, RBC tapped into HR professionals, business owners and resiliency experts for key conversations, offering tips to help overcome staff challenges, become an employer of choice and avoid burnout — a condition reportedly suffered by two-thirds of business owners this year.
The stories below can help owners of businesses large and small manage through ongoing staffing issues and keep their top talent loyal and engaged.
7 Ways to Attract and Hire Employees in a Tight Labour Market
As Canada’s labour shortages are likely to worsen, small businesses must find ways to fill vacancies in order to thrive and grow.
6 Tips to Retain Top Talent in a Competitive Labour Market
As Canada faces increasing labour shortages, establishing a robust workforce starts with keeping your best talent.
Small businesses can use these unique advantages as their competitive edge to attract and retain staff.
Tips to Attract, Retain and Engage Staff: HR Best Practices in Turbulent Times [webinar re-cap]
In a webinar hosted by RBC, a business owner and HR expert share real-life experiences and strategies for dealing with staffing challenges.
How Business Owners can Navigate the Future of Work
How business owners can navigate the future of work.
Business owners are on the verge of burnout: 3 warning signs and what to do about it
Business owners across Canada are feeling stressed, exhausted and overwhelmed. An expert offers tips for wellness and renewal.
Looking for a career change? 6 reasons why you should consider a small business.
Whether you’re looking for work with more purpose, impact or flexibility, a small business could be a great choice.
Tap into fresh talent with Magnet
Hire a student or recent graduate with skills matched to your business. Where eligible, access wage subsidies up to $7,000.
Managing Payroll and Human Resources: Faster, Smarter, Easier with ADP
As a business owner, you’re managing more than ever. And, with limited time to get it all done — you can’t afford mistakes. You need a trusted payroll and HR platform that can help you manage this important part of your business, freeing you up to focus on driving your business forward.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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