Rising Costs Top Concern for 76% Canadian Businesses: Peninsula Survey

The results of the Peninsula Annual Global Business Survey for 2024 are here.

Since 2022, the Peninsula Group has conducted an annual survey of 79,000 businesses across Australia, Canada, Ireland, New Zealand, and the UK, to understand business sentiment and identify emerging trends.

Our survey questions are related to three key areas: Business goals and concerns, staffing, and ways of working.

A wide variety of businesses, both in size and industry, share details of their current employment practices and offer their perspective on the challenges currently facing employers. This report explores the Canadian results and how they compare globally.

Peninsula Annual Global Survey Results

Top concerns

76% of businesses have identified rising costs as a top concern, highlighting the growing pressure to manage expenses in an increasingly uncertain economic climate.

35% of businesses are concerned with legislative changes, suggesting that evolving regulations could have a significant impact on their day-to-day operations and long-term planning.

Primary goals for 2025

For 53% of businesses, growth is the top priority for 2025, indicating that expanding their reach or capabilities is a key focus as they plan for the future.

Staffing challenges

45% of businesses say increased payroll costs is their biggest challenge in staffing, a concern that’s likely influencing their hiring and compensation strategies as they work to maintain a competitive workforce.

Addressing labour shortages

65% of businesses have implemented pay increases to help address labour shortages, reflecting the competitive nature of the job market and the need to attract and retain skilled employees.

Work models

Back in office

62% of businesses have all their employees working full-time in the office, suggesting that many organizations are either sticking to traditional work models or believe that in-person collaboration is essential to their operations.

Flexible working

56% of businesses have introduced flexible working hours to help with employee retention, recognizing that offering this level of flexibility is critical to keeping talent engaged and satisfied in today’s work environment.

Hybrid work

Only 7% of businesses have made hybrid work a permanent policy, indicating that while the flexibility of hybrid models is still a consideration, it hasn’t yet become the standard for most organizations.

For more insights, read the full Canadian Employer Confidence Index 2025 here.

Have an employee issue on your mind?

Whether it is expert advice on an HR matter or support developing and implementing policies compliant with your province’s employment standards – Peninsula can help. Our HR experts are available 24/7 to help you navigate the complex world of employment law and stay compliant. To learn more about how our services can protect your business, call an expert today at (1) 833-247-3652.