Welcome to the April edition of Talent Market Insights! As we navigate through the dynamic landscape of the workforce, this issue brings forth essential indicators, workforce updates and the latest research shaping the global talent job markets.
🌟 Key Indicators 🌟
Canada Employment:
- Employment Rate in Canada decreased to 61.40% in March from 61.50% in February of 2024. The Canadian labour market shed 2200 jobs in March, with full-time employment down 700 and part-time employment down 1600 jobs. (Statistics Canada)
- The Unemployment Rate jumped to 6.1% in March of 2024 from 5.8% in the earlier month, the highest since October of 2021, and sharply above market expectations of 5.9% as more people searched for work. (Statistics Canada)
- Employment by industry showed losses in accommodation and food services (-27k), wholesale and retail trade (-23k) and professional, scientific and technical services (-20k). A positive offset was seen in healthcare and social assistance (+40k)
- Total hours worked fell 0.3% month-on-month, while wages were up 5.1% year-on-year (from 5.0% in February)
- Interest Rate: The Bank of Canada held its key rate at 5% in April, as largely expected, and refrained from giving any hints on the start of rate cuts due to persistent upside risks to inflation. (Bank of Canada)
U.S. Employment:
- Employment Rate in the United States increased to 60.30% in March from 60.10% in February of 2024. (U.S. Bureau of Labor Statistics)
- The Unemployment Rate dipped to 3.8% in March 2024 from the previous month's two-year high of 3.9%, surprising market expectations, which had forecasted the rate to remain unchanged. (U.S. Bureau of Labor Statistics)
- Interest Rate: The Federal Reserve left the fed funds rate steady at a 23-year high of 5.25%-5.5% for a fifth consecutive meeting in March 2024, in line with market expectations. (Federal Reserve Board)
2023-2024 Canada and U.S. Unemployment Rates (%)
🔥 The Market in Brief 🔥
Workforce Trend
- According to a global pilot program, a four-day workweek has proven beneficial for businesses, with most participants unlikely to return to the standard five-day workweek after a successful six-month trial.
- A survey by Gympass indicates that 93% of employees globally consider well-being to be as important as salary, marking a 10% increase from the previous year.
- A report by Indeed.com’s Hiring Lab research centre shows that nearly half of Canadian job postings in February 2024 included pay information, a significant increase from 22% in early 2019.
- Ontario’s government has announced an increase in the minimum wage to $17.20 per hour, effective from October 1, 2024, to help workers cope with the cost of living and provide businesses with predictability.
- A study conducted by Cisco indicates that only 1% of Canadian organizations are fully prepared for cybersecurity threats, with two-thirds expecting an incident within the next year due to overconfidence in their current defences.
- A survey by Maturn reveals that nearly half of Canadian working women are dissatisfied with their employer’s support during maternity leave.
- A study by Telus Health reveals that employees’ productivity declines when they don’t feel valued, emphasizing the need for a supportive work environment.
- The Canadian government is revising the Temporary Foreign Worker (TFW) Program to reduce reliance on foreign workers and ensure Canadians are prioritized for jobs.
Industry Update
- Google is laying off an unspecified number of employees in its finance and real estate units, as part of a cost-cutting measure, while investing in growth hubs in India, Mexico, and Ireland.
- Rivian Automotive plans to cut another 1% of its workforce in its second round of layoffs in 2024, as part of cost-cutting measures.
- Tesla plans to lay off more than 10% of its global workforce, a decision attributed to cost reductions and increased productivity as the company prepares for its next phase of growth.
- McKinsey & Company is set to eliminate around 360 jobs in design, data engineering, cloud, and software divisions due to a decrease in consultancy service demand.
- Checkr, a background-screening platform previously valued at $5 billion, has laid off 382 employees, around 32% of its workforce. The layoffs come as a significant development for the company, impacting a substantial portion of its employees.
- The Canadian government is investing $2.4 billion to bolster the artificial intelligence sector, aiming to enhance job growth, productivity, and AI adoption across various industries, while also establishing a new Canadian AI Safety Institute.
- Apple is laying off 614 employees in California after abandoning its electric car project, marking its first major round of job cuts post-pandemic.
- The CyberTowns initiative, launched by the Canadian Cybersecurity Network and IT World Canada, is designed to identify and highlight the best Canadian communities for cybersecurity careers based on factors such as job opportunities, affordability, and quality of life. The program will culminate in an awards ceremony at the Canadian Identity Summit in Ottawa, scheduled for April 30-May 1, 2024.
- AWS will cut hundreds of jobs across Sales, Marketing, Global Services and its Physical Stores Technology team.
- Bell Canada recently laid off more than 400 employees in virtual group meetings, where managers read out layoff notices without allowing any opportunity for questions.
📜 Monthly Reading Picks 📜
"Unspoken Truths for Career Success - Navigating Pay, Promotions, and Power at Work" by James H. Ellis
In this book, James H. Ellis explores the unspoken rules and dynamics of corporate environments, offering practical advice for navigating the complexities of career advancement. From decoding office politics to mastering the art of self-promotion, this book provides invaluable insights for professionals striving for success in their careers.
Destination Employer: Attract, Recruit, and Retain the Top Talent in Your Market" by Gerry Gadoury
This book looks into the critical aspects of employer branding, offering insights and strategies to attract, recruit, and retain top talent. From understanding employer brand perceptions to implementing effective employer branding initiatives, it provides guidance for organizations looking to enhance their talent acquisition and retention efforts.
The Talent Strategy Group - 2024 Global Human Resources Census
The 2024 Global Human Resources Census includes valid responses from more than 600 respondents around the world. The responses were solicited through multiple emails and social media posts.
Five Key Findings:
- People Before Business: HR leaders’ reasons for being in the profession, their specific capabilities and their career goals prioritize people and the HR function above the business.
- Re-balancing Work and Life: 2024 respondents say they work fewer hours, stress less and are just as engaged but are not as willing to sacrifice as they were five years ago.
- Women’s & Men’s Experiences: There are slight but consistent differences in the work experience between male and female HR respondents.
- Capability Gaps: HR leaders show moderate strength in core HR areas but little experience designing or implementing practices in more future-focused areas.
- Tempered Ambition: Few HR leaders have a desire to move into C-suite roles and not even a majority want to become a CHRO. This is despite CHROs being more engaged than the teams below them.
Each HR sub-function shows a meaningful gap between its “humanistic” and “capitalistic” reasons for being in the HR field. The largest gap is found with Learning and Development professionals.
