FILE – A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. Companies that have laid off workers are telling the Bank of Canada they plan to refill some positions over the next year, but many hiring plans remain muted over COVID-19-related uncertainty. THE CANADIAN PRESS/Adrian Wyld

FILE – A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. Companies that have laid off workers are telling the Bank of Canada they plan to refill some positions over the next year, but many hiring plans remain muted over COVID-19-related uncertainty. THE CANADIAN PRESS/Adrian Wyld

Companies have modest hiring plans, low wage growth expectations, Bank of Canada says

The survey also finds that wage growth is widely expected to slow over the next year

The Bank of Canada says companies are hedging hiring plans and wage growth expectations in the coming months over heightened uncertainty from the COVID-19 pandemic.

The central bank’s business outlook survey finds hiring intentions remain below their historical averages, suggesting modest hiring plans even as the overall outlook on employment edges up.

Almost one-third of businesses told the bank they expect their workforce numbers to remain below pre-pandemic levels for at least the next 12 months, or to never fully recover.

The survey also finds that wage growth is widely expected to slow over the next year, mostly a result of the pandemic and ongoing uncertainty, with some firms reporting a wage freeze.

The bank also says that nearly half of firms surveyed used the federal wage subsidy program to avoid layoffs or quickly refill positions.

About 100 firms took part in the bank’s regular survey out this morning, but did so between late August and mid-September when COVID-19 case counts were still low.

READ MORE: B.C.’s post-pandemic economy to recover in 2022, economists say

The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Anita Huberman, CEO Surrey Board of Trade. (File photo: Tom Zytaruk)
Surrey Board of Trade calls for ‘immediate’ government help for businesses shut down

‘Don’t punish all businesses for the sins of a few,’ CEO Anita Huberman says

The 3D Digital Breast Tomosynthesis Mammography machine, new to the Surrey Breast Health Clinic at the Jim Pattison Outpatient Care and Surgery Centre. (submitted photo)
New 3D breast-cancer technology in Surrey ‘has already helped so many women’

Digital breast tomosynthesis new to Surrey Breast Health Clinic

Helen Watson, posing for a photo for her 100th birthday, turned 105 on Saturday (Nov. 21). (File photo)
South Surrey Spanish Flu survivor marks 105 years

Helen Watson has packed a lot into life – including being in two pandemics

A recent seizure that included drugs, cash and a firearm from two serparate incidents on Friday, Nov. 20, 2020. (Photo: Surrey RCMP handout)
Surrey RCMP seize drugs, cash and gun over the weekend

Police say items were seized during two different incidents

(Photo: Amy Reid)
VIDEO: 2020 Community Leader Awards recognize Surrey’s unsung heroes

They don’t often receive recognition and don’t necessarily have a high profile in the community

Police lights
Vancouver elementary school locked down after unknown man walks into classroom

Police arrested the man and sent him for a psych evaluation

(Pixabay)
All dance studios, other indoor group fitness facilities must close amid updated COVID-19 rules

Prior announcement had said everything except spin, HIIT and hot yoga could remain open

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. Liberal interim leader Shirley Bond speaks to reporters from Prince George via Zoom conference, Nov. 24, 2020. MLAs are being sworn in for the legislature session this week, many of them also by video. (B.C. legislature)
B.C. Liberal leadership contest will wait for election post-mortem

Interim leader set to face NDP on payments for COVID-19

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Tabor Home in Abbotsford. (Ben Lypka/Abbotsford News)
Tabor Home in Abbotsford records 8 deaths and 124 COVID-19 cases

63 per cent of residents at long-term-care facility have tested positive

Product Care offers more than <a href="http://link.mediaoutreach.meltwater.com/ls/click?upn=pDYyTceU0YgTDdsd92GohdQJsmSiPFEkcB4MdMM0Qkoqb1aJA-2By5aWklKJXV6QRdyTteNjr2FccUOVLUe4t5Zw-3D-3D1ds-_KVyBcpjXADXifSWVpM8nQcAzSm9-2B6fEFnjVrTsOcu31irDHDxi5k0QTOIWCqMXUxaNbrf0yRzXSSpROCkfx3NkUtbr65Dkcw1J0by-2F-2BDdDiJGbcfhtjHWYSs66NwakeCCLYkj20e9ICIZsLcedqNZKBhsN0sGgBsInpdzsddYikUZkmQvFdxLJhakpgAA6aAJ5ScUoWR6vO9sM819vRB-2F6x7dsdfIaWa4ZgHxR4G7hauxgSJCsNI2bP5J62EFfM0aiDqRPwUPUjt7i5-2FMqpdJxrEBewnLky-2B3lE0JAmi5UsJBkJejuLOjsndZz4b7dNgbvt6KyewKuF0sxU2rpYgkAO9YAKc9STuFJd28Qn7jE0-2FqlB8HKOvpW150NHS-2BOMBcK5rkZ8YAuPqJy11k-2BgndiKB-2FWl2icAfbWtRGJPb8fM-3D" target="_blank">150 free drop-off locations</a> in B.C. (Pixabay.com)
Recycling broken or burnt string lights can reduce holiday landfill waste

In 2019, Product Care Recycling diverted more than 11.6 million light bulbs from landfills

Most Read