Canadian Job Seekers Face Increased Competition in Cooling Labour Market
This fall, job seekers in Canada are entering a challenging economic landscape as the previously booming labour market cools down and candidates face heightened competition due to record immigration levels. According to Friday’s jobs report, overall employment continued to rise, although mainly in the volatile education sector and part-time work. The unemployment rate has remained steady at 5.5% for the past three months, up from the near-record lows of 5.0% at the beginning of the year. Chief economist Pedro Antunes suggests that this increase is a result of the wider economy easing this year.
However, despite the increase in unemployment rate, Antunes maintains that Canada’s job market is still relatively healthy. He acknowledges that it’s not easy for individuals like Purna Iyer, a 26-year-old job seeker in Toronto who has been searching for a full-time job since May. Iyer, who recently graduated and immigrated to Canada, says that it has been challenging to showcase her non-Canadian work experience to employers. The competitive job market requires meticulous tailoring of resumes and cover letters for each position in order to stand out. Iyer expresses the stress and frustration of a job hunt with limited job openings for the growing number of candidates in the country.
According to Mike Shekhtman, regional director at recruiting firm Robert Half Canada, Canada’s labour market was deemed “overheated” earlier in 2023. However, the growth outlook has shifted, with hiring intentions evolving due to the threat of an impending recession. Employers have decelerated their expansion plans, resulting in a more complex and unpredictable economic climate for both employers and employees.
The Conference Board of Canada’s Hiring Index indicates a decline in online job openings from peak levels, although there was a slight increase in August. While Antunes suggests that there may be a soft landing for Canada’s economy, he warns of potential risks and pressures on businesses that could eventually lead to a more severe decline.
Despite the potential challenges, Shekhtman notes that there are still opportunities for skilled and in-demand talent in the market. While overall salary increases have plateaued, candidates with sought-after skills can still negotiate compensation packages that meet their expectations. In addition to salary, workers can leverage negotiation tactics for benefits like hybrid work arrangements, flexible schedules, additional time off, and transportation assistance.
Amidst the changing economic climate, job seekers are advised to stay proactive. Continuously updating LinkedIn profiles, maintaining strong networks, and reminding employers of the value they bring to the organization are recommended defensive strategies. Despite the difficulties, job seekers like Iyer remain hopeful and determined to find the right opportunity.
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