Curious about how the current employment market might affect your ability to hire the preferred candidates you need?
For your convenience, we’ve collected a number of links to stats and reports on the local employment markets in areas across Canada.
As of March 2023, employment rates across Canada are back to pre-pandemic levels, and in some areas, are even better. Find out what the conditions are in your local market by exploring the links and reports below:
Canada-wide employment stats:
See how industries in your province are affected by clicking this link and choosing your province:
Province-specific employment stats:
This chart shows unemployment rates in each region of B.C. as of December 2023. Find the updated info at this WorkBC here
Find monthly updates here for unemployment rates Metropolitan Areas (CMAs), like this report for January 2024:
Explore info about Ontario’s labour market by Region AND Job Type
What this all means for you:
Typically, the lower the unemployment rate in a market, the more difficult it is to attract preferred candidates. Frankly, this is when it will take more resources (vacation time, money, benefits, perks) to lure people with your desired skills, experience and overall “fit” to your vacant positions.
On the other end of the scale, when the unemployment rate rises, the available pool of people loosens up… but are they your preferred people? Aren’t they the ones who would be retained at all costs by your competitors?
While many of our markets are experiencing record-high cost of living rates, increased minimum wage levels can often have mixed results:
- causing an increase in consumer-spending beyond “the bare basics” which helps bolster the economy (which in turn can help minimize higher inflation),
while simultaneously
- causing the cost of consumer goods to increase.
However it plays out in our markets, our provincial governments have enacted these increases, and so it’s up to businesses and their staffing partners to manage the outcomes and try to minimize any negative impacts.F
So how can businesses prepare their budgets, hiring managers, and existing staff for the affects of the increased minimum wage levels?
- REVISE your budget plans to accommodate upcoming* minimum wage increases.
- REVIEW which job descriptions will be affected by this year’s increases – both minimum wage jobs and those close to minimum wage.
- PARTNER with a staffing company like ABL who understands the challenges in retaining your employees who will no longer be making much more than minimum wage after the increase takes effect.
- PROACTIVELY EDUCATE your current employees and customers on how this minimum wage increase will affect them.
- REASSESS the impact that low unemployment rates in your province or region have on recruiting & retention plans with your staffing partner at regular intervals, particularly in light of this year’s minimum wage increases. The low unemployment rate directly impacts your company’s ability to attract and retain available and qualified workers.
Contact us if you have questions about how ABL Employment is helping its client companies manage the changes and challenges the increase in minimum wage presents to businesses we partner with.
