The Recession in Canada Is Here: How To Survive And Thrive
Are we in a Recession?
Several telltale signs of recession are here: rising inflation, fewer job vacancies, and mass layoffs. This has many wondering what businesses will be doing to cut costs and just how safe their jobs are.
Many business leaders have disclosed in surveys that they plan to implement cost-cutting measures, while smaller proportions have reported that this will include some form of hiring freeze. A study of business leaders in Canada found that the majority plan to reduce costs by 5% or more on an annual basis going forward.
What makes this recession different from previous ones?
Despite the mass layoffs in the news and the repeated warnings of recession, there may be some good news on the horizon for workers. Unlike previous recessions, Canada seems to be currently facing a labour shortage, which is making this potential recession different. A new study by Glassdoor and Indeed found that workers may continue to have the upper hand, at least in the long term, due primarily to aging populations and reduced immigration. The study covered several countries with demographic similarities: the United States, Canada, France, the United Kingdom, Germany, Australia, Japan, and China. The median baby boomer turns 65 this year, meaning that businesses will be faced with waves of retirements and may struggle to keep up with staffing shortages, as even the rate at which retirees are re-entering the workforce has slowed. The Glassdoor-Indeed study concluded with several recommendations to employers to retain employees: offering remote and hybrid work options and competitive compensation and benefits, as well as maintaining a healthy workplace culture and prioritizing inclusivity can go a long way.
What should you do if you are impacted by the recession in Canada?
If you are an employee who is experiencing recession-motivated changes at work and are concerned about the future of your position in the current recession in Canada, we recommend that you seek legal counsel to better understand your employment rights and your right to a fair severance package. We at Whitten & Lublin are happy to provide insight and advice into your specific circumstances. If you are looking for employment lawyers and would like more information about what Whitten & Lublin can do for you, please contact us online or by phone at (416) 640 2667 today.
Author – Carson Healey