Toronto, ON, Jan. 10, 2023 (GLOBE NEWSWIRE) — According to a new global survey, 72.3% business owners cite rising costs as top concern for 2023
The Peninsula Group surveyed 79,000 businesses in four countries – Australia, Canada, Ireland and the United Kingdom – to see what the top priorities and concerns are for employers in 2023.
Growth is the main business goal for 58.6% employers in all four countries, but we can see the impact of the recession in the UK and Ireland s 38.4% and 34.7%, respectively, citing survival as their main goal for the new year.
Rising costs are the main concern for businesses in Canada (73%), Ireland (87.8%) and the United Kingdom (79.9%), while in Australia it is only in third place. Labor shortages are the biggest concern for 66.2% of Australian businesses, with employee retention the second biggest concern.
The cost of living crisis and staff shortages are having a significant impact, with 66% employers in four countries that offer financial compensation for retention.
Those who are unable to offer financial incentives offer flexible working hours (50.9%) and mental health support (30.7%) in order to prevent the departure of employees.
54.6% employers have increased wages for employees to compensate for ongoing skills shortages. Research has shown that 49% of employers cites employment as their biggest challenge when it comes to hiring, and requests for salary increases come in second place 39.1 percent.
We also see a trend arising from the global pandemic, with 37% employers who fully returned all work models before the pandemic.
However, the temporary measures that were introduced during the pandemic changed the form of work for many, s 28.9% employers who put health and well-being first and 27.7% making some form of flexible working a permanent feature.
Tony Rosati, CEO of Peninsula Canada, says: “It’s truly astounding that we’re entering 2023 with a third of businesses saying their main goal is just to get through the year. These statistics clearly show the drastic impact of recent world events; the global pandemic, inflation, the war in Ukraine, and now the recession coming in such quick succession have destroyed many businesses, especially small and medium-sized businesses, and business owners are now under pressure like never before.”
“There is no doubt that this will be a difficult year for many businesses, but there is also room for opportunity. Employers understand how critical it is to retain talent and invest in employee development and training. This is in addition to offering flexible working hours and a competitive salary,” he says.
“We’ve been hearing for months how tough the labor market is and, with skills shortages affecting many sectors, as well as the cost and time involved in recruitment, it’s no surprise that so many businesses are concerned about the impact this will have on their business.”
Notes to the editor
Full survey data is available for download at https://peninsulacanada.com/blog/employer-advice/biggest-concerns-for-businesses-2023/
Interviews are available, please contact:
Sally Abu Samra
T: 647 363 7978
CONTACT: Sally Abu-Samra Peninsula Canada (647) 363-7978 [email protected]