Employment in Canada realized only a marginal increase in January 2016 with the bulk of the increase occurring in Ontario. Despite the marginal increase, overall unemployment crept up slightly as a result of the labour force growing more quickly than the pace of employment. Declines in employment were primarily realized in agriculture, manufacturing (largely in natural resources related manufacturing – other areas showing growth) transportation, warehousing and public administration. Growth was realized primarily in information related industries as well as culture, recreational and other service industries.
South of the border, unemployment reached an 8 year low of 4.9%. ADP’s National Employment Report noted that employment increased by 205,000 with jobs primarily coming from small to mid-sized companies. This is a similar pattern to that in Canada where over the past year the bulk of new hires were being made by small to mid-sized companies. Despite the upheaval in the global economy and volatility of the financial markets, Mark Zandi, Chief Economist at Moody’s Analytics forecasts that the US economy remains on track to return to full employment by mid-year.
A recent Manpower Employment Outlook Survey (59,000 employers interviewed in 42 countries) indicates much optimism regarding increased hiring in the USA(+17%) and select markets elsewhere. As the unemployment rates come down in the more buoyant economies and the labour market continues to get tighter, companies will feel the impact of rising wages and the on-going skills mismatch according to Jonas Prising, CEO of ManpowerGroup.
Globally hiring confidence is highest in India, Taiwan, Japan, Turkey and the U.S. The weakest – and only negative – forecasts are reported in Brazil, Finland and France. Less optimistic outlooks, yet still on the positive side, come from markets like Columbia, Peru and South Africa due to their reliance on mining and other extractive industries. China also factors into this group with their slowing economy and resultant decrease in the demand for raw materials, impacting the labour market beyond Asia Pacific.
Coupled with general hiring optimism are Hay Group’s recent forecast that salaries globally will see the biggest increase in 3 years, as well as a recent Glass Door report stating that the hiring process has been extended dramatically over the past several years. All of these factors will result in increased challenges in hiring during 2016.
January 2016 C-suite turnover realized increases in 3 out of 4 categories as compared to January 2015. CEO turnover, year over year, increased by +18%, CFO changes decreased by -2%, overall C-Suite changes increased +15% and Board changes increased by 5%.
Month over month changes January 2016 v/s December 2015 saw the opposite with declines in 3 out of 4 categories. Board changes realized the only increase +16% with declines in activity in CEO’s (-1%), CFO’s (16%) and overall C-Suite turnover declining -22%.
January 2016 C Suite turnover activities break down as follows: