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November 2024 Overview
The Canadian employment landscape is constantly changing. Keep up-to-date with the most recent trends with our monthly Employment Landscape Overview. Figures and statistics sourced from Statistics Canada.
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Employment did not change
In November, the employment rate held steady at 60.6%.
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Average hourly wages increased
Average hourly wages among employees increased by 4.1% (+$1.40 to $35.68) on a year-over-year basis in November, following growth of 4.9% in October (not seasonally adjusted).
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Unemployment rate rose
The unemployment rate rose 0.3 percentage points to 6.8%, as more people looked for work.
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Employment increased in Alberta
Employment increases in Alberta (+24,000; +1.0%)
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Employment increases in wholesale and retail trade
There were more people employed in wholesale and retail trade in November (+39,000; +1.3%), the second increase in three months.
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3 in 10 Canadians aged 25 to 54 completed training outside the regular education system in the previous 12 months
- New technologies and economic changes drive shifts in skill demands, with training helping to address skills gaps.
- In November 2024, 29.2% of Canadians aged 25-54 had taken non-formal training in the past year, a slight decrease from 2022.
- Job-specific training was the most common type (73.9%), followed by personal development (17.8%) and occupational health and safety (15.4%).
- Computer-related training remained relatively unchanged at 8.8% despite ongoing technological changes.
- Among those who didn’t take training, the main reasons were: no perceived need (69.5%), being too busy (16.7%, up 3.6 points), and cost (9.6%, up 2.5 points).
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A greater share of hybrid workers work half of their hours or more at locations other than home
- In November 2024, 12.5% of employed Canadians worked exclusively from home, while 11.5% had hybrid arrangements.
- Among hybrid workers, 55.8% worked at least half their hours outside the home, up 4.2 percentage points from 2023.
- Public administration saw a significant increase in on-site work for hybrid workers (+19.9 percentage points to 61.5%).
- Hybrid work patterns remained stable in professional, scientific, and technical services (44.1% on-site) and finance, insurance, real estate sectors (39.9% on-site).
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Youth unemployment rate up in November
- Youth unemployment rate rose to 13.9% in November, up 1.1 percentage points, with a 2.3 percentage point increase year-over-year.
- Core-aged women’s unemployment rate increased to 5.8%, marking the third consecutive monthly rise and a 1.2 percentage point increase from last year.
- Core-aged men’s unemployment rate remained at 5.7%, up 0.6 percentage points year-over-year.
- For those 55 and older, unemployment rose 0.4 percentage points to 5.3%, with a significant year-over-year increase for men (up 1.3 points to 6.0%) but little change for women (4.5%).
Industry Trends – Canada’s Future of Work and Immigration
Broadleaf summarizes the latest industry trends each month to keep you informed as you make decisions about the future of your business.
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Canada’s workforce is undergoing a transformation
Canada’s workforce is undergoing a transformation, driven by shifting economic trends, technological advancements, and immigration policies designed to address labor shortages.
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The Role of Immigration in Workforce Growth
- Canada has positioned immigration as a cornerstone of its labor market strategy.
- In 2023, international migration surged, with many workers arriving on temporary work and study permits.
- Skilled immigrants are increasingly sought to fill gaps in critical sectors such as healthcare, construction, and advanced manufacturing.
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Key Trends in the Future of Work
- Adapting to Technological Change: AI and automation are reshaping job roles, particularly in tech and white-collar sectors. While some jobs may be displaced, others, such as machine learning engineers, are emerging as high-growth areas. Businesses must invest in reskilling programs to stay competitive in this evolving landscape.
- Flexibility in Work Models: Post-pandemic, hybrid and remote roles remain attractive to job seekers. Employers offering flexible arrangements often have an edge in filling roles, particularly in competitive fields.
- Economic and Demographic Challenges: Canada faces an aging workforce and slower domestic population growth, making immigration a critical driver of labor market expansion. However, economic uncertainties, such as slowing wage growth and potential downturns, could influence the pace and structure of workforce changes.
Industry Trends – The Rise of Fractional Employees
Broadleaf summarizes the latest industry trends each month to keep you informed as you make decisions about the future of your business.
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The world of work is evolving
The world of work is evolving, and one trend on the rise in Canada is fractional employment. This staffing model bridges the gap between full-time roles and freelance gigs, offering businesses access to high-level expertise without the full-time costs.
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What are fractional employees?
They’re seasoned professionals, often in executive roles like CFOs, CMOs, or COOs, who work part-time or on a project basis across multiple companies.
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Key Benefits for Businesses
Cost-Effective Expertise
- Fractional roles save businesses 30–40% compared to full-time hires
- Companies avoid overhead costs like benefits, office space, and full-time salaries.
Access to High-Caliber Talent
- Gain the expertise of seasoned professionals without long-term commitments.
- Tap into a broader talent pool, even amidst hiring freezes or budget constraints.
Flexibility and Agility
- Scale staffing according to project needs.
- Adapt swiftly to dynamic market conditions.
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Why Professionals are Drawn to Fractional Roles
For seasoned executives, fractional employment offers:
- Diverse Industry Experience: Opportunity to apply skills across various sectors.
- Work-Life Balance: Greater autonomy and flexibility.
- Increased Earnings: Potential to work for multiple employers concurrently.
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Strategies for HR Leaders to Leverage Fractional Talent
- Identify Key Roles: Pinpoint areas where fractional expertise can fill gaps or drive innovation.
- Build Talent Pools: Leverage platforms and networks to connect with top fractional professionals.
- Establish Clear Processes: Define roles, responsibilities, and onboarding protocols to ensure alignment.
- Monitor Outcomes: Regularly assess the impact of fractional hires on business goals and team dynamics.