As society advances through the pandemic, 2021 could see the highest number of people (re)entering the workforce and changing jobs in recorded history.
Recent easing of restrictions on commerce, as well as evolving government support programs, are driving the labour market to rebalance and recover from the vast gap between the unemployed and the overworked. The upcoming third quarter of 2021 will usher in a host of changes to Canada’s COVID-19 Economic Response Plan programs, including the CRB benefit decreasing from $500 to $300 per week in July and ending completely in September. In addition to other catalysts, children are anticipated to return to in-class learning in September, which will further support Canadians in (re)entering the workforce in droves.
This recovery not only affects (re)entry into the workforce, but new jobs are providing opportunities for employed workers to make a change and join new companies. Achievers is an employee recognition and engagement platform company whose North American survey found that 52 per cent of currently employed workers were planning to look for new jobs in 2021.
While statistics like these may point to the existence of an employer’s market, A. Tarki, T. Sanandaji and B. Francis’s piece published in the Harvard Business Review on “Why Hiring During COVID is Different Than in Previous Downturns” suggests otherwise. They note that the traditional conclusion that high unemployment rates create an employer’s market is too simplistic for the complexities of the current labour market. They ultimately state that “…given an economic crash job openings have remained at unprecedentedly high levels [and thus] employers should go out of their way to try and attract talent.” The extended length of job openings, paired with the generally high unemployment rate, suggests that candidates are not jumping at any job opportunity that presents itself. Arguably, because it is not the “right” opportunity for them, and they are more selective than ever about who they want to work with.
While safety, job stability and remuneration continue to be top of mind, candidates are directly seeking out companies whose cultures better align with their personal values. It is widely known that millennials, who are the largest generation in the workforce, highly value workplaces whose culture and job tasks provide meaning, and opportunities for them to make an impact. The pandemic has broadened that concept to apply to all generations of workers as they reflect on what is important in their lives. Whether currently employed or not, all candidates are searching not just for a job, but are using this unique opportunity to choose the next right step in their careers to better reflect what they value.
What can leaders do to embrace this growing shift in recruitment and secure their competitive footing in the market? Company culture plays a key role in providing and showcasing this information to candidates. To start, leaders can update their mission, vision and values as well as reflect on their company’s roots. They can reclarify the “why” of what they do and help their teams make the connections of why and how their roles create meaning and impact in their communities. They can get re-energized to perform with purpose on everyday tasks. A focus on delivering a clear message to candidates on why they should work with their company will assist in attracting stronger candidates and ultimately lead to better engagement once they join the team.
Further, candidates are interested in what the company’s demonstrated response was to the pandemic, specifically what support was provided to employees through the crisis, and also what they can expect when celebrating inevitable successes at work. Companies can update the onboarding process with a focus on candidate experience, emphasis on the human connection, belonging and opportunities for meaningful career growth to satisfy discerning candidates.
Baker Tilly Canada creates meaningful experiences through our Be True guiding principle which supports our people to be empowered to thrive and Be True to their passion, potential and ambition. It guides how we do business, drives us to create great relationships, great conversations and great futures for our people, our clients, our communities and our profession.
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