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Bank of Canada Publishes Optimistic Hiring Outlook

Things look to finally be on the upswing for Canada’s employment scene, according to the Bank of Canada’s quarterly business outlook survey.

Released Monday, the survey describes the results of a poll of some 100 high-ranking Canadian executives, selected in accordance with the composition of Canada’s gross domestic product. Among other questions, the business leaders were asked of their hiring plans for the year ahead. More than half reported that their firms anticipate taking on more staff in the next 12 months.

ImageIn response to the question of whether they expect their organization’s level of employment to be higher, lower or the same as the year that just passed, 53 percent said it would be higher. Thirty-nine percent, meanwhile, said they expect it to be the same, and just eight percent confessed that they foresee shedding staff in the year to come.

While the hiring prediction is the same as last year, those firms with plans to reduce their workforce declined from 11 percent.

And while more businesses say they’re operating “close to capacity,” their reports of labour shortages have edged down.

In the analysis accompanying the spring assessment, the survey’s authors speculate that an improving American economy, along with the recent devaluation of the Canadian dollar have contributed to this outlook. Additionally, they say that organizations are enjoying steady sales growth (44 percent of respondents said sales improved in the last 12 months, versus 34 percent last spring), with firms declaring orders from both domestic and international customers as “generally improved” over last year.

Asked whether they expected their firm’s sales volume to increase at a greater, lesser or the same rate as over the past 12 months, 51 per cent of respondents replied “greater.” The other half was divided between those who said “the same,” and those who said “lesser.”

Also hopeful was respondents’ apparent lack of anxiety over hiring, with their mentions of concerns about staffing related only “to hiring for specific positions, skill sets or regions,” says the report.

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