Welcome to our latest newsletter! This edition features in-depth industry reports, expert articles, practical resources, and recommended reads. Designed to drive organizational excellence, empower your team, and help leaders navigate talent management while assisting job seekers in navigating the landscape. Discover the latest trends, gain valuable insights, and access tools to inspire success in your role.
- Employment Rate in Canada remained decreased to 61.30% in May from 61.40% in April.?(Statistics Canada)
- The Unemployment Rate rose to 6.2% in May from 6.1% in the earlier month. The unemployed population jumped by 28,000 to 1.365 million, with just under one-quarter transitioning to employment. Notably, there was a sharp increase in joblessness for the core working age (+22,600) and the older population (+8,300), in contrast to a slight decrease among the youth (-3,200).?(Statistics Canada)
- Interest Rate: The Bank of Canada cut its key interest rate by 25bps to 4.75% in its June 2024 meeting, as expected, and signaled that more rate cuts are to be delivered should inflation continue to slow as expected. (Bank of Canada)
- Employment Rate in the United States decreased to 60.10% in May from 60.20% in April of 2024.?(U.S. Bureau of Labor Statistics)
- The Unemployment Rate rose to 4% in May 2024, the highest since January 2022, up from 3.9% in the previous month and surprising market expectations. (U.S. Bureau of Labor Statistics)
- Interest Rate:?The Federal Reserve left the Fed funds target range steady at 5.25%-5.50% for a 7th consecutive meeting in June 2024, in line with forecasts. (Federal Reserve Board)
- The Canadian government plans to extend early pension eligibility to more front-line federal workers, including firefighters and border staff, allowing them to retire after 25 years of service without pension reduction.
- According to a Statistics Canada report, 63% of adults in Canada have experienced at least one potentially traumatic event in their lifetime.
- Ontario is investing $5 million to train jobseekers for in-demand careers in technology through the Better Jobs Ontario program.
- Employers can better support employees with migraines by providing accommodations, education, and access to specialized care, recognizing it as a serious neurological condition that impacts productivity.
- Amid rising financial stress, more Canadians are prioritizing their financial well-being, with the trend impacting workplace productivity and performance.
- Pay equity discussions are becoming more complex, considering intersectional factors beyond gender, with employers increasingly addressing the issue to build trust and fairness.
- Tesla is reportedly laying off more than 10% of its global workforce, impacting over 14,000 employees, as the company faces slowing sales and increased competition in the EV market .
- Microsoft and Google are reportedly initiating layoffs, with over 1,000 employees expected to be impacted, despite both companies having strong balance sheets.
- John Deere is facing criticism for implementing mass layoffs affecting approximately 1,000 workers in Iowa and Illinois, despite posting $10 billion in profits for the 2023 fiscal year.
