The Labor Market Trends in Ontario
Ontario is experiencing a significant growth in employment rate which increased by 0.9%. The intention of Ontario government is to create almost 323,000 jobs till 2020 is successfully going on its way. This is no doubt a strong employment statistics with a low unemployment rate of 5.6%. As 2019 has started, the employers have to focus on the salary trends to get the potential and valued candidates within the industry.
This will obviously help employers to attract more talent within their workplace. When you are going to implement the compensating tactics, you should aware of the labor market trends to remain competitive within your competitors as focusing on general labor jobs with a competitive salary for them would give you enormous outcomes.
Below are the dominant trends for labor market that you should follow. Let’s have a keen look at it!
Labor Market of Ontario
The government made sophisticated decision to control the unemployment in the region and this rate emphasizes the importance of growth culture in organization as more jobs in market will definitely allow workers to get in touch with more opportunities rather sticking to a single place in spite of lower wage for a long time.
In Ontario, the unemployment growth has been decreasing annually. However, the decline of unemployment rate is the prediction element for the Canadian bank to raise the interest rates. It’s expected that the reduction of unemployment rate would directly make the interest rates to go high.
Industrial or Business Trends
According to previous years’ analytics, it is observed that businesses should also have to focus on employee turnover and retention to get in touch with the passive and potential candidates. For more convenience, below are the parts to discuss!
HR Professionals
With the increased job opportunities, there certainly have some concerns related to the skills shortage and this is currently a big question to answer. According to the current statistics, there present some concerns including:
Skills shortage. More than half of HR professionals (almost 72%) are experiencing this concern nowadays.
Absence of skilled professionals in this area has increased the stress and work pressure that should be improved to get more prominent outcomes.
Compensation or salary increment is another motive of HR persons and more salaries to present employees would make difficult to hire more passive candidates. So, when organizations need a new hire, lower salaries would make candidates to deviate from that place.
Workers
In this area, employers have a similar concern as discussed earlier, skills shortage! But, the only employers have concerns? Workers have too. According to major workers, their salaries aren’t aligned with the market rates that make them difficult to work in a similar company for a long time on the same wage.
It is clear that the lower unemployment impact on the interest rates and on inflation too. In this lineup, the workers have somehow the clear motive that their salaries should be enhanced with an increase in inflation.
With these outcomes, unsatisfied workers will be enhanced which is a major hassle for organization. Why satisfied workers are industrial need? Satisfied workers are essential to get magnificent clients’ satisfaction. Unsatisfied workers wouldn’t give their 100% which would effect on their organizational performance. In case of satisfied workers, companies will get more potential customers.
Employees’ Turnover!
The Ontario market will obviously see improved economy in 2019 which has been increasing for past years. The strong and growing economy is currently seeing skills shortage among major employees and on contrary, employees’ dissatisfaction! What’s more? Employees’ turnover is another thing act as the hottest chilly in these trends.
With more job opportunities in Toronto, Ontario, and in overall Canada, the employees’ turnover is an issue should be proficiently resolved at any cost. Mismatch occurs due to lower supply of skilled employees and higher demand for magnificent or improved talent.
With due fact, hiring managers see employees’ deviation towards another company which is due to more salary over there! This emphasized him/her to move from that organization.
This higher demand from both sides causes a business to get more unfamiliar outcomes. To get better outcomes, employee satisfaction is mandatory and to get your business run with good health.
Which Industry Will See A Rise?
As it is discussed earlier, the business in Ontario and in overall Canada has more opportunities with more jobs. The sort of industries that would see a rise in this year is below:
• IT or Computer system design services
• Healthcare
• Professional business services
• Oil and gas
• Construction
• Metal fabrication and machinery
• Wood production manufacturing
Recruitment Trends
The things are changing at a rapid pace. The trends of recruitment would follow three dominant trends in 2019 too.
• Diversity
• New interview
• Data
Why Diversity?
As diversity helps organizations to grow with satisfied and skilled employees. More than half of recruiters or hiring managers have a motive to hire diverse teams to get more productive and innovative outcomes. The reasons behind this strategy of hiring are:
• It helps to improve workplace culture
• It improves organizational performance
• These teams are able to get more customer satisfaction
Why new Interview?
Innovative interview styles or interviewing innovation are now a thing of more focus for the hiring managers. The traditional interview process is comprised of several headaches or lengthy procedures that are costly and more than it, time-consuming and allows passive candidates to find jobs elsewhere.
It helps industries to get better candidates in lower time. Some techniques involve in it include:
• Assessment of soft skills
• Video interview (a strategy to hire a better candidate in lower time)
• Group interviews
• Virtual reality assessment
Why Data?
Now, this is a trend that is growing as years passes. In Ontario, almost 44% of hiring managers are fond of this trend and according to them, it is the top trend that would help in efficient hiring. In 2019, this trend will be more in use.
It is basically using an automated software technology that helps in assessing the candidates’ information to make analysis and predictions on behalf of it. This will obviously cut the time and cost incurred in traditional hiring of candidates.
