As we start the first quarter of 2024, the Canadian economy has shown resilience and adaptability in the face of ongoing challenges. Job additions in January and February exceeded expectations, contributing to a steady unemployment rate of 5.8%.

The Canadian Staffing Index reveals a tempered post-holiday rebound in staffing hours, notably lower (-8.9%) than the previous year. Despite all of which, professional temporary staffing is expected to increase by 3% in 2024.

Addressing recession fears, the Canadian economy defied expectations with a robust Q4 performance. Economic growth of around 1% was reported for 2023 and was supported primarily by immigration. Canada’s forecasted GDP growth for 2024 is 0.9%.

In the evolving job landscape, several trends are shaping the Canadian workforce in 2024. Employers are introducing creative benefits as the push for more in-office work continues, and they are embracing AI for career development and management. Conflict resolution skills for managers, a focus on diversity, equity and inclusion, and a shift in traditional career paths are also prominent trends.

Included in our insights, we touch on the importance of a robust hybrid work policy, the strategic value of consultants in uncertain times and actionable steps for quick and effective job openings.

As we navigate the evolving landscape of talent and work, Vaco remains committed to providing critical solutions and expertise across various sectors, ensuring our clients thrive in a dynamic and ever-changing environment.

Kevin Witt President, Vaco