The State of Labour in 2023
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Labour has been a challenging issue since the beginning of the pandemic. Employers have struggled to find the talent they need to run their businesses. There have been a number of catalysts that have contributed to this issue.
1) Immigration backlogs have created a massive issue for employers looking to access talent to fill the gaps in their workforce. There has been both an increase in applications and an increase in Canadian immigration targets in recent years. The public service has been unable to deal with the massive influx of new applicants, which has left many applicants and employers with great uncertainty as to when applications will be processed. Backlogs are beginning to clear, but as immigration continues at record-breaking levels, there is a chance our immigration process could continue to be sluggish. Government should review the application process and reduce red tape for newcomers’ applications.
2) Development of in demand skills is another area that could help our labour force. In a recent Atlantic Impressions survey, 54% of respondents noted that a lack of talent with necessary skills was a barrier to employment. To meet the needs of the labour market, both employers and employees should look for ways to increase skills and training. Government also has a role to play in developing the skills of the future and should provide accessible opportunities and incentives for skills development.
3) The size of the public sector has significantly expanded since 2015. The rate of federal employment growth was more than three times greater than the growth in the private sector during that period. The rapid expansion of the public sector has no doubt played a role in the struggles the private sector is experiencing. Focussing on increasing productivity rather than continuing to expand its workforce should be a government priority.
Labour will continue to be a dominant issue for many businesses throughout 2023. Policies surrounding skills, immigration, and efficiencies within government will be critically important to the private sector this year.
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ACC Co-Signs Letter Requesting Consultation from
Government of New Brunswick
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The Government of New Brunswick introduced Bill 27 - An Act to Amend the Employment Standards Act and it may have a large impact on businesses in New Brunswick.
The Atlantic Chamber has co-signed a letter with the Fredericton, Greater Moncton, and Saint John Region Chambers of Commerce to the Government of New Brunswick asking for consultation on Bill 27 that would see an increase to 10 paid sick days. Government is proposing to replace the current requirement that employers provide five unpaid sick days to ten paid sick days annually and the business community is requesting consultation before any such changes are made to ensure they are not significantly impacted by the new legislation.
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Nova Scotia Announces Pre-Budget Consultations
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The Government of Nova Scotia has announced its pre-budget consultation process. Budget consultations are an important part of the policy process and are an opportunity to have your say. The deadline to participate is February 3, 2023.
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Bank of Canada Continues to Increase Interest Rates
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The Bank of Canada has raised interest rates once again by 25 basis points. Inflation continues to burn hot at 6.3% year-over-year in December 2022, well above the Bank of Canada’s target of 2%. The Atlantic Chamber of Commerce warned about excessive deficit spending in 2021 and also about the risk of an economic downturn in the event of continued interest rate hikes in July of 2022. Most economists generally agree we will face some type of economic downturn in 2023, to what extent, nobody knows. The Bank of Canada is aiming for a soft landing, but if we continue to get our monetary and fiscal policy wrong, the road to recovery will remain challenging. The Bank of Canada should aim to stabilize the supply of money while the Government of Canada should chart a short-term course back to balanced budgets.
For more on the Bank of Canada’s interest rate announcement, click here.
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Nova Scotia Minimum Wage Review Committee Releases Report
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The Nova Scotia Minimum Wage Review Committee is recommending the province increase its minimum wage to $15 per hour six months earlier due to the impact caused by inflation. Raising the minimum wage is often considered to be using a blunt instrument to solve complex cost of living issues and removes agency from the individual. The committee recognizes that raising the basic personal amount, creating more affordable housing, or having public childcare would likely all be ways to reduce the cost of living. The policy alternatives the committee has identified are important to consider as they would likely have a more positive societal outcome and less unintended consequences than the recommendation for a minimum wage increase.
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Minimum Wage Increases in Prince Edward Island
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Prince Edward Island has increased the minimum wage to $14.50 per hour as of January 1, 2023. Their next increase will be coming October 1, 2023 and it will be moving to $15.00.
For more information on the schedule of increases, click here.
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Businesses and Consumers Expect a Recession in 2023
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Seventy per cent of Canadian consumers and two-thirds of businesses expect there to be a recession within the next year according to a Bank of Canada survey. This is largely due to the increase in interest rates which have tightened household budgets and decreased sales. In preparing for a recession, elected officials should put the economy in a position to recover. Reducing regulatory burden, providing targeted supports for businesses, and exploring tax reform should all be priorities for Government.
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Your Feedback Shapes Our Advocacy Work
& Better Outcomes for Your Business
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As the voice of business, our network continues to advocate on the issues that are in the best interest of business. Good data and evidence-based intelligence helps our network cultivate more meaningful conversations with government officials.
Be sure to include your views in the evidence-based research we provide governments to substantiate our advocacy claims.
Join Atlantic IMPRESSIONS today.
Don’t miss the opportunity to be heard or see what others like you are saying.
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Events and Notices From Our Partners
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RFP for Bridge Engineering Consultant
Procurement for work associated with design and construction oversight of the new movable transfer bridges and fixed vehicle ramps at the Wood Islands and Caribou Ferry terminals has just been posted on CanadaBuys and is open until February 8th.
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Canada 360° Economic Summit 2023-
Seizing Opportunities in Disruptive Times
February 8, 2023.
9:30AM-3:30PM (ET)
For the third year in a row we are gathering Canada's top business executives to provide insight into the issues that are affecting Canadians the most.
Beyond the impacts of the past three years, Canada's economic landscape is facing a complex new set of challenges. From soaring inflation and shifting demographic trends, to an uncertain global geopolitical landscape and an accelerating number of extreme climate events, Canadians are living through disruptive times.
Our Canada 360° Economic Summit will look at how Canadian business leaders can better understand the challenges ahead and seize the opportunity to chart a clear path forward for all Canadians.
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The Responsible Seafood Summit
The Responsible Seafood Summit has been held in 18 cities on four continents (Asia, Europe, North America and South America) since its inaugural event in 2001.
This international event will bring 500+ seafood industry leaders from around the world to Saint John, New Brunswick - only the second time this conference has been held in Canada.
Open to all in seafood - aquaculture and fisheries! Farming, fishing, R&D, processing, science/tech/academic, conservation, sustainability and more!
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Programs and Support for Business
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The ACC has a few programs currently running to help business export and to enhance the adoption of smart technology within SME manufacturing. Also, the government of Canada is offering grants for digital adoption investments. Be sure to check out these programs below.
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Export Development in Asia and Europe
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If one of your members is an experienced exporter and hasn’t considered trans-Atlantic sales, direct them to look at the AMDP and EMDP webpages or contact Glenn Davis (902-292-0121) our Program Manager for more details.
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Forge Ahead Spotlight on Blue Light Analytics
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Do you have businesses that are considering modernizing and adopting smart technology?
We have bilingual guides available for chambers to share with their businesses with helpful information about getting started on the journey to modernization and assistance that is available.
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Do you know a student interested in advanced manufacturing or using smart technology?
We have resources for them!
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New Business Opportunities: Chamber Programs & Services
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Atlantic Notice Board – Procurement Opportunities
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Business Resources & Links in Atlantic Canada
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ACC maintains a list of business information and resources that is available for members and business in the region.
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ACC maintains a pan-Atlantic events calendar for members and for business in the region. Listings are free to post. Chambers, members and businesses contribute, so the calendar is an excellent means of discovering networking opportunities across the region. Bookmark the events calendar here
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Not a member, join this prestigious community of influence
by becoming a Corporate Partner today.
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About ACCion News
ACCion News is the policy and membership newsletter of the Atlantic Chamber of Commerce. Content submissions are always welcome.
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