Canada's Job Market Booms
The Canadian job market continues to boom, adding 150,000 jobs in January, with full-time roles accounting for 121,000.
With approximately 20 million Canadians employed as of January 2023, employment within the country continues its upward trend. The unemployment rate held steady at 5.0, just short of 4.9, the record-low rate observed in June and July of 2022.
The private and public sectors contributed 115,000 and 32,000 roles, respectively, in January 2023. With the numbers steadily increasing, it can be suggested that the impending recession will have to wait.
Employment Gains by Age
The employment gains seen in January 2023 were led by the 24 to 54 age demographic. In this demographic employment rose by 100,000, with women making up 51,000.
The 55 and older demographic achieved a record-high percentage in its employment rate. Within this demographic, employment rose by 43,000, with men making up 24,000.
Growth Led by Provinces
Employment in Ontario rose by 63,000, leading the provinces. In Toronto alone, employment increased by 28,000.
Following Ontario is Quebec, with employment increasing by 47,000. Then Alberta with 21,000, Nova Scotia with 9,400 and Saskatchewan with 4,500 to complete the top 5 provinces.
Employment across the Industries
The Wholesale and Retail Trade industry saw an increase of 59,000 employees in January 2023, making it the first notable change since February 2022.
The Health Care and Social Assistance industry saw an increase of 40,000 employees, with Ontario contributing 21,000 employees, followed by Quebec with 11,000.
The Construction industry continues to grow and added 16,000 roles in January 2023.
There was an increase of 16,000 employees within the "Other Services" industry, which includes services such as repair and maintenance and personal care. Lastly, there was an increase of 4,600 employees within the Utilities industry.
Skilled Employees still Difficult to Find
Despite the increase in employment and the tech lay-offs observed in January 2023, attracting and maintaining skilled talent continues to challenge organizations.
With baby boomers (people born between 1946 to 1964) retiring, over the years has caused a labour shortage within the Canadian job market. Baby boomers were Canada's largest generation, by size. This gap within the labour force has caused the demand for skilled workers to skyrocket.
The increase in demand for talent pushed the average hourly wage to $33.01, increasing it by $1.42 from the past year. The clients at Bevertec are continuously searching for skilled talent to be a permanent part of the team.
Top 3 Job Trends in 2023
During the pandemic, we saw an increase in digital advancements and projects. As a result, developers - junior, intermediate or senior - are highly sought after in the post-pandemic world.
2. HR Professionals
With the labour shortage, it is crucial for companies to have an experienced HR department that will combat this issue and ensure their organization can effectively attract and maintain its job force.
3. Digital Marketing Professionals
The pandemic brought a boom in small and medium businesses and emphasized the creation of social media content. Organizations are continuously looking to grow their reach and an individual with digital marketing will provide invaluable skills for the company.