A business group claims that Canada is desperately trying to find ways to fill some 430,000 jobs amid problems in immigration cuts.
The Canadian Federation of Independent Business (CFIB) reports that the job vacancy rate has increased from 2.9 percent last year to an alarming 3.3 percent this year.
According to their records, the labor shortage in Canada mostly affects jobs in small and medium-sized firms, with over 430,000 jobs still remaining unfilled for at least 4 months. But aside from the fact that this could mean there are many jobs available for the taking, not getting these jobs filled could lead to a financial crisis.
“This is above the records set before the 2008 financial crisis, and businesses are really feeling the pressure,” CFIB chief economist Ted Mallett announced.
This is the reason why CFIB believes the country is going to ‘desperately’ try to fill these job vacancies fast.
Right now, these job vacancies are particularly high at oil and gas sectors as well as in construction, services, and agricultural sectors. Though the labor shortage currently affects mostly small and medium-sized firms, it does put a pressure on the government to find ways to fill out the jobs fast. This has also put a pressure on wages, with possibilities that the wages could go up to entice more people to choose Canada.
But there’s this problem of immigration cuts hounding the country.
For instance, Quebec Premier Francois Legault has pledged to cut immigration. This is becoming a huge problem, considering that the province is among those hit hardest by the lack of skilled workers. Prime Minister Justin Trudeau is against Legault’s idea.
“What I hear across Quebec is entrepreneurs, businesses concerned about the labor shortage, so I’m not sure it’s the best time to cut immigration,” Trudeau said.