Housing Affordability | Air Travel Costs Soar | Changing Research Trends in Human Resource Management | Our recommendations and more!

?? Welcome to our first edition of the year!

It's time to read about the latest insights, trends, and news. In this edition, we will delve into Canadian news on immigration, work and HR!

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Bank of Canada Warns: Housing Affordability Plummets to Lowest Levels in Over Four Decades

Last quarter, we witnessed a drastic plunge in housing affordability, reaching its lowest point in over four decades, according to a report by the Bank of Canada. The surge in housing prices and escalating mortgage rates have contributed to this alarming trend, reminiscent of levels observed in 1982.

The Bank of Canada's housing affordability index serves as a gauge, measuring the proportion of disposable income a representative household allocates to housing-related expenses. This ratio, encompassing mortgage payments and utility fees, reflects the strain on average household disposable income. A higher ratio indicates a more significant challenge in affording a home.

Douglas Porter, BMO's chief economist, voiced concern over the Bank of Canada's housing affordability index in Q3, stating, "The index took another significant step towards the wrong side."

Examining the trajectory of affordability, a discernible pattern emerges—a sharp erosion, often foretelling a looming economic downturn. The aftermath of reaching such levels becomes apparent to a casual observer. Following a brief period of unaffordability, a sudden improvement typically signals the bursting of a housing bubble. The Federal government and the Bank of Canada need to act.

"Looking ahead, it's crucial to recognize that the three previous instances of spiked unaffordability (early 1980s, early 1990s, and 2007/08) were swiftly followed by Canadian recessions," emphasizes Porter. Staying informed on these historical cues is vital as they warn of potential economic shifts. The implications of this decline in housing affordability are far-reaching, affecting individuals and the broader economy. Understanding regional variations and proposing effective policy measures are essential to address this crisis. Stay tuned as we navigate the complexities of the current housing landscape.

The impact on relocation is not insignificant. For those that are relocating from lower cost centres to higher cost centres may reject relocations because housing in the destination city is out of reach.? Companies are cutting costs and are not likely to provide housing differential subsidies.

Canadian Air Travel Costs Soar: Study Highlights Increased Fees and Threats to Competitiveness

A new study from the Montreal Economic Institute titled “Wing Heavy: The Fees that Undermine the Competitiveness of the Airline Sector” looks at the fees from airport rents Canadians pay compared to their neighbours in the South.

The Canadian economy has experienced significant repercussions from the pandemic in recent years. Numerous sectors witnessed a substantial decline in their contribution to GDP during this period. Notably, sectors like air transport, which suffered a 36% reduction in contribution, still strive to reach their pre-pandemic activity levels.

In the fiscal year 2022-2023, rents paid to the federal government totalled $419 million, marking a significant 42.5% increase over the past decade. From 2013 to 2023, National Airports System (NAS) airports contributed over $3 billion to the government, despite facing reduced rental revenues in the two years severely impacted by the COVID-19 pandemic.

Comparing security charges for air travellers between Canada and the United States reveals a notable difference, with American travellers paying lower fees across various flight categories—whether one-way domestic, round-trip domestic, or international. As of May 1st, 2024, a Canadian traveller is set to pay $34.42 for an international flight, while their American counterpart would pay a maximum of $15.30 (in Canadian dollars). The anticipated increase in Canada would result in a nearly $20 per ticket gap between the two countries, posing a challenge to the competitiveness of the Canadian airline sector.

The existing fiscal and regulatory framework burdens Canadian travellers, resulting in higher plane ticket costs attributed, among other factors, to elevated airport rents and fees. Additionally, this framework compromises the competitiveness of our airports when compared to their American counterparts just south of the border.

To alleviate the strain on travellers and enhance the competitiveness of our airline industry, the federal government could explore abolishing airport authority rents and comprehensive measures to reduce additional fees and taxes that burden the sector, contributing to heightened passenger costs. Will they do so when they are running a significant deficit and these rents currently are a cash cow for the feds.

But such changes might result in a relatively minor loss of revenue for the federal government compared to its total income, the subsequent boost in economic activity would prove advantageous for both the sector and the overall Canadian economy. In the long run, this positive impact could effectively offset any reduction in tax revenues.

Exploring Changing Research Trends in Human Resource Management: A Text-Mining-Based Review

A recent review titled “Research trends in human resource management. A text-mining-based literature review” aims to detect trends in human resource management (HRM). How are researchers' interests changing in the HRM field, and which topics have gained popularity in recent years?

The researchers used text-mining tools to detect first clusters and then trends in journals from 2000-2020. This approach is relatively modern and means the impact of any researcher bias is limited. The results of the study help identify the core journals focused on HRM research, as well as topics of particular interest and importance.?

The analyses, performed by researchers using automatic algorithms and further verification, led to the discovery of 42 trends. Of the 42 identified trends, 4 proved enduring, 5 exhibited a decline, 17 were emerging, and 16 were classified as temporary or short-lived. One possible fact to note is that “strategic HRM”, a prevailing trend in previous studies, is not directly presented in the results obtained using text-mining analyses. However, it is included in the “architecture and changing role of HRM” trend.

