Yet another report is affirming the talent crunch among Canadian companies, with more than half of respondents saying that the worker shortage is hurting their bottom line.

Seventy per cent of top executives and human resource leaders surveyed in a report by Bedford Consulting Group said they are experiencing a shortage of talent, while 54 per cent said it is affecting their companies' financial success.

As well, 62 per cent of respondents said they are expecting the situation to get worse, in part because of the impending retirement of the baby boom generation, with one in 10 senior managers expected to retire in just the next five years.

"For many of those surveyed, this report highlights that without a plan to secure future talent there is a very real danger of constricting business growth," said Bedford managing director Steven Pezim in a statement.

The report also showed that Canadian companies are ill-equipped to attract and retain top talent, with only 24 per cent of respondents saying they had some kind of program to round up the best applicants, despite 85 per cent reporting that it was important for their business.

Almost all respondents – 98 per cent – said programs that help leaders quickly integrate into their roles are important for successful outcomes, but 58 per cent said they do not have such a program in place.

As well, 95 per cent of those polled said having an inspiring recruitment proposition is now vital in securing the best talent, but only 40 per cent of companies said they had such a proposition.

The report also noted that 32 per cent of respondents said retaining their top employees is what keeps them up at night in terms of talent management.

The survey was based on the answers of C-suite executives and HR leaders at 300 private and publicly traded companies in Canada.