A report by the Business Development Bank of Canada (BDC), released during Small Business Week, indicates that the number of entrepreneurs having difficulties hiring and/or retaining employees has significantly increased since 2018: over 60% of entrepreneurs are having difficulties hiring compared to just over 40% five years ago.
Isabelle Hudon
The report, entitled The Challenge of a Decade: How to Navigate Canada’s Labour shortages, is based on feedback from entrepreneurs that have successfully navigated the labour crunch, and geared towards helping other small businesses make more informed decisions.
“There is nothing like an entrepreneur to understand and inspire another entrepreneur. Small Business Week is all about facilitating the kinds of connections entrepreneurs seek throughout their business journey: it’s a moment for business owners to meet with their peers, take a step back and have a fresh look at what’s ahead,” said Isabelle Hudon, president, and CEO of BDC. “I have personally spoken to hundreds of them, and they often share the same struggles. Economic uncertainty, labour scarcity and skills are near the top of the list of their challenges. Together, we hope to tackle the problem head on.”
Low unemployment, an ageing population on the brink of retirement and rising costs are just a few of the factors complicating today’s business environment. On the upside, entrepreneurs can adjust their ways and develop key skills to succeed, said BDC.
In Entrepreneurship in motion: Skills to succeed in a changing world, BDC presents critical skills entrepreneurs can acquire at different stages of their growth. SBW participants will have the opportunity to learn more about these skills and how to succeed in the current business environment through workshops and networking events across the country.
“Small businesses are a crucial contributor to Canada’s economy. They are responsible for 88% of private sector jobs and generate over 50% of the country’s GDP. As a development bank, BDC’s role is to support entrepreneurs in their growth, spurring competitiveness, and the rise of Canadian champions. BDC supports 100,000 entrepreneurs and, by extension, is developing the economy for the benefit of all Canadians,” said BDC.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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