State of Hiring
The Canadian labour market continues to outperform expectations where a boost in the country’s population is shaking up the marketplace for talent35.
For more than a year, a pattern of strong jobs data has kept the working-age employment rate near its all-time high—and well above pre-pandemic levels.
Employment rose by 64,000 (+0.3%) in September, following an increase of 40,000 (+0.2%) in August. The unemployment rate was unchanged in September and stood at 5.5% for the third consecutive month. This after employers added nearly 60,000 jobs in June, the most since January and nearly three times what economists forecast36.
Among sectors that have comprised the greatest job gains in Canada are professional services, which encompasses several STEM careers. With approximately a quarter of all students who hold a bachelor's degree or above graduating with a degree in a STEM field, Canada ranks among the world's STEM leaders, beating out many European countries and the United States40.
The current tone of the job market and employer forecasts for 2024 show that companies incorporating strategic workforce planning during economic uncertainty will be better positioned to come out ahead. Organizations adopting a mindset of growth, quality hires, and strategic investments in talent and technology will ensure more efficient teams that strengthen revenue and your bottom line.
Learn more in the 2023 Fall Market Overview
Employment rose by 64,000 (+0.3%) in September, following an increase of 40,000 (+0.2%) in August.
Challenges Are Opportunities to Outperform Your Competitors
We are in a challenging time to hire and retain staff. However, this can be good news for companies that can rise to the challenge. When most companies are struggling, opportunities arise for the organizations that can be flexible and creative in their efforts to attract talent.
What Is Your Top Priority?
Attracting Quality Candidates
48% of employers say that failure to find the right workers is the biggest risk to hitting their growth targets7, and 52% of employed workers are NOT actively seeking new opportunities.1
Minimizing Time-to-Hire
Job seekers say that a slow hiring process is the top reason they lose interest in a potential employer leading to increased ghosting and the loss of an employer’s preferred candidate.2
Improving Engagement/Retention
Four in five Canadian employers are worried about their ability to replace employees who leave in the current competitive labour market.18
Optimizing Costs
Labour is often one of the biggest costs of doing business and labour expense is up 4.5% year over year.3
Better Agency Partnerships and Customer Service
Customers report 3 times faster hiring and better results when working with AppleOne.8