Rising Costs Top Business Concern

Rising costs were cited as the top concern for 2023 for businesses across Canada, Ireland, Australia, and the UK, says a survey by Peninsula Group, a human resources and health and safety company. Seventy-three per cent of Canadian businesses say rising costs are the top concern, with the cost-of-living crisis and staffing shortages having a significant impact on 66 per cent of employers who are offering financial remuneration to help retention. Those who are unable to offer financial incentives are offering flexible working hours (50.9 per cent) and mental health support (30.7 per cent) to help prevent employees from leaving. Tony Rosati, chief executive officer at Peninsula Canada, says this “clearly demonstrates the drastic impact that recent world events have had; a global pandemic, inflation, war in Ukraine, and now recession coming in such quick succession has devastated many businesses, especially small- to medium-sized enterprises, with business owners now under pressure like never before.”