SMEs Facing Labour Shortages in Canada – 43 percent more likely to experience low growth

Canada’s small and medium-sized enterprises (SMEs) account for more than 90 percent of private-sector jobs in Canada. To be competitive in today’s market, they need the right people with the right skills, yet they are disproportionately threatened by labour shortages and skills gaps – a situation made worse by COVID-19.

Unlike large corporations, SMEs possess limited resources, making it exponentially more challenging to support these human resources needs. There is a dire need for innovative research & solutions.

Key Takeaways

1) 40 percent of SMEs studied in 2019 identified skills shortages as a major competitive challenge, up four percent from the year before.

2) SMEs facing labour shortages are 43 percent more likely to experience low growth, requiring their employees to work longer hours and incurring delays in services rendered

3) The need to further analyze the situation of skills shortages for SMEs in Canada is clear. It is key to develop proper HR practices that will allow for better recruitment, training (formal and informal) and retention of talent.

Chosen excerpts by Job Market Monitor. Read the whole story @ Small and Medium-Sized Employers (SMEs): Skills Gaps and Future Skills | Future Skills Centre • Centre des Compétences futures