Call it the inflation feedback loop. Rapidly rising prices for consumer goods invariably put pressure on employers to hike wages, which adds to the inflation cycle.
“Wage pressures are building – they accelerated to 5.2 per cent year over year in June, up notably from 3.9 per cent a month earlier,” the chamber said. Bank of Canada Governor Tiff Macklem, hoping to tame inflation with rising bank rates, and fearful of accelerating inflation, recently urged employers to refrain from hiking wages, to the great ire of unionized labour.
“We did a recent one,” Scott said. “The results were 24 per cent of the candidates consider, now, flexibility and remote working opportunities to be the most important benefit that they can get from their new employer.”
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