40% of Canadian companies doubt the future as inflation rises: survey

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A new survey does not bode well for Canadian businesses at a time of rising inflation.

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Express Employment Professionals’ Harris Poll says 40% of Canadian businesses say they won’t live much longer if inflation continues to rise.

The survey found that about 91% were affected in some way by the rapid rise in inflation, with 56% saying its impact was large to moderate.

These effects include higher prices (44%), absorption of additional costs (37%), reduced transportation costs (17%), adoption of new technology to automate tasks/processes (16%), outsourcing of some work (14%) and business rejection Wholesale (12%).

The survey also found that 84% say inflation will have long-term effects including higher prices for goods/services (46%), higher wages (38%), higher taxes (33%), and higher interest rates (28%). ) and a decrease in sales or revenue (24%).

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“What we’re seeing in the market right now are candidates, including unskilled, who are demanding higher rates of entry,” Brent Bullington, franchisee owner of the Vancouver Express, said in a statement.

Clients had to increase their base salary to combat inflation. But with inflation soaring right now, some of those wage increases haven’t made up for the rising cost of living.”

High inflation has led to increased demand by employees to work from home or as close as possible, says Bradley Jenkins, a franchisor in Cambridge, Ontario.

“With the cost of gas rising and the cost of services such as daycare and preschool increasing, companies that are able to provide the ability to work from home or that have flexible working hours have a significant advantage when it comes to hiring top talent,” Jenkins said in a statement.

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Bullington and Jenkins say high inflation won’t go away soon.

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“As with the COVID-19 pandemic, companies that adapt and innovate will survive and thrive,” Bullington said in a statement.

Bill Stoller, CEO of Express Employment International, added in a statement: “From labor and supply shortages to rising gas prices and high inflation, Canadian business owners are understandably frustrated right now. Without some relief, I fear the impact of current conditions will weigh on the economy for years to come. “.

The survey was conducted online May 3-23 among 504 Canadian employment decision-makers aged 18 or over who are either full-time or self-employed, work for companies with more than one employee and have significant involvement in decisions Recruitment for their companies.

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