Canadian employment rates held steady again in July with unemployment rates virtually unchanged for the past 6 months. Employment increases were realized primarily in professional, scientific and technical services. Declines were realized in finance, insurance and real estate. Similarly, south of the border, the unemployment rate and job growth (continuing to trend at 200,000+ jobs) remained steady with last month. Gains in the USA came primarily in retail, healthcare, professional and technical services and in the financial area. Increases in jobs on both sides of the border were fairly evenly split amongst small, midsize and large companies.
Last year some 1,500+ CEO’s turned over in North America and we’re on pace to realize similar numbers this year. Of these, 60+% resulted in hires of executives from outside of the company. These new hires resulted in a trickledown effect of executive changes within these companies with some seeing as much as 50% of the executive team being changed out during the first year. In the past two years the most vulnerable roles have proven to be CIO, COO, CFO and CHRO.
July 2015 C-suite turnover increased in 3 out of 4 categories as compared to July 2014. CEO turnover, year over year, decreased by 9% whereas CFO, over all C-suite changes and Board changes all saw increases: CFO +27%, overall C-suite +8% and Board changes +15%.
Month over month changes told a different story with July 2015 versus June 2015 breaking out as follows: CEO changes +5%, CFO changes -7%, over all C-suite changes -18% and Board changes -29%. We see these declines however to be a bit of a correction as June 2015 increases were exceptional.
July 2015 C Suite turnover activities break down as follows: