'It's evident employers are looking to do more than just fill positions; they are looking for the right fit'
Almost 3 out of 4 Canadian companies (74%) have an optimistic hiring outlook towards the end of 2024, but budget remains a big issue that is hindering many from expanding their workforce.
The survey released by Express Employment Professionals revealed that 38% of the respondents shared these feelings of optimism, while 33% are confident about it, and 32% said that they are hopeful about their hiring opportunities.
Meanwhile, 49% of Canadian companies expressed their plan to increase the number of their employees in the second half of this year (July – December), which is on par with the previous survey results.
“It’s encouraging to see so many companies optimistic about their hiring plans for the remainder of the year,” said ExpressPros CEO Bill Stoller. “With labour demands shifting from traditional roles, job seekers should research in-demand careers and begin the credentialing process now to stand out from the competition. It’s evident employers are looking to do more than just fill positions; they are looking for the right fit.”
What’s driving hiring plans?
The new Job Insights survey also noted that 56% of the respondents stated that new business opportunities remain a strong driver for workforce expansion, as companies report dealing with increased volumes of work.
Forty-four percent (44%) of the respondents said that they would be hiring to fill newly created positions in their organizations, while 25% stated that handling expansion into other categories of business or markets is the main reason that they would be hiring new employees.
Furthermore, other reasons reported include needing to fill open positions due to employee turnover (38%) and acquiring workforce expertise in new areas (26%). In a separate survey, conducted earlier this year by ExpressPros, it says that 28% of Canadian employers expect employee turnover to increase this year.
Challenges to workforce expansion
On the other hand, budget constraints remained the primary reason why 41% of the companies surveyed have no plans to have new hires, (which means that their workforce size will remain the same in the remaining months of the year), while 8% stated that they might reduce their workforce size in the next five months.
The ExpressPros survey also revealed that 73% of Canadian hiring decision-makers are planning a workforce reduction to cut costs.
Other reasons for downsizing are:
- Lack of budget (28%)
- Decline in demand (22%)
- Restructuring (21%)
The survey was conducted between May 16 – June 3, 2024, with 504 Canadian hiring decision-makers participating in the polls.
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