One example of a long-lasting trend is “Diversity Management”, which covered the entire 2000–2020 timeframe. One sub-trend observed within the above-discussed movement is ‘age management', which falls within the 2005–2018 time range.

This comprehensive study, spanning over 20 years, unveils changing trends in HRM research and serves as a valuable tool to pinpoint core journals in the field. Understanding these evolving topics is crucial for researchers and practitioners alike, as it guides future directions in human resource management studies.

Exciting News for Global Youth: International Experience Canada 2024 Season is Now Open

The 2024 season for International Experience Canada (IEC) officially kicked off on December 11, offering an incredible opportunity for nearly 90,000 young individuals from IEC partner countries and territories to work in Canada.

IEC, a reciprocal program fostering youth mobility, allows Canadian and international youth aged 18–35 to work and explore each other’s countries. Canada has established youth mobility partnerships with over 35 countries and territories, creating a vibrant exchange of experiences.

In 2024, Canadian youth will have expanded options to gain international perspectives by visiting partner countries. This reciprocal program not only benefits participants but also has a positive impact on Canadian employers seeking talent and boosts the country's tourism industry.

The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, expressed the program's significance: "Canada benefits when young people around the world participate in International Experience Canada. This program will help Canadian employers in their search for talented employees but will also serve to stimulate the tourism sector across the country."

Categories and Eligibility:

-Working Holiday: Participants receive an open work permit to work anywhere in the host country to support their travels.

-International Co-op (Internship): Participants receive an employer-specific work permit, allowing students to gain targeted experience in their field of study.

-Young Professionals: Participants receive an employer-specific work permit for targeted professional work experience in their field of study or career path.

Eligibility varies by country, and the processing time for international youths looking to work in Canada is four weeks after submitting all documents and biometrics, according to the latest update from Immigration, Refugees, and Citizenship Canada (IRCC).?

The Podcast Under the Influence

The Podcast Under the Influence provides listeners with a rare backstage pass into the recording studios of the ad industry. Join host and adman Terry O’Reilly for fascinating (and humorous) stories that connect the dots between pop culture, marketing, and human nature.

Explore a wealth of insights applicable to talent recruitment, employment benefits, and company culture branding within your organization. With 12 seasons and a variety of episodes, you'll find numerous topics covered, perfect for managers. Some favourites include:

- The Sound of Persuasion

- Long Overdue: The Creative Boom of Library Marketing

- Touch The Pickle: Marketing Gender Equality

Boasting 1 million listeners per week on CBC Radio and over 40 million podcast downloads, Under the Influence was named one of the 2019 Most Popular Podcasts Overall by iTunes. It has also received recognition as one of the 'Best New Podcasts' and a 'Top Podcast' by iTunes in 2011 and 2015 respectively.

Fun Fact: Every episode of Under the Influence is recorded in a 1969 Airstream trailer, a mobile home turned state-of-the-art recording studio that allows Terry to record the show anywhere he goes throughout Canada.

Fun fact 2: I (Mike Deane here) have been listening to Under the Influence for years. Terry can spin a yarn with the best of them and his voice is infectious. I can listen to him all day.? Highly recommend.

Book Recommendation: The Book called The New Knowledge: Information, Data and the Remaking of Global Power

Blayne Haggart, an associate professor of political science at Brock University in St. Catharines, recently published a book with Natasha Tusikov associate professor in the Department of Social Science at York University in Toronto. The Book called The New Knowledge: Information, Data and the Remaking of Global Power is a must-read for those wanting to stay informed in a knowledge-driven society.?

From the global geopolitical arena to the smart city, control over knowledge—particularly over data and intellectual property—has become a key battleground for exercising economic and political power. For companies and governments alike, control over knowledge—what scholar Susan Strange calls the knowledge structure—has become a goal.

The New Knowledge is a guide and analysis of the emerging phenomenon of the knowledge-driven society. It highlights how the pursuit of control over knowledge has become its own ideology, with its own set of experts drawn from those with the ability to collect and manipulate digital data. Haggart and Tusikov propose a workable path forward—knowledge decommodification—to ensure that our new knowledge is not treated simply as a commodity to be bought and sold, but as a way to meet the needs of the individuals and communities that create this knowledge in the first place.

All Points Global Relocation Policy Development and Consulting

All Points stands out among international relocation companies, and the same holds true for our vendor network. The GlobeAssist Network by All Points is meticulously constructed, comprising like-minded global partners spanning over 120 countries worldwide. Regardless of the intricacies and locations involved in a relocation, the quality of service consistently mirrors the high standards set by All Points.

A dedicated focus on Pre-Assignment Services is essential to launch an assignment successfully.

All Points' Pre-Assignment Services are pivotal in ensuring a smooth global assignment process, maximizing the value of your significant investment in your assignee. International corporate relocation always starts with a policy that shapes their career trajectory. All Points collaborates closely with companies to craft a best-practice international relocation policy tailored to both business needs and cultural considerations.?

Whether you already have a policy in place or need one developed, we offer benchmarking exercises to assess competitiveness and identify best practices. Additionally, All Points can assist in Offer Letter writing, ensuring a comprehensive approach to putting your best foot forward.

?If you are in the process of developing or assessing a policy, let All Points guide you towards optimal outcomes. Reach out to us today to learn more.