Express Entry Update, Inflation Rate and more!

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It's time to explore the latest insights, trends, and news. In this edition, we'll delve into Canadian updates on immigration, work, and HR!?

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Express Entry Update: 1,000 ITAs Issued in Latest Draw

This week, Immigration, Refugees, and Citizenship Canada (IRCC) held its third Express Entry draw, issuing 1,000 invitations to apply (ITAs) specifically for candidates with French-speaking proficiency. To qualify, applicants needed a minimum Comprehensive Ranking System (CRS) score of 444.

Earlier in the week, IRCC invited 1,613 candidates with Provincial Nominee Program (PNP) nominations, requiring a CRS score of 743. A separate draw on October 9 targeted 500 candidates from the Canadian Experience Class (CEC), with a minimum score of 539.

In a noticeable trend, IRCC has been focusing on CEC draws, issuing a total of 21,800 ITAs since July. This aligns with the department's goal to increase “domestic” draws and meet its permanent resident targets. Interestingly, there hasn't been a category-based selection draw for any category other than French language proficiency since July 5.

This October has seen three draws so far, while last year, IRCC conducted four draws throughout the month, inviting a total of 9,173 candidates.

Inflation Rate Falls to 1.6% in September

Good news for consumers! Canada’s inflation rate dropped to 1.6% in September, according to Statistics Canada. This marks the smallest year-over-year increase in the consumer price index since February 2021, following a rise to the Bank of Canada’s 2% target in August.

A significant factor in this decrease was a 10.7% decline in gasoline prices compared to last year. When excluding gasoline, the overall inflation rate held steady at 2.2%, the same as in August. However, prices for essentials like rent and groceries remain elevated, with food prices rising faster than the headline inflation.

In detail, rent increased by 8.2% year-over-year, showing a slight slowdown from August’s 8.9% increase, particularly in regions like Newfoundland and Labrador, New Brunswick, and British Columbia.

As Karl Schamotta, chief market strategist at Corpay, noted, "Today's data will lower the downside risks associated with moving more aggressively," indicating that while an emergency-scale response may not be needed, the landscape is shifting.

Prioritizing Employee Health and Well-Being

In today’s workplace, employee health and well-being are more critical than ever. A recent survey shows that 71% of Canadian executives believe that investing in employee health yields a measurable return—higher than their counterparts in the US (59%) and globally (66%).

This year, Canadian employee health and well-being have improved by 3%, paralleling a 3% rise in productivity. Over half of executives recognize the strong connection between well-being and productivity, emphasizing the importance of quality health benefits for organizational success.

Looking ahead to 2024, 64% of Canadian HR managers prioritize physical and mental health benefits, surpassing figures reported by US and global HR professionals. Notably, 54% plan to leverage AI to combat employee burnout, addressing the alarming statistic that 80% of employees are currently at risk of burnout.

For Canadian employers, investing in employee health and resilience is vital for maintaining a sustainable talent pipeline. Aligning benefits with employee preferences can lead to greater retention, as 40% of employees would be willing to accept a pay cut in exchange for enhanced benefits.

AI Takeover: Canada Leads the Charge

As tech hiring across North America slows, AI specialties are soaring in demand. Canada is emerging as a leader in this field, with Toronto, Vancouver, and Montreal accounting for 60% of the nation’s 41,374 AI workers.

In Canada, the tech industry employs 46% of all AI-specialty talent, just shy of the 48% in the U.S., where the largest concentration of AI jobs is found in markets like the San Francisco Bay Area, Seattle, and New York Metro, comprising 44% of the 285,235 AI tech jobs across the U.S.

Colin Yasukochi, Executive Director of CBRE’s Tech Insights Center, predicts that the demand for AI skills will only grow in the coming years, driving tech job creation across various sectors. "We anticipate more tech hiring to take place this year and into 2025 as companies further develop and adopt this technology,” he states.

This trend presents a bright outlook for Canada’s tech sector, positioning it to leverage the rapid growth of AI. Stay tuned for more updates on this exciting evolution.

BambooHR

BambooHR is an excellent choice for HR managers and those in the relocation industry, offering a comprehensive suite of tools designed to streamline HR processes and enhance the employee experience. This software is particularly beneficial for its ease of use, robust features, and scalability, making it suitable for businesses of all sizes.

One of the standout features of BambooHR is its user-friendly interface, which simplifies the management of employee data, benefits, and payroll. HR managers can easily access and update employee records, track time off, and manage benefits enrolment, reducing the administrative burden and allowing them to focus on strategic initiatives. This efficiency is crucial in the relocation industry, where managing the logistics of moving employees can be complex and time-consuming.

BambooHR also excels in performance management. The software includes tools for setting goals, conducting performance evaluations, and providing feedback, which are essential for maintaining productivity and employee satisfaction.?

Another significant advantage of BambooHR is its powerful reporting and analytics capabilities. HR managers can generate detailed reports on various HR metrics, such as turnover rates, employee engagement, and time-to-hire. These insights make data-driven decision-making invaluable in the relocation industry, where understanding trends and outcomes can improve future relocation strategies.

For companies involved in global mobility, BambooHR's integration capabilities are particularly beneficial. The software can seamlessly integrate with other HR and business systems, ensuring that all aspects of employee management are cohesive and efficient. This integration is vital for managing the multifaceted needs of relocated employees, from payroll and benefits to compliance with different regional regulations.

BambooHR is a robust and versatile HR software that supports HR managers in effectively managing employee data, performance, and overall HR functions. Its user-friendly interface, powerful reporting tools, and seamless integration capabilities make it particularly well-suited for the unique challenges of the relocation industry.

All Points: Your Partner in Corporate Relocation

In the midst of this dynamic job market, businesses are also navigating the complexities of employee relocation. That’s where All Points comes in. We specialize in Destination Services that cater specifically to corporate relocation needs. As the only Canadian employee relocation company that delivers these services without outsourcing, we ensure a seamless experience for both employers and employees.

Are you interested in relocating to Toronto, Montreal, Vancouver, Calgary, or any other Canadian city? Look no further! Our comprehensive Destination Services are designed to simplify the relocation process, making it easier for your employees to settle into their new environments.

From finding suitable housing to offering local area orientations, we cover all aspects of the relocation journey. Ask us more about how we can support your corporate relocation efforts and enhance your employee experience during this transition.

Stay tuned for more updates on both the evolving tech landscape and how All Points can assist with your relocation needs!