Montréal International, an investment promotion agency, is facing significant workforce reductions, affecting nearly 19% of its employees. The agency attributes this decision to funding cuts from both the Quebec and federal governments, compounded by the impact of high inflation on its budget.
According to reports, 16 out of 85 employees were informed of their layoffs recently. Despite these challenges, Montréal International reaffirmed its commitment to continue its missions of attracting international investments and recruiting foreign workers.
Stéphane Paquet, President and CEO of Montréal International, expressed regret over the necessity of these layoffs, citing multiple factors contributing to the decision. These include the loss of a mandate to attract foreign students from Quebec’s immigration ministry and the non-renewal of three grants totaling approximately $250,000 each from the Economic Development Agency of Canada.
The impact of these decisions extends beyond Montréal International, affecting its Quebec City counterpart, Québec International, which also had to lay off three employees.
While Quebec’s immigration ministry assured that the recruitment of foreign students would be managed by other partners, the layoffs underscore the challenges faced by organisations amid shifting priorities and funding constraints.
Despite the setback, Montréal International remains committed to its core mission and aims to adapt its strategies to better serve the evolving needs of Quebec’s labour market.
The news of these layoffs has been met with sadness from industry leaders, who recognise Montréal International’s pivotal role in driving economic growth and development in the region. However, they also acknowledge the need for organisations to adjust their priorities in response to changing circumstances, such as the ongoing housing crisis and evolving market dynamics.
