HR Market Update
October 2023

The Bank of Canada’s rate hikes since March 2022 are beginning to be felt in the Canadian economy, as growth appears to be slowing and job vacancies are falling. The central bank’s key interest rate currently sits at 5% – the highest it’s been since 2001, and everyone is awaiting October 25th when the next interest rate announcement is expected. Statistics Canada recently released its September labour force survey, which shows the unemployment rate continued to hold steady at 5.5 per cent for the third month in a row. As we continue to keep a close eye on the macroeconomic backdrop, these are the trends we are seeing in the HR space:

Compensation Planning Season

We’re at the time of year when organizations review and make decisions about employee compensation, a critical aspect of recruitment, retention and employee engagement. To aid in compensation planning, Kathleen Jinkerson, our VP of HR & Total Rewards Solutions is hosting a complimentary webinar Evolving Compensation: Priorities & Predictions For 2024 with a panel of subject matter experts to help you traverse this key strategic time.

Looking for more compensation data? Register to receive our Consolidated Forecast & Commentary on 2024 Salary Budgets.

Skills Based Hiring is Back in Fashion

Hiring managers have focused on soft skills these past few years when it comes to talent acquisition. While emotional intelligence, a growth mindset and resilience are still important, we have witnessed a change in the marketplace.  Organizations need to pay more attention to hard skills and technical competency. Understanding this, our Recruitment Solutions team have made competency a priority in vetting quality candidates. Reach out to us to learn more.

The Power of Teamwork

Along with hard skills, organizations and people managers still value the power of teamwork. The ability for their people to work in hybrid teams, fostering accountability, leading change and productive conflict are some of the topics that are top of mind. We are thrilled to be partnering with Dr. Liane Davey and bringing her research-backed keynotes and workshops to our customers. Our partnership with Dr. Liane Davey, the renowned “teamwork doctor”, solidifies our commitment to leadership and team development excellence. Together, with Liane’s research and The Talent Company’s proven methodologies and certified facilitators, we are uniquely positioned to serve companies dedicated to elevating their leadership.

Is your organization ready for compensation planning season? Are your leaders able to build high-performing teams with the necessary hard skills and competencies? Are you interested in leveraging the power of teamwork within your organization? We’re here to help. I invite you to book a quick 15-minute chat.

Greg Vertelman, Chief Growth Officer and Career Transition Practice Leader

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