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Why Is It So Hard to Find a Job in Canada 2024?
Canadian employers are facing a conundrum: they plan to hire less while grappling with an unprecedented shortage of skilled workers, according to the latest employment survey.
sources: Gazette, Financial Post
Hiring Outlook for First Quarter Dips
The Manpower Group Employment Outlook Survey for the first quarter of 2024 indicates a moderation in hiring intentions among Canadian employers. While more employers are seeking to add staff rather than reduce it, the number expecting to hire has steadily declined since its peak in 2022.
Net Employment Outlook
With 41% of employers intending to hire and 16% planning to cut staff, the net employment outlook stands at +25%. This figure reflects a decrease from the previous quarter and the same period last year.
Global Comparison
Canada’s net employment outlook ranks slightly below the global average of +26%. In contrast, the United States boasts a more optimistic outlook at +35%. Despite the easing of unemployment rates, Canada’s job market remains in flux. While the unemployment rate rose to 5.8% in November, vacancies have fallen from over one million to just over 800,000. However, vacancies still surpass pre-pandemic levels.
Persistent Talent Shortages
Talent shortages persist, hindering hiring efforts across various sectors. Skills in high demand include IT and data, operations and logistics, sales and marketing, engineering, and administration and support. Sectors such as goods and services, energy and utilities, and healthcare and life sciences face significant staffing challenges, with a vast majority of employers reporting difficulty in finding suitable candidates.
Outlook for Quebec
In Quebec, while unemployment is expected to rise, job losses are projected to be less severe compared to previous downturns. However, challenges persist, especially in sectors such as construction and healthcare, where recruitment remains a significant issue.
Despite moderating hiring intentions, Canadian employers continue to grapple with a record talent shortage. The mismatch between available skills and job requirements poses significant challenges to the labor market, highlighting the need for targeted strategies to address these persistent issues.