As Canada’s economy continues to slow, Canada’s job market is changing, which is impacting the skills employers are looking for.
In 2023, with unemployment at record lows, we faced skill and talent shortages across a broad swath of the labor market. However, in 2023, the labor market turned back in favor of employers as unemployment rose.
Meanwhile, 2023 also saw the rise of generative artificial intelligence (AI) and an unprecedented number of cyberattacks against large organizations.
Here are some of the key skills and industries that are expected to be in high demand in 2024.
slowing economy
The year began with an unemployment rate of 5% in January, close to the record low of 4.9% set in summer 2022. However, through 2023, the unemployment rate slowly rose amid repeated interest rate increases. Bank of Canada interest rate hike aimed at slowing economic activity. As of November 2023, Canada’s unemployment rate is 5.8%.
“The job market is not where it was in early 2022,” said Brendon Barnard, senior economist at Indeed Hiring Lab. “There was,” he said.
Employment has fallen particularly sharply in the technology sector. Last year saw large-scale layoffs at several major technology companies, including Shopify, Amazon, Microsoft, and Spotify.
according to November Report from Indeed Hiring Lab, The two sectors with the largest declines in job openings in Canada were software development and IT operations. Compared to November 2022, the number of job openings in these two fields decreased by 53% and 48%, respectively.
“Based on our conversations with (tech) employers, it’s very common for candidates to have multiple offers, and they could get one offer after another to get the highest salary.” said Bernard. “Since then, it’s really come back to reality and now the balance seems to have shifted.” Return to Employer’s Favor. ”
However, not all sectors have been affected by the economic slowdown. The healthcare industry continues to face significant labor shortages, with pharmacy, therapy, dentistry and nursing among the industries with the least decline in job openings, according to Indeed Hiring Lab.
“Many health-related jobs are in the public sector, so the cyclical effects that affect private-sector jobs don’t affect them,” he said.
Barnard said this is especially true as Canada’s population ages, and the demand for care is expected to only increase.
“The main factor behind the strong demand for healthcare workers, whether they are doctors, nurses or personal support workers, is precisely the aging of the population. “It’s not really affected by it,” he said. He said.
cyber security
Tarek Sadek, executive director of Toronto Metropolitan University’s Center for Engineering Innovation and Entrepreneurship, said given the economic slowdown, many employers are asking “what is necessary” rather than “what is possible.” He says he will hire people looking for the same.
“One of the top industries (that) we think will see increased hiring is cybersecurity,” Sadek said. “We believe that cybersecurity will continue regardless of the[economy]because it fits not only what is possible, but what is needed.”
Last year, many large organizations in Canada experienced the following cyberattacks: hospital, library system,Retail company, grocery store, Board of education And even government agencies. With cybersecurity becoming an increasingly important focus for businesses and organizations, experts tell CTVNews.ca that the demand for jobs in this field will only continue to grow.
“A big topic of discussion with many of our clients is related to cybersecurity. We regularly see cyberattacks, phishing attempts, and more,” said Mike Shechtman, senior regional director at recruiting firm Robert Half.
A CDW Canada report this summer found that cybersecurity breaches have more than doubled among Canadian businesses, and 62% of organizations surveyed face an IT security skills gap. I am answering.
Shechtman said hiring cybersecurity professionals may only be possible in large organizations, but smaller companies may begin to require cybersecurity skills as an “add-on” to some of their existing positions. It says that there is a sex.
“The demand for people with these skill sets will increase,” he said.
Elements of AI
The past year has also seen the rise of generative AI tools like ChatGPT, a trend that experts say could have a major impact on the job market going forward.
“The maturity that we’re now reaching with AI is actually changing things a little bit. Small businesses and even individuals can use AI to improve their productivity.” said Sadek.
Although the number of jobs requiring AI skills is still small, it is rapidly increasing. According to a report from Indeed.com, generative AI was mentioned in 0.06% of job listings as of the end of October, up from “virtually zero” in 2023.
“We expect further exponential growth in the next year or two,” Sadek predicts.
But experts say the rise of this technology will also mean less demand for some jobs, especially repetitive ones. According to Indeed.com’s 2024 Canadian Jobs and Employment Trends report, 55% of Canadian job listings are “moderately impacted” by changes driven by AI, while 21% are “highly impacted.” It turns out that there is.
“Any position that involves repetitive, high-volume data entry, I think that’s going to be one of the highest or most impacted positions that could be replaced by generative AI.” said Shechtman.
However, Barnard said jobs that require some kind of “physicality,” such as construction or personal care, are less likely to be replaced by AI than white-collar jobs.
“AI is not going to take away all of these[white-collar]jobs, but one potential way forward is to get used to these new tools and find ways to take advantage of them.” “I think it’s like introducing new technology to enhance that role,” he said.
soft skills
Soft interpersonal skills will become even more important in the age of AI, Sadek said. These include creativity, adaptability, critical thinking, problem solving, time management, emotional intelligence, and communication.
“AI will help us be more productive, but it will not replace us,” he said.
Shechtman says this is especially true after the pandemic changed the way people work.
“In today’s climate, the ability to communicate effectively and be a critical thinker is perhaps more evident than ever before,” he said.
“As an example of how people have been able to adapt and move their business forward as the layers of bringing projects together have increased in complexity, whether it’s managing remote or hybrid teams, many executives It’s going to be something to keep an eye on.”