RBC, Canada’s largest bank, unveiled this week that it will spend more than $200 million to increase salaries and expand benefits for its employees in a bid to retain talent in a tight labour market. According to Bloomberg News, RBC chief executive officer David McKay said in a memo to employees that the company is “committed to be a leading employer of choice – one that supports your unique life and career goals, in addition to being an inclusive culture and a great place to work.” On this episode of Editor’s Edition, Yahoo Finance Canada’s Alicja Siekierska and the Public Policy Forum’s Sean Speer discuss what RBC’s decision says about the state of the Canadian labour market. As Speer explains, it’s yet another signal that the labour market has shifted from a consistent surplus of labour, where the power was in the hands of employers, to a shortage of labour where the scales have tipped in favour of the employees. “Workers ought to have greater power in a labour market where supply is not meeting demand,” Speer says. “That is starting to translate into practice.” If you have any policy-related questions, or feedback about the show, please email email@example.com.
In recent weeks, the Bank of Canada has found itself the target of scrutiny and debate in the wake of soaring inflation. The Bank of Canada’s mandate aims to keep inflation “low, stable and predictable” and at a rate of between one and three per cent, but consumer prices increased 6.7 per cent year-over-year in March. Pierre Poilievre, the frontrunner in the Conservative Party leadership race, has been among the most vocal critics of the central bank and said this week that he would replace Bank of Canada Governor Tiff Macklem if elected. On this episode of Editor's Edition, Yahoo Finance Canada's Alicja Siekierska and the Public Policy Forum's Sean Speer discuss the criticism being aimed at the Bank of Canada. Speer argues that the debate around the Bank’s decisions – as well as of other institutions – is justified in the post-pandemic recovery. “It screwed up,” he said. “It only reinforces the case that we need, as a society and as a country, to create the space for more robust debate and discussion about our independent institutions.” If you have any policy-related questions, or feedback about the show, please email firstname.lastname@example.org.
The airline industry was among the hardest hit by the COVID-19 pandemic. In recent weeks the situation dramatically improved, as demand for travel soared amid the post-pandemic recovery. But a new challenge for airlines has emerged in recent days. A shortage of workers, combined with ongoing COVID-19 measures, have created chaos at some of Canada’s busiest airports, with customers waiting hours to get through customs and security. On this episode of Editor’s Edition, Yahoo Finance Canada’s Alicja Siekierska and the Public Policy Forum’s Sean Speer discuss what the situation at many Canadian airports shows about the post-pandemic recovery, and what the government should be doing about the long lineups. They also dig into what policymakers should be doing for businesses still struggling amid a slow return to the office, and how companies are addressing the tight labour market. They’ll also take a look at why Canadians are growing increasingly concerned about possible recession, and what that means for the Bank of Canada. If you have any policy-related questions, or feedback about the show, please email email@example.com.