As professionals in executive search in Toronto for many years, we can tell you with certainty that the one constant about the job market is that it continuously changes. A lot can change from year to year. The list of hot jobs change, new skills become in demand from employers, industries experiences ebbs and flows, and the hiring landscape will change.
Whether you are a candidate looking for a job or an employer planning to hire, you need to stay on top of the evolving job market. Below, our executive search recruiters report on what you need to know about the evolving job market in 2023 and as we head into 2024.
The Canadian Job Market At A Glance
The Canadian job market is improving. There are more jobs and opportunities for job seekers. More companies are hiring and we are getting close to pre-pandemic employment levels.
Here are the latest labour statistics from Statistics Canada:
- Unemployment rate is 5.5% (September 2023)
- Canada’s economy added 378,000 new jobs in September
- Ontario added 167,000 jobs
- About one-quarter of Canadians still work from home. This is about 4.2 million people.
Trends from the Future of Jobs Report 2023
Now that we know where the Canadian job market is, let’s take a look at where it’s going in the future. The Future of Jobs Report 2023 by World Economic Forum (WEC) provides great insights about how jobs and skill requirements will change in the coming years.
Here are the key trends and report findings:
Technology Plays A Key Role In Evolving Job Market
Technology adoption will continue to be a significant catalyst for business transformation in the coming five years. More than 85% of organizations pointed to the increased adoption of new and cutting-edge technologies and the expansion of digital access as the most influential trends driving transformation within their companies.
The effects on job creation and elimination are most prominent in environmental, technological, and economic trends. Regarding technology adoption, big data, cloud computing, and artificial intelligence are at the forefront in terms of the likelihood of adoption. Over 75% of companies are actively considering the adoption of these technologies in the next half-decade.
The overall impact of most technologies on employment is expected to be positive over the next five years. Employers anticipate a substantial churn in the labour market, with approximately 23% of jobs undergoing structural changes during this period. This figure represents a combination of newly emerging jobs and jobs that are on the decline.
The dynamic between humans and machines has evolved, with businesses incorporating automation at a slower pace than initially projected. Current estimates suggest that machines handle around 34% of all business-related tasks, while humans are responsible for 66%.
A significant majority of companies are committed to prioritizing women (79%), youth under 25 (68%), and individuals with disabilities (51%) as part of their diversity, equity, and inclusion (DEI) initiatives.
Job Growth and Decline
The roles experiencing the most rapid growth in relation to their current size are primarily linked to technology, digitalization, and sustainability. Many of these fastest-growing positions fall within the technology sector:
- AI and Machine Learning Specialists
- Sustainability Specialists
- Business Intelligence Analysts
- Information Security Analysts
Additionally, roles such as Renewable Energy Engineers and Solar Energy Installation and System Engineers are also experiencing substantial growth, reflecting the shift towards renewable energy in economies.
On the other hand, the roles that are declining most rapidly concerning their current scale are predominantly in the clerical and secretarial fields. They include:
- Bank Tellers and Related Clerks
- Postal Service Clerks
- Cashiers and Ticket Clerks
- Data Entry Clerks
In terms of essential skills for workers in 2023, analytical thinking and creative thinking continue to be the most crucial. Employers estimate that about 44% of workers’ skills will undergo disruption in the next five years. Consequently, six out of ten workers will require training by 2027, though only a portion of them currently have access to sufficient training opportunities.
Check out the complete report for more information.