Top 3 insights from Canada’s small businesses in July 2024

Survey responses show small businesses want to grow but hiring is a challenge

Every three months, Intuit QuickBooks commissions surveys of more than 5,000 small businesses around the world with up to 100 employees. Here are the top three insights from more than 600 Canadian small businesses surveyed in July 2024:

1. More small businesses want to hire

• 46% of small businesses want to hire over the next three months—up from 30% who said the same in October 2023. This reflects recent jobs data from the Intuit QuickBooks Small Business Index, which shows small businesses employment has been trending up in Canada since last fall.
• This could be driven by the fact that 42% reported higher revenue in the three months to July 2024—the largest number reporting revenue growth since this question was first asked in 2023. Just 20% reported falling revenue.

2. More small businesses report hiring challenges

• 23% say hiring is harder than it was 3 months ago and 22% say employee retention is harder than it was 3 months ago.
• In both cases, this is the largest number of respondents who have reported these challenges since early 2023.

3. More small businesses are considering pay and benefits increases—possibly in response to hiring and retention challenges:

• 47% are considering pay increases, up from a low of 35% in October 2023.
• 30% are considering expanding employee benefits, up from a low of 18% in October 2023.

Key takeaway

The most effective benefit to attract and retain good employees at small businesses, according to ‌survey respondents, is to offer a good retirement savings plan.