With just 18 days left for 2024, is it time to re-evaluate your recruitment strategy for the next year? Canadian businesses have faced a number of years of uncertainty and it looks like that will continue to be the trend for at least the first few quarters of 2024. What is your business expecting from new hires in 2024 and what are the employment trends you need to be aware of to attract the right candidates?
Here are five hiring trends in the Canadian job market for 2024:
Artificial Intelligence & Automation
40% of executives think 1.4 billion people worldwide will have to learn new skills in the next three years, says IBM.
Artificial Intelligence and automation is changing the career landscape for many professions. Robots and machines are slowly replacing employees completely or partially. In some cases, it is already happening. For example, automated chatbots used for customer service inquiries are reducing the need for customer support agents or robots and automated machines that have replaced employees in assembly line businesses.
According to Forbes, jobs in Finance, Banking, Media, Marketing & Legal services will be the first ones to be replaced by AI. Basic bookkeeping is already feeling the pinch of sophisticated software. Banks are employing apps and webpages to perform many banking functions. In fact, 56% of American banks claim that they’ve implemented technology into their business domains like management, and 52% claim they’ve used it for revenue generation, according to Cambridge Centre for Alternative Finance and the World Economic Forum. Likewise, AI in designing and content management tools is already influencing roles and squeezing out some employees in media and marketing.
Going forward employers will need to consider automation and technology when building a team, whether it is deciding who to hire or what AI skills they will need. In addition, employees will also have to organize training & development initiatives so current employees are able to upskill and adapt. In future, being able to learn and adapt new technology will be an important part of job descriptions and your assessment of candidates.
Increased preference to remote/hybrid roles:
A study from Buffer confirms that 99% of respondents would prefer to work remotely.
Statistics indicate that remote work will be an important requirement to attracting talent in the year 2024. According to a Cisco survey, 81% of Canadians said that flexible work policies impacted their job choice. The same survey also indicated that apart from salary, flexibility was the top priority for employees when choosing an employer.
Employees are looking for businesses that are flexible and open to more fluid approaches with respect to work models. For example, work from home statistics showed that in Canada, 41% of teleworkers would prefer to work half their weekly hours remotely, while 39% of teleworkers would rather work remotely for most of their time. The same statistics also showed that about 85% of workers in finance and insurance work remotely.
Offering remote/hybrid work will attract more talent for open roles in 2024. Hiring for remote positions will make global talent pool more accessible as location will no longer be a factor. Employers will have to continue to support remote/hybrid work by providing required technology.
Gig Economy
More than half of Gen Z in Canada have turned to gig work because of the flexibility it offers or to supplement their primary income. According to a report in March 2023, 28% or about 8.75 million Canadian adults are taking on a job in the gig economy. Working in gig economy includes freelancing, working on short term contracts or owning small business. Unlimited access to internet, social media, autonomous and flexible work options and technological advancement has helped the gig economy take off.
Independent gig workers are keen to collaborate on independent projects as consultants or freelancers with businesses. Gig workers can also operate in tandem with internal teams to fill in skill gaps or provide low-cost services on a temporary basis to help with tougher financial situations.
Equity, diversity and inclusion
The focus on equity, diversity & inclusion (EDI) has increased during the past three years. Many businesses have prioritized diversity & inclusion across their organizations and are reaping the benefits. In an open dialogue hosted by Interac and The Upside Foundation of Canada, 60% of D&I leaders from top Canadian start-ups and organizations said that it is now a top priority for their company. Moreover, 67% of participants also said they were optimistic that D&I will continue to be taken seriously in their organization.
In today's market jobseekers are looking for a work environment that fosters diversity, inclusion and belonging. Employees favor businesses that provide a safe and inclusive environment. Having programs and initiatives that promote diversity and belonging are crucial in the workforce.
Organizations should demonstrate their support of a diverse workforce in their recruitment and talent development communications. For instance, focus on fairness, using unbiased language, and making sure that job ads are inclusive and representative. By respecting preferred pronouns during hiring and beyond, you create an inclusive environment for your organization.
Employment Branding
Branding will be an important theme for the year 2024. Perceived empathy, diversity, equity and inclusiveness will enable businesses to attract top talent in Canada's job market. They will need to showcase their strengths and amplify their efforts in building the right work environment for their teams. Valuing employees' overall wellbeing and career progression will be the central themes in corporate communications. Companies that can differentiate themselves with an attractive employee value proposition (EVP) will have more qualified applicants to chose from.
Uncertain job market and sporadic economic growth in Canada means some industries will be scrambling for talent while other industries will experience more pressure to work with the skills and talent you already have employed. When the opportunity arises to hire, managers will want to keep the above trends in mind to ensure they are attracting only the best qualified candidates.
With our extensive 46-year track record, we have a proven history of finding exceptional candidates. Our recruitment teams can help your business navigate the Canadian workforce with proven strategies and expertise. Reach out to our team of recruitment experts today to know how we can help you have a successful 2024.