While the stress of losing a job is itself a dismal, layoffs during a crisis is devastating. The recent surge in the unemployment rates induced by the COVID19 pandemic is totally unprecedented. With the stay-at-home orders and quarantine restrictions coming into place in Canada, most of the businesses except essential services had to close their doors under coercion. As victims of this unprecedented crisis are invariably the small/local businesses, the negative impacts of the crisis have left the industry temporarily paralyzed.
The inhibition of revenue and severe cash crunch has led several small business owners to downsize their workforce. To get a detailed account of the layoffs made by the small business sectors in Canada, VOLB has obtained statistical data on unemployment influenced by the COVID19 pandemic.
The statistical report on the layoffs during COVID19 crisis in the small business sectors in Canada:
SatCan, aka Statistics Canada, has released a statistical report on the impact of COVID19 on small businesses in Canada. The data shows that almost 41% of the local/small businesses have made layoffs pertaining to the current economic crisis. And out of which, 45% of them have laid-off more than 80% of their usual workforce. The numbers are drastic, and it indicates the intensity of the struggles they face in coping with the current economic recession.
The whole data reveals that Small businesses with a workforce of fewer than 100 employees have at least fired one of their employees. In addition to it, 18% of the companies having more than 500 employees have also laid off at least one employee.
Employees are the building blocks of any business for that reason. The layoffs have been an exertion of the cascading impact on the lives of the employees. Loss of jobs would result in the loss of livelihoods that destroys the hopes for survival amidst the pandemic. These are the times that are pretty hard for everyone to cope up.
In the middle of fighting the virulence, economic distress is profound and has made lives miserable for a lot of people. As the Canadian government has been trying to lend a helping hand in the form of financial aid to the local business sector, it forecasts the opportunity for revving up the halted business. That could eventually revive the jobs lost during the pandemic. If not this pandemic, every local business owner and employees undergo a myriad of calamities, but they have the determination to bounce back.