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Christmas employment shortages

December 9, 2021   ·   0 Comments

Dear Money Lady,  My grandson is now working part-time for a lot more than minimum wage and I can’t believe all the perks he gets at his job.  I am thinking of getting a part-time job too.  Do you think they would hire a senior? –Jess

Yes I do Jess – you should apply !!

Many companies across Canada, mainly in the “gig” and hospitality sectors, face staff shortages as we enter the Christmas Season.  According to Stats Canada the labour shortage is widespread across the country in several different sectors of the economy.  They state that the inability to find enough workers is hampering the post-pandemic economic recovery.  According to the BDC, (Business Development Bank of Canada) 55% of small and medium sized businesses in Canada are struggling to hire the workers they need, which limits growth and forces business to delay or refuse new orders.

We are now seeing many employers having to “up the anty” by providing higher wages along with signing bonuses and employment perks.  As of November 2021, there were 875,000 jobs vacant in Canada and one third of all businesses were reporting a labour shortage.  Many economists see this as a great problem poised to get even worse in 2022.  They predict that over the next three to five years the last wave of baby boomers will start hitting retirement age and their departure will create approximately 6-800,000 more vacancies in the job force.  Employers will need to get more creative to attract talent.  Increased wage expectations will be one of the incentives, but new employees are going to want so much more post COVID.  Flexible hours, and remote work options will be expected, but also greater autonomy in scheduling their work life balance will be key.

I know, there are many of you that have criticized the federal government for providing pandemic income benefits and recovery benefits.   While they have helped unemployed Canadians, some people still believe that this has made the labour market worse by discouraging people to come back to work.  We shouldn’t be too quick to judge.  It is much more complicated than that.  Stats Canada states 20% of Canadians who lost their jobs during the pandemic have changed their careers and gone into a different sector.  And many economists now believe that it is more the issues of our aging population choosing to exit the workforce during COVID, plus our country’s limiting numbers of immigrants allowed into Canada during the pandemic.  Whatever the reason, we can all agree that the Canadian work environment has definitely been jostled.  That sounds great to me – and great for all workers in the future! 

Honestly, we can’t look at this as a bad thing.  The new work landscape could be absolutely fabulous for all of us.  Finally, good employees have a “little” more power.  We can’t be micro-managed anymore, and really why should we?

Graduates can expect to get good jobs and opportunities to build their futures.  As our baby boomers retire, more room will be made for the up-and-coming talent of our youth.  And for those that want to work part-time, why not?  You now can be well paid for it and valued in this workforce.  Why wouldn’t you consider retiring a little earlier and working part-time for $20-25/hour in the retail or hospitality sector.  Employers can get a mature, trustworthy and dependable employee, while the retired professional gets a less stressful, more flexible employment situation where they’re valued, they get out in the community helping others, and now, are well paid for it. 

Good Luck & Best Wishes,

ATML – Christine Ibbotson

Written by Christine Ibbotson, Author of 3 finance books and the Canadian Best-Selling Book  “How to Retire Debt Free & Wealthy”  www.askthemoneylady.ca or send a question to info@askthemoneylady.ca

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