Finding And Keeping Workers Archives - Page 2 of 2

Tech sector’s economic impact continues to grow: report

July 3, 2024/in Business And Economic Strength, Fair Rules, Finding And Keeping Workers/by Jim Zeeben

Greater Victoria’s diversified economy plays an important role in helping our region sustain downturns in the global economy. A great example is the tech industry, which thrived during the pandemic and now creates an economic impact of $7.9 billion.

The latest figures were announced last week in a report commissioned by the Victoria Innovation, Advanced Technology and Entrepreneurship Council (VIATEC).

The sector has grown by 51% since 2017 and now supports more than 20,000 employees.

The report found that lifestyle was the top advantage for being located in Greater Victoria, followed by our climate and short commute times. The biggest challenges facing tech businesses are a lack of affordable housing for staff, our region’s high cost of living in general and our limited talent pool.

VIATEC started as The Chamber’s Advanced Technology subcommittee before becoming its own organization in 1989.

Real estate market continues showing signs of calm

July 3, 2024/in Business And Economic Strength, Finding And Keeping Workers, Housing, Inflation And Rising Costs/by Jim Zeeben

The region’s real estate market appears to have taken a deep breath in June, as overall sales were down 13.4% from May. The numbers reflect seasonal expectations.

“I think this is good news, as the more stable the market is, the more it supports both buyers and sellers,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “If we continue to see seasonal norms in our market, the upcoming summer months will be slower and quieter than spring was, as consumer priorities shift to vacations and outdoor pursuits. If the pattern continues, we’ll likely see an increase in activity as fall nears.”

There were 3,460 active listings at the end of June, up 3.7 % from May.

June’s benchmark value in the Victoria Core was $1,295,500 for a single family home and $567,900 for a condo.

Saanich approves 24-storey tower at Uptown

June 12, 2024/in Business And Economic Strength, Finding And Keeping Workers, Housing, Streamlined Regional Regulations, Transportation Options/by Jim Zeeben

A new tower that will create a notable landmark for people entering Greater Victoria’s core has been approved by District of Saanich council.

The 24-storey apartment building will house 318 rental units on the corner of Carey Road and Ravine Way. A residential building on the site was part of the original proposal for Uptown. The new building will also include commercial space and cycling amenities.

Saanch has a long-range vision for transforming the neighbourhood into a central hub that will become the heart of the municipality.

Measuring gender pay rates helping close the gap

June 12, 2024/in Fair Rules, Finding And Keeping Workers/by Jim Zeeben

Pay equity is one of the keys to unlocking productivity in our workforce, and vital for helping employers find and keep workers.

In 2023, British Columbia introduced the Pay Transparency Act to formalize a system for employers to ensure employee compensation was not being influenced by gender.

Women in BC earn 17% less than men, based on median hourly wages. The disparity is higher for Indigenous, racialized and newcomer women.

The province recently launched an online reporting tool for BC employers to prepare pay transparency reports, which are a legal requirement. By Nov. 1, all B.C. employers with 1,000 or more employees are required to prepare and post reports about their gender-pay gaps.

The requirement has been introduced in stages to give employers time to prepare.

Nov. 1, 2023: BC Public Service and the six largest Crown corporations (ICBC, BC Hydro, WorkSafeBC, BC Housing, BC Lottery Corporation and BC Transit)
Nov. 1, 2024: all employers with 1,000 employees or more
Nov. 1, 2025: all employers with 300 employees or more
Nov. 1, 2026: all employers with 50 employees or more

All employers in BC are required to include salary or wage information on all publicly posted jobs.

Drawing on data from Statistics Canada and pay transparency reports posted by employers last year, the province’s first annual report provides an overview of the gender pay gap in BC by sector, employment type and intersectional identities.

Building Permit Hub going live in Saanich, Victoria

May 29, 2024/in Finding And Keeping Workers, Housing/by Jim Zeeben

More homes.

That’s the simple answer to so many of the complex challenges affecting our economy — from attracting and keeping workers to providing shelter for people camping on city streets.

The Chamber consistently advocates for policy changes and investment that will boost our housing supply. And we applaud the latest announcement this week that sees a pilot Building Permit Hub begin operations in select regions of the province, including in the City of Victoria and the District of Saanich. The online tool is expected to be available at the local level this summer.

The goal is to streamline and standardize local permitting processes that can be complicated and delay home construction.

“This new one-stop shop for local building permits will reduce red tape for homebuilders, local governments and First Nations, and ultimately save money, speed up construction and help people get into homes faster,” BC Premier David Eby said in a news release.

The new hubs:

standardize building-permit submission requirements across BC jurisdictions
automatically check that the permit application is complete; and
automatically check compliance with key parts of the BC Building Code.

The Building Permit Hub is scheduled to scale up over the next year to include more types of housing, and eventually serve more municipalities and First Nations in BC.

Labour rate drops in April as more people working

May 15, 2024/in Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

April’s unemployment rate dipped to 4.5% in Greater Victoria, according to Statistics Canada’s latest figures.

That’s down from 4.8% in March. The region’s labour force grew to 244,000 in April compared to 242,000 in March.

Nationally, the unemployment rate was 6.1% in April, unchanged from March after dropping consecutively for six months previously. Provincially, the rate was 5% in April, with 23,400 jobs added over the month.

Greater Victoria had the lowest unemployment rate in BC in April, and the fifth lowest among all Canadian Census Metropolitan Areas.

BC minimum wage jumps to $17.40/hr on June 1

May 5, 2024/in Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

On Saturday, the province’s minimum wage increases from $16.75 to $17.40 an hour.

BC continues to have the highest minimum wage among Canadian provinces.

“First, we acknowledge that times are challenging — especially for people trying to make a living while earning minimum wage,” Chamber CEO Bruce Williams said, noting that many Chamber members already pay higher than minimum wages.

However, increasing the cost for employers and businesses will result in higher costs for goods and services. Businesses set prices based on their costs, including payroll. Linking minimum wage to the outsized inflation of recent years is out of step with today’s economy and the pressures faced by recovering businesses.

“Increasing minimum wage by almost 4% creates a more challenging environment for businesses in BC, especially compared to Alberta where the minimum wage is now $2.40 less,” Williams said. “It doesn’t take a rocket scientist to see that adding expenses is not the way to attract employers to our province.”

And with fewer employers, there is less competition for employees — driving down their earning potential.

“No one wins when businesses leave because they can’t afford to operate here,” Williams said. “The best thing government can do is reduce the cost for entrepreneurs and the private sector. We want the economy to grow and lift everyone by enabling employers to hire more people and pay them competitive wages.”

‘Living wage’ now $25.40/hr; inflation, housing costs soar

November 8, 2023/in Finding And Keeping Workers/by caorda