Firms still struggling to find workers, willing to pay more: Bank of Canada survey

Global News Morning talks to Labour Economist Tony Bonen about why some B.C. businesses are struggling to find workers. The pandemic is only part of the problem.

New data from the Bank of Canada shows workers are more willing to leave their jobs in search of new work, and businesses working harder to attract talent.

Workers tell the central bank that they’re more likely to quit their jobs for another position in the search for better hours and pay, or a change in industry.

Meanwhile, businesses say they’re having a harder time finding workers, particularly in high-contact service industries, and are more willing to offer higher wages.

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Firms that took part in the central bank’s quarterly business outlook survey say they’re going to pass on the higher payroll costs to customers.

Companies also say they’re going to pass on higher shipping costs from supply-chain disruptions that they don’t see abating until the second half of 2022.

Combined, almost half of businesses surveyed expect the pace of price increases to stay above three per cent over the next two years.

© 2021 The Canadian Press

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