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The 2021 Canadian Small Business Resilience Report.
As we look back on the events of 2020 and the ongoing social and economic impacts, narratives will be dominated by the word “pandemic.” However, as our research has uncovered, conversations about the past 12 months should also include the concept of “resilience.”
Get the webinar recording and a full copy of the 2021 Canadian Small Business Report.
Inside these pages, you’ll find how Canadian small businesses:
- Managed their workforce.
- Pivoted their businesses models.
- Harnessed new technologies.
- Leveraged wage subsidies.
- Demonstrated unmatched resilience.
Business resilience defined.
There are countless quotes and parables on change. We get it, change is a fact of life. Rapid, global and previously un-navigated change is transformative. The Harvard Business Review defines resilience as, “A company’s capacity to absorb stress, recover critical functionality, and thrive in altered circumstances.”
What the numbers and businesses say:
- According to our internal data, based on the 14,000 businesses we serve, the highest number of terminations took place in March 2020. In fact, we processed 70X the normal volume of records of employment at that time.
- There was a burst of optimism in June 2020, when rehiring peaked, but just as summer faded, so did trends in re-hiring and hiring.
- Despite these challenging numbers, the results of our survey indicated that many small businesses, especially those with less than 10 employees, were able to retain their workforce through these past 12 months.
We’ve discovered trends from the hiring, termination and re-hiring activity of more than 14,000 Wagepoint customers and engaged directly with 300 independent small business owners and we’ve heard loud and clear how resilient they are.
— Shrad Rao, CEO & Unicorn Trainer, Wagepoint
© Wagepoint Inc. 2021 all rights reserved. The images, text, trademarks and other elements of this report are the intellectual property of Wagepoint.