Employment & new recruitment in Canada this year !
Canada’s unemployment rate is increasing steadily and will reach seven per cent next year, from the recent 6.8 per cent. This is because more people are entering the workforce in search of a job.Since the early 20th century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one. Like many other developed nations, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce.
· According to the TD Economics report, Health care jobs will be leading the way, adding an average of 22,000 jobs on an annual basis over the next year.
· Construction will also join hands with the Health Care and the sector will add jobs at an annual rate of 13,600.
· On the other hand, Manufacturing which has lost more than 30,000 jobs in the past year, is expected to start adding jobs, at an average annual rate of 12,000.
· The resource industries, including oil extraction, won’t add new jobs, but at the job losses will not occur too.
· The major jobs losses of about 10,000 jobs is seen in the agriculture sector.
· The utility sector also lost a significant number of jobs.
Effects of politics in economy and Business
CNBC reported that the number of Americans searching for jobs in Canada had increased a whopping 58 per cent since last year on the jobs-posting platform Monster Worldwide which is creating a rapid unemployment in Canada.One of the first actions that president Donal Trump took after taking over the office and his responsibilities in January was to freeze hiring for the entire federal government (except military). This created a loss of jobs in the States and people started moving to Canada. Job site Indeed.com says, on the day of Trump’s victory, U.S.-based searches for jobs in Canada increased night to ten times the rate than the other days. Meanwhile, Canada's immigration website crashed multiple times as a Trump victory became more apparent.
Recruitments trends, demand and top some info of top recruitment agencies
Firstly, the demand for operations, sales, and information technology talent is so prevalent that recruiting teams in the Canada have to start thinking more strategically about how to find and recruit these talent pools.
Secondly, a low unemployment rate can make finding workers more difficult in certain sectors. According to Alberta economists, aligning recruiting demands to labour supply for many occupation will continue to pose challenges. (Alberta is a western province of Canada). The result for some companies could be:
· Staff shortages
· Overloaded staffs
· Higher employee stress
· Lower productivity
Thirdly, the ability of some sectors in the country to pay above-average wages can also make it hard for other business to compete.
Fourthly, the quality of hire continues to be to most valuable performance indicator as used by talent leaders.
Lastly, last year, Economic Development Winnipeg found that the average employee tenure in Canada is 8.5 years. Though it looks good on the scale, still it is considered as an important factor in the recruitment firms.
Now, let’s have a look at some of the top HR consultants and recruiting prevailing in Canada:
#1 Aon Hewitt: Aon Hewitt (http://www.aon.com ) is a global consulting firm focusing on risk management, insurance and reinsurance brokerage, and a variety of human resources and outsourcing services and solutions. Aon’s focus isn’t just on human resources in general – the company specializes in managing areas of risk. It employees 72,000 people and is one of the top 10 HR consulting firms in the world.
#2 Deloitte Consulting: Chances are, you’ve likely heard of Deloitte Consulting ( https://www2.deloitte.com/in/en.html ), which is another one of the top HR consulting firms in the world. Deloitte and its subsidiaries have approximately 245,000 employees spread across 150 countries and territories, all with a single-minded dedication to helping clients tackle their most difficult challenges.
#3 Hay Group: Hay Group ( http://www.haygroup.com/ca/ ) was founded in 1943 and, since then, has been providing outstanding global service based on a combination of great people and innovative technology. Hay Group is billed as one of the top HR consulting firms, and it helps businesses within all areas of its “people strategy.”
Before saying anything in that context, let’s first look at some facts already spoken of in the lines above:
o 70% of land of Canada is covered by Tundra and forests
o It is a country with large land area but a population much smaller for such vast lands
o Most industry is basically ruled by the energy companies and financial firms.
o Due to less population and abundance of job, unemployment rate is very low.
Hence keeping the above points in mind, it becomes pretty clear that starting a small startup in this country is a pretty hard job and that too when one is sure to face competition from large-dollar firms. Doing a startup in Canada was hard and till date it is a pretty tough job. But the Government has put up some individual bodies so that the ethics and interests of these startups is not lost.
Whether it’s a traditional brick-and-mortar operation, home-based, or online, starting a small business in Canada takes a lot of time, money, and patience. It also gives you an appreciation for potential tax deductions you can use to either reduce the amount of income tax you pay or get an even bigger tax refund. The Canada Revenue Agency (CRA) allows entrepreneurs to deduct start-up costs as allowable business expenses.
Owing to all facts, INC. in 2017 singled out some startups which can pose a major change in Canadian economy. Those startups are summarized below:
1. Whirlscape Inc.:-Whirlscape Inc. began as a University of Toronto incubated startup just over a year ago with a unique method for touchscreen typing.
2. Wattpad:-One of the largest communities for discovering and sharing stories, Wattpad owes its success to mobile as those are the consumers who are spending over three billion minutes per month on the platform.
3. Bionym:-Bionym may be the future of how people interact with the world around them. Their product, Nymi, is a wristband that uses the unique cardiac rhythm of the person wearing it in conjunction with other devices as an alternative to password or pin-based authentication.
In the coming years, Canada is going to see a huge developments in all fields especially in startup sectors if the Government keeps on aiding them. Startups will be a huge success for any country few years from now, when energy industries (mostly Non-renewable ones) find it hard to find their core materials, a time when emphasis will be put more on not polluting mother earth but rather saving it.