Almost half of Canadians eye new jobs for better pay and opportunities
In a period marked by economic uncertainty, a noteworthy portion of Canadian workers are in pursuit of new job opportunities, primarily motivated by the prospect of higher salaries, as reported by Global News.
This inclination is highlighted by a survey conducted by the business consulting firm Robert Half, which indicated that 42 percent of workers are either engaged in job searches or intend to commence their search for new employment or career paths in the first half of 2024.
This figure represents a minor increase from 41 percent in July 2023 but remains below the 50 percent recorded in December 2022. The survey, which took place from October 27 to November 17, 2023, involved participation from over 765 workers aged 18 and older, hailing from a variety of professions and employed at companies with at least 20 employees across Canada.
Mike Shekhtman, Robert Half's senior regional director, observed that the transition into a post-pandemic job market has significantly influenced Canadians' perceptions regarding their employment, prompting them to evaluate their career progress within their current organizations.
Canada witnessed a positive turn in employment in January, with the addition of 37,000 jobs and a reduction in the unemployment rate for the first time since December 2022, as reported by Statistics Canada.
However, the job landscape has grown more competitive due to an uptick in layoffs and a reduction in job postings throughout 2023, effectively restoring some degree of leverage to employers.
Brendon Bernard, senior economist at Indeed.com, remarked on the altered dynamics of the job market, stating, “It's not the same job seekers' market as before” with notable decreases in job postings observed on Indeed's listings and Statistics Canada's vacancies by 29 percent and 26 percent, respectively, on a year-over-year basis.
The drive for Canadians to seek new employment is propelled by various factors, with 47 percent seeking higher salaries. Other motivating factors include opportunities for advancement, improved perks and benefits, and greater job flexibility.
The likelihood of pursuing new job opportunities varies by age and career field, with significant portions of Gen Z and millennials, marketing and creative professionals, and notably, human resources workers expressing intentions to change jobs within the year.
Despite the challenges present in the job market, a segment of Canadian workers remains satisfied in their current positions, appreciating aspects such as job flexibility and personal fulfillment.
Companies are still in pursuit of talent, though they encounter challenges due to a more extended hiring process compared to a year ago, a shift attributed to changes in companies' hiring practices.
The potential onset of a recession looms as a concern, with its implications for the job market and unemployment rates under scrutiny.
However, the Bank of Canada does not forecast a recession currently. Experts recommend that job seekers leverage online platforms and personal networks to identify suitable employment opportunities and emphasize the importance of enhancing resumes with AI tools and bolstering soft skills to improve competitiveness in the job market.
