As wage expectations continue to rise, businesses may struggle to recruit employees, especially in our competitive labour market. As of the second quarter of 2021, the average offered hourly wage in the Vancouver Island and Coast region was $23.95, up from $19.70 in the second quarter of 2019.
Attracting and retaining underrepresented workers is one potential strategy for addressing labour and skill shortages. In fact, studies show that increasing overall workplace diversity improves financial performance and result in better business outcomes.
By all indications, labour shortages are here to stay for the foreseeable future. With that reality in mind, retention is going to be a key factor to sustaining necessary workforce stability.
