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The Canadian job market is red hot once again. The country added 80,000 jobs in November during a time when most predicted the economy would start slowing down.
With the unemployment rate dropping to 5.9%, it is the lowest it has been in nearly a decade. The last time it was this low was February 2008, right before the global financial crisis.
“The Canadian labor market appears unstoppable at this point, with a twelfth consecutive month of job gains,” TD Bank senior economist James Marple wrote in Huffington Post.
“During the last 40 years the unemployment rate has only been (marginally) lower in one month — December 2007 when it hit 5.8 per cent,” he adds.
Here is a look at the recent changes to the Canadian job market over the past year:
The recent hiring frenzy in Canada should be lighting a fire under companies looking to hire. Why?
If you are planning on hiring, you need to do so more quickly. Candidates will not wait around for you. The longer you wait to hire, the greater the risk of losing out on highly qualified candidates. Review your hiring process, correct inefficiencies and create incentives that will attract the type of talent you want working in your organization.
Learn more about how the job market can impact your hiring abilities by checking out these insightful blog posts by our experienced recruiters:
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Technology (IT), Accounting and Finance, Consumer Goods, eCommerce and Retail, Financial Services and Insurance, Startup, B2B and Industrial, Operations and HR, Professional Services and Legal, Media, Digital and Marketing, Pharmaceutical and Life Sciences, Emerging Technology and Telecom, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.
Randy co-founded IQ PARTNERS in 2001 and currently operates as a Senior Partner, focusing on business development within executive search, media, and sales recruitment. His accomplishments include building over a dozen digital media sales teams for digital start-ups, publishers, and mobile app developers. He has also helped launch an international smartphone manufacturer from the ground up, building its entire hardware, software, and sales teams.