Canadian business leaders remain optimistic about their prospects for 2014 despite falling short of year-over-year business and hiring activity forecasts, says the ‘2014 Salary Guide’ by Hays Canada. There was a 10 point difference between forecasted and real decreases in business activity last year. Seven per cent expected a dip in activity and yet 17 per cent actually experienced one. This translated into fewer people being hired for permanent positions. Twelve per cent of businesses expected to decrease permanent headcount in 2013, when in fact 23 per cent did. The survey indicates that business leaders continue to be bullish about growth. The percentage of business leaders forecasting increased business activity is the highest it has been in three years and 64 per cent predict business activity will increase in 2014. Succession planning should also play a role. Knowledge transfer will become a key issue for many companies that will lose the baby boomer generation to retirement in the coming years. While 57 per cent of companies have or are implementing a succession plan, that number is too low. Unsuccessfully transferring knowledge from one demographic to the next will only serve to exacerbate shortages in all industries.
245 Fairview Mall Drive, Suite 501, Toronto, ON M2J 4T1