The State of Executive Recruitment in 2022
The last two years have been the most turbulent in recent memory. Every employer has been forced to navigate new challenges. In early 2021, we were all introduced to the Great Resignation. It’s grabbed headlines globally for months now, and we’re now seeing its tangible effects here in Canada.
The Labour Market today
Since the beginning of 2021, a staggering 47.8 million people quit their jobs in the US. According to StatsCan, less than one percent of Canadians left their jobs in January 2022, but that is starting to quickly change.
A recent survey by the Bank of Canada showed twenty percent of respondents said they intended to leave their jobs in the next year. That’s up from 17.9% the month before.
What’s changed? And what can employers expect moving forward?
The war for talent is now starting to intensify in Canada. According to the HRPA, Canadian companies have 915,000 jobs to fill. That’s 80% more than in 2019.
When it comes to executive talent, employment patterns are consistent with the broad trends across all levels. Turnover of executives in the US reached an average of 18% in September, up from 14% just a few months prior. Canada, never far behind from the trends in the US, is starting to see the same movement amongst the executive ranks.
The Challenging Road Ahead for Employers
As we start feeling greater impact from the Great Resignation here in Canada, it’s crucial for employers to be prepared. That means taking proactive steps to not only continue building a healthy talent pipeline, but to implement strategies to retain current talent.