Navigating the Candidate Market 2023

As a leader it is critical to stay up to date on how to successfully navigate hiring in the quickly changing market, here are several key updates and tips to stay ahead of the competition!

Ontario, Canada's economic powerhouse, is currently undergoing significant changes in its employment landscape. Recent statistics reveal both opportunities and challenges for employers seeking to fill vacancies and create a diverse and thriving workforce. The Job Bank has predicted that strong employment opportunities for accounting professionals in Canada will be there till 2028, with the demand outweighing the available skilled accountants. In light of this, having a strong hiring plan becomes crucial for companies aiming to attract and retain top talent.

The Employment Landscape in Ontario:

In May 2023, Ontario witnessed an overall decrease in employment, with 24,000 individuals losing their jobs. Of particular concern was the decline of 77,000 jobs among youth aged 15 to 24. However, there was a positive trend in the 25 to 54 age group, which saw an increase of 63,000 individuals finding employment.

Industry-specific employment numbers varied. Sectors such as business, building, and other support services experienced a notable decline, while professional, scientific, and technical services saw a smaller decrease. On a positive note, manufacturing added 13,000 jobs, and sectors like "other services" and utilities also experienced job growth.

Key Insights for Employers:

To navigate the hiring challenges in Ontario's evolving employment landscape, employers should consider the following insights and the predicted demand for Accounting professionals.

Prioritize Experience:

A significant 76% of professionals acknowledge that organizations have placed greater emphasis on experience over the past year. By prioritizing the value of experience, employers can effectively allure adept individuals who possess the capability to make immediate contributions and swiftly adapt to dynamic work settings.

Emphasize Company Values and Purpose:

A substantial majority of individuals seeking employment, approximately 77%, take into account a company's principles and objectives when choosing an employer. To successfully entice highly skilled individuals, it is imperative for organizations to effectively convey their mission, vision, and dedication to societal obligations. Accentuating a robust corporate culture can differentiate employers and draw in potential candidates who share similar values.

Addressing Vacancy Duration:

A significant challenge in Ontario's labor market is the high number of unfilled vacancies. Approximately 36.3% of job openings remain unfilled for 90 days. Employers can overcome this hurdle by implementing strategies such as streamlining the hiring process, leveraging technology for efficient candidate sourcing, and offering competitive compensation packages.

Conclusion:

Ontario's employment landscape presents both opportunities and challenges for employers. While the overall employment numbers experienced a decline, positive trends, such as wage growth and job creation in specific sectors, offer hope for a resilient workforce.

Additionally, the predicted demand for Accounting professionals emphasizes the importance of having a strong hiring plan to secure skilled professionals.

To overcome hiring challenges, companies should prioritize experience, emphasize their values and purpose, and address the duration of vacancies. By collaborating with policymakers, communities, external recruitment partners, and educational institutions, employers can create a supportive environment that fosters the growth and success of both job seekers and businesses in Ontario's evolving labor market.

If you have any questions or would like to set up a meeting to discuss hiring strategies and best practices, contact Anthony Singh @?[email protected].