EXECUTIVE SUMMARY
From the Desk of Vaco President Kevin Witt
"The Q3 2024 Vaco Market Report highlights how nuanced the Canadian labor market has been throughout the year. Despite modest job gains in part-time work, the unemployment rate rose to 6.6% amidst ongoing fluctuations in full-time employment. As businesses continue navigating economic uncertainty, there is a growing emphasis on flexible talent models, including contract work and managed services, to drive efficiency and remain competitive."
Employment figures grew in August, with a net gain of 22,000 jobs, largely due to part-time positions offsetting declines in full-time roles. But the unemployment rate ticked up to 6.6%, marking its highest level since May 2017 (excluding the pandemic period). In response to these trends, employers are increasingly embracing flexible workforce strategies—such as contract work and managed services—to drive efficiency and remain competitive in a market marked by uncertainty.
Key trends influencing the hiring landscape include shifting worker expectations, the continued demand for hybrid work models and advancements in AI-powered hiring tools. Those employers investing in technology, prioritizing workforce flexibility and adopting skills-based hiring are expected to be better positioned for long-term success. In high-demand sectors like finance and technology, the use of contract workers remains a critical lever for workforce optimization.
As we move into the final quarter of 2024, organizations should look to balance cost efficiency with innovation to stay agile and competitive."
Kevin Witt
President, Vaco
