The COVID-19 pandemic has exacerbated labor shortages due to the closure of certain sectors and reduced international travel. Companies also had to adapt to new health and safety standards, which led to additional costs and reduced production capacity.
Labor shortages have significant economic repercussions as businesses struggle to recruit the skilled employees they need to continue operating and growing. This can lead to production delays, additional costs and reduced productivity.
To mitigate it, companies can increase wages and benefits to attract qualified employees, adjust experience and qualification requirements for vacant positions, and use training to develop the skills of current employees. There are also recruitment initiatives for skilled foreign workers to fill labor gaps in certain sectors.
It is important to note that government policies have an important role to play in helping to solve the labor shortage, by facilitating the processes of recruiting skilled foreign workers and investing in training and education to develop the skills of Canadian workers.
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