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What is the current state of the job market? Where are the quality
jobs? What defines a good job these days? This week’s special podcast features CBC's radio show The Current. host Anna Maria Tremonti, Canadian Auto Workers
National Representative Laurell Ritchie, and myself, discussing the state of employment in the Canadian marketplace at
this time.
The good news is that we are seeing a measure of confidence returning to the employment market. Benjamin Tal, an economist with CIBC, shared from the most recent Canadian Employment
Quality Index (EQI) that while employment showed a modest gain, employment quality actually dropped 3.8 per cent. The
highest EQI was found in Saskatchewan and Manitoba followed by Alberta. Benjamin reported that the decline in job quality was
primarily found in western Canada where British Columbia reported a drop of 8 per cent. The encouraging news in the east was
for Ontario, where the EQI increased by 1.5 per cent. As a comparative, the U.S EQI has dropped by 13 per cent over the past 3
years, which shows that Canada is weathering the storm fairly well.
Where is the greatest growth of jobs in our economy? Self-employment has surged by three per cent over the past six months vs.
a 0.5 per cent decline in paid employment. I am hearing from a number of HR managers and recruiters that they are now starting to
hire again. The lead in the start of a recovery is the hiring of more professionals on contract bases (hence why the quality
index has dropped). Once the market has fully stabilized, we will see more full-time hiring.
On a very positive note, Eric Schmidt, CEO of Google, shared at a speech of the Association of National Advertisers last week:
"we know we have begun the recovery because searches for terms such as "restaurants" and "dancing" are increasing. I think we
should be optimistic." There are other very positive signs such as manufacturers’ reported rising output. The JP Morgan global
composite purchasing managers’ index (PMI) rose to 54.4, up from 53 in September, the highest value since July 2004. The PMI rose
to multi-year highs in the US, France, and the UK. All of these are very healthy indicators and build confidence both in
consumers, executives, and hiring managers. Confidence is one of the first things to be hit in a downturn, and the first thing to
show up in the recovery.
How confident are you about the current job market?
Looking for a work situation that is a good fit? Need help with a professional resume, job search and interview
coaching? Invest in yourself, get the edge in this competitive job market.
Optimistic, along the road with you!
Alan Alan Kearns, Canada's Career Coach, is the founder of CareerJoy: The Career Coaching Company. He is one of
Canada's foremost experts on all things relating to careers. Alan has more than 17 years of experience coaching professionals
with successful career decisions. Alan was voted one of the Top 40 entrepreneurs under the age of 40 and is the author of Get the
Right Job
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