38 BILLION, THE COST OF LABOUR SHORTAGES FOR SMEs IN 2022

By Anne Bourgoin

A report by the Canadian Federation of Independent Business (CFIB) highlights the major financial impact of labour shortages on Canadian SMEs. According to CFIB’s estimate, they have lost more than $38 billion in revenue opportunities in 2022.

Laure-Anne Bomal, an economist at the Federation, stressed to La Presse that these were opportunities, not losses. Due to a labour shortage, some employers have been forced to work longer shifts, reduce opening hours and refuse contracts or services.

Construction, retail and social services are the sectors that have seen the greatest loss of opportunities, and Québec seems to have suffered the greatest loss of earnings compared to other provinces (32% of Québec SMEs report such a loss). According to the report, one in three Québec SMEs turned down contracts.

The report, which can be consulted here, also provides solutions: work-integrated learning in high schools, labour mobility between provinces, and a review of existing tax policy.