Shrinking payrolls are among the many economic trends that have emerged from the global recession. In Canada, while many indicators in the past several months have been positive, including confidence, sales and other factors, businesses are not out of the woods quite yet. In fact, hiring still may not be in the cards for a large number of the nation's enterprises. Leaders should be focused on how they might streamline their operations to not only better support their current workforce, but to expand in the future as well.
One way that this can be achieved is by using payroll technology to ensure that employee-related financial operations are running smoothly. Unlike less accurate manual accounting methods, using high-tech options can guarantee that staff members are receiving the correct wages, reducing the chances that companies will lose money to problems like duplicate payments. In addition, implementing this software can prevent unintentional violations of Canadian payroll legislation, which can result in costly legal actions.
March hiring slowed
According to the CBC? News, Statistics Canada has released its latest analysis of the job market, and the data points to a resurgence of difficulties for many companies. The nation's economy lost 54,500 jobs in March, making it the worst month since before the recession began. Despite the numbers, some officials remain optimistic.
"This is a snapshot in time," Finance Minister Jim Flaherty said in a statement. "If you look at job creation since the depth of the global recession July 2009, employment in Canada has increased by nearly 900,000 and is now more than 465,000 above its pre-recession peak."
The Bank of Canada's spring outlook survey found that many Canadian business owners feel that the next 12 months will continue to be economically challenging. In terms of jobs, though the number of companies planning to hire over the next year was very similar to rates in the winter study, results were positive overall. Of the 100 firms polled, 45 percent expect that their payrolls will grow in 2013, compared to 43 percent that believe they will stay the same and 13 percent that plan to make reductions.
For organizations to grow, they must commit to running efficiently. Using advanced payroll software is one of the most critical steps enterprises can take toward improving their operations. By doing so, they may be able to play a more active role in helping the Canadian economy move forward.