It's good news for employers in Canada – and even better news for working women
Data released today from Statistics Canada shed light on the current labour force in Canada – including how employment has rebounded in the past month.
The report found that employment climbed by 337,000 jobs in February – which helped to offset the January losses. The proportion of employees off work due to sickness also fell from 10% to 6.2% in the last month, with total hours worked up again by 3.6%. All this is good news for Canadian HR leaders – especially when it comes to the Great Reshuffle.
The Great Reshuffle
“Canadians have been more reluctant to quit their jobs, contrary to the Great Resignation happening south of the border,” Jim Mitchell, president of LHH, told HRD. “In fact, job transition rates across sectors are typical of pre-pandemic averages. However, we have seen higher rates of turnover in fast-growing industries like technology, where employees with deep technical expertise are in high demand. As employees with these in-demand skill sets become more versatile and desirable, employers must address other issues in addition to pay, such as promoting a strong company culture.
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“Despite social disruptions, the labour market recovered more quickly than expected in February. As economies reopen and restrictions lifted across provinces and territories, we saw substantial growth in industries like accommodation and food services and information, culture and recreation. As we emerge from the pandemic, we’ve also seen a continued reduction in overall layoffs this month. Employers across the country are looking to retain talent, with employment rates returning to pre-COVID levels for the first time.”
Russian invasion’s impact on economy
As the conflict in Ukraine continues to escalate, employers are worried about what impact this could have on supply chains and international deals. According to Mitchell, however, Canada is in a good position to thrive.
“The ongoing conflict in Ukraine has curtailed the international supply of wheat and oil,” he told HRD. “Canada is well-positioned to capitalize on this by ramping up production of these resources. In the weeks ahead, there is an opportunity for Canada’s agriculture and oil and gas sectors to expand and bring back Canadian jobs to help offset supply shortages.”
Bright skies for diverse talent
After COVID and the ongoing pandemic decimated employment across the board, February final gave employers some much-needed hope that the jobs are on the rise – especially for diverse talent.
“After plummeting to a three-decade low at the onset of the pandemic, this month’s labour force survey showed a record high employment rate among core-aged women,” added Mitchell. “While women are returning to the workforce, pay and career gaps persist. The importance of upskilling and reskilling women, minorities and underrepresented groups is a continuing priority for many companies, particularly for in-demand technical skills such as data science, coding and AI.
“As Canada emerges from the pandemic, employees are evaluating quality of employment, and employee satisfaction is a key consideration for many employers who are re-evaluating workplace models. While some employers have adopted flexible work models, it remains to be seen if return-to-work mandates will be enforced. These types of workplace policies will be top-of-mind and could drive further shifts in Canada’s labour market in the coming months. In fact, according to a recent study, two in five Canadians said they would look for a more flexible job if mandated to come back to work in person full time.”
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