Talent Market Insights - November 2024

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Welcome to our Talent Insights Monthly Digest! Each month, we deliver a talent intelligence newsletter filled with North American market updates, in-depth analyses, practical resources, and recommended reads. Our goal is to help you stay ahead in the dynamic talent landscape, navigate your career success, and empower your team.

?? Key Indicators ??

Canadian Employment:

• Unemployment Rate in Canada remained unchanged at 6.5%, slightly below market expectations that it would have bounced back to the near 3-year high of 6.6% from August.
• The Inflation Rate in Canada rose more than expected to 2.0% in October as gas prices fell less than the previous month, causing markets to scale back bets on a big rate cut next month.
• Interest Rate: The Bank of Canada cut its key interest rate by 50bps to 3.75% in its October 2024 decision, as expected, signaled that it will continue to lower its rate should the economy develop as expected.

U.S. Employment:

• The Unemployment Rate was at 4.1% in October, remaining unchanged from the three-month low in the prior month, and aligned with market expectations.
• The Annual Inflation Rate in the US accelerated to 2.6% in October 2024, up from 2.4% in September which was the lowest rate since February 2021, and in line with market expectations. Interest Rate:?The Federal Reserve officials were uncertain about the extent of interest rate cuts at their September meeting, but opted for a half-point reduction to balance inflation confidence with labour market concerns, according to minutes.

?? Monthly Reading Picks ??

Free Career Webinar

Join the engaging conversation with CGI Senior Finance Consultant - Jayden Reid on Wednesday November 20 at 5:00 PM PT / 6:00 PM MT / 8:00 PM ET! Get tips and insights on landing your first role in finance consulting.

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Mercer: 2024 Global Talent Trends?Report

Societal dynamics are reshaping work structures, technology and AI are advancing at breakneck speed, and we are still navigating the aftermath and recovery of a post-pandemic world.

Mercer wanted to hear how business executives, HR leaders, employees and investors were navigating this evolving landscape. More than 12,200 voices contributed to this year’s Global Talent Trends study and they are excited to share the results with you.

Click here to download the report

"Dare to Lead" by Brené Brown

Brené Brown delves into the qualities that make a great leader, emphasizing courage, vulnerability, and empathy. She provides insights on how to cultivate brave leadership and build trusting teams. [Get it on Amazon]

"What Color Is Your Parachute? 2022" by Richard N. Bolles

A timeless resource for job seekers, this book offers practical advice on career exploration and job hunting. It includes exercises to help readers identify their strengths and interests to find fulfilling work. [Get it on Amazon]

?? The Market in Brief ??

Employee Experience

• Oct 29: Ontario's fifth Working for Workers Act, 2024 received royal assent on October 28, introducing amendments to several statutes, aiming to open pathways into skilled trades, remove employment barriers, support frontline workers, and enhance protections for women in the workforce.
• Oct 29: Starbucks threatens to fire corporate employees who refuse to return to the office 3 days a week.

Compensation & Benefits

• Nov 14: A TD Bank Group survey reveals that only 49% of Canadians believe they are saving enough to achieve their long-term financial goals, with many citing a lack of financial knowledge as a significant barrier.
• Nov 13: Canadian employer medical costs are projected to increase by 7.4% in 2025, up from 5.0% in 2024, according to a report by Aon.
• Oct 30: TELUS Health reports that Canadian pension plans are experiencing positive returns and enhanced stability, offering improved opportunities for plan members.
• Oct 29: Manulife reports an increase in the use of fertility treatments, with expanded benefits now covering a range of procedures and associated costs at Canadian fertility clinics.

Recruitment

• Nov 15: The Canada Revenue Agency is cutting contracts for around 600 temporary workers, primarily debt collectors, by December 13, 2024, as part of a federal spending review.
• Nov 15: General Motors is cutting approximately 1,000 employees globally, primarily from its Global Technical Center in Warren, as part of a reorganization effort to cut costs and realign priorities.
• Nov 13: AMD is laying off 4% of its global workforce, approximately 1,000 employees, to focus on AI chip development and align resources with growth opportunities.
• Nov 13: Boeing is issuing layoff notices to 17,000 employees, cutting 10% of its workforce to stabilize its financial situation.
• Nov 12: A study reveals that two-fifths of Canadians have considered a career in skilled trades, with three-fifths believing these jobs offer good pay.
• Nov 8: Salesforce plans to hire more than 1,000 workers to sell its new generative AI agent product.?
• Nov 8: Hays warns that Canada's job economy is facing a 'great stagnation' with slowing salary and employment growth.
• Nov 8: Booking.com is considering a reorganization that may lead to job cuts as part of cost-cutting measures.
• Nov 8: HSBC is planning significant job cuts as part of a restructuring effort to reduce costs and streamline operations.
• Oct 29: Visa plans to lay off around 1,400 employees and contractors by the end of the year to streamline its international business.
• Oct 24: Beyond, Inc., the parent company of Bed Bath & Beyond, is laying off 20% of its workforce as it transitions to an affinity marketing model with a focus on technology and data monetization

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