The performance of each province varied depending on how they were ranked. The high job vacancy rates in British Columbia and Quebec can be attributed to a lack of available workforce. Still, Nova Scotia’s low ranking may have been caused by its strong economy -there aren’t many jobs out there for people looking.
Labour shortages are expected to get worse. A recent RBC report suggests that workers will continue leaving their positions in 2020. The dissatisfaction amidst the period of economic uncertainty drives them away from working hours. It possibly leads some job seekers into retirement without finding another career path or fulfilling opportunities first.
A lack of qualified applicants also caused by pandemic layoffs has left many service sectors understaffed, which is why recruitment efforts may be required for businesses hoping not only to find new employees but fill open slots too.
The best way to avoid a recession is by preventing high job vacancy rates. This new report from the economist Carrie Freestone says that when there are many vacancies, it can drag down economic growth. Businesses may have even fewer employees than they need for their workloads – which means those who do have jobs might see wage increases as well because companies don’t want so many candidates bidding on positions at once (and thus have higher costs). Employees also get more substantial bargaining power in tight labour markets; this pushes up wages leading towards higher consumer prices overall.
The job market is tough for low-paying positions, which may be because wages are still 57 percent below other service sector jobs. The recent increase in food services vacancies could also be attributed to workers leaving permanently after experiencing an increased workload or difficulty recruiting new employees because they’re more scarce than before.
