The 2024 Labor Market: A Yr of Conflicts and a Glimpse into 2025
As 2024 attracts to an in depth, it’s straightforward to really feel a way of unease when reflecting on the state of the labor market. Unemployment has been steadily climbing, and economists predict it is going to proceed to rise till hitting a low of seven% within the first quarter of 2025. The federal authorities’s unpredictable shifts in immigration coverage have left numerous short-term staff and college students in a precarious place, uncertain of their future in Canada. In the meantime, middle-to-high-income personal sector jobs proceed to be negatively impacted, and employers are going through vital pushback from staff concerning return-to-office mandates and efficiency expectations.
Union exercise has been significantly pronounced regardless of clear proof that adapting to the present financial local weather necessitates elementary modifications within the workforce to handle Canada’s productiveness challenges. Ottawa, specifically, is experiencing a regarding decline in workplace attendance ranges, lagging behind different main Canadian cities. Whereas acknowledging that many face obstacles to returning to the workplace, this pattern is alarming for a capital metropolis aspiring to draw companies, new residents, and guests whereas fostering financial prosperity.
Discovering the Silver Lining
Whereas many sectors proceed to battle, there’s a rising sense of optimism amongst employers. After navigating a turbulent few years, companies are regaining management, adapting to the brand new financial panorama and strategically investing of their development.
Rates of interest are steadily declining, offering much-needed reduction. Firms are experiencing improved money stream and monetary stability, permitting them to rent with confidence and set up honest phrases for his or her staff.
One promising indicator is the latest improve in common hours labored. This implies a constructive affect from return-to-office mandates, boosting productiveness and collaboration in each the personal and public sectors.
Drivers of Hiring Exercise
Hiring exercise in This fall 2024 has considerably elevated in comparison with the identical interval final yr. This surge is fueled by two key components:
- Rebalancing Groups: Employers are actively adjusting their workforce, typically changing staff employed in the course of the 2020-2022 interval who’re unable to fulfill evolving expectations. This highlights a shift in the direction of a extra balanced and productive workforce.
- The Rise of Retirements: Retirements are taking part in a serious position in driving recruitment exercise. This pattern is predicted to proceed into 2025, presenting each challenges and alternatives for organizations in expertise planning.
Trying Forward to 2025
2025 guarantees to be a yr of transition, with a brand new authorities, workforce changes within the public sector and a renewed deal with productiveness. Retirements will proceed to gasoline hiring wants throughout all industries.
We anticipate that unemployment will peak in late Q1 2025 as immigration coverage modifications and rate of interest changes take impact. Nevertheless, these modifications will finally allow companies to take a position extra of their workforce, fostering development within the latter half of the yr. Whereas cautious optimism prevails, 2025 is poised to be a yr of relative stability for a lot of companies.
Keynote Search in 2024: Simplifying, Focusing, and Thriving
2024 was a yr of transformation and focus for Keynote. We streamlined our operations and devoted ourselves to what we do finest: executing distinctive search initiatives. We have now efficiently delivered near 100 search processes, partnering with a various vary of organizations from skilled sports activities franchises to the Metropolis of Ottawa, PE-backed scale-ups, non-profit organizations and the whole lot in between!
This renewed focus allowed us to:
- Reconnect with our core strengths: We prioritized consumer improvement and search supply, making certain distinctive service and outcomes for our shoppers.
- Reinforce our dedication to Ottawa: We solidified our place as Ottawa’s main search agency, devoted to serving our local people by way of our time, sources and advocacy.
- Spend money on our crew: We welcomed new expertise whereas celebrating the success of crew members who’ve launched into thrilling new ventures.
As considered one of our advisors aptly put it, “We stopped worrying about conquering the world and have targeted on find out how to conquer our world.”
We’re proud to have performed a key position in constructing sturdy management groups and driving success for these organizations. Whereas we compete with world search companies, we stay devoted to serving our local people. As Ottawa’s finest native agency, we’re dedicated to creating our metropolis a greater place to dwell, work, and play.
New for 2025 : Introducing “Combine”, Elevating Management Transitions
At Keynote, we’re keen about making certain the long-term success of the leaders we place. That’s why we’re thrilled to announce the launch of “Combine,” our post-placement integration service as a standalone product.
“Combine” offers complete assist for key hires and promotions, facilitating seamless transitions and accelerating their affect inside your group.
What “Combine” Provides:
- Customized teaching and mentorship
- Structured onboarding applications
- Management improvement sources
- Ongoing assist and steering
Whether or not you’ve partnered with Keynote in your search course of or not, “Combine” can assist your leaders thrive. Go to our Keynote Teaching web site to study extra about this thrilling new providing.
Hear From Among the Profitable Integrations the Keynote Group has Led
Deborah Lehmann, CEO of The Ottawa Most cancers Basis, launched into a profound journey of intentional management and self-reflection. In her phrases, “The Integration program supplied me with the chance to deliberately contemplate my general enterprise and administration approaches to a number of key areas. It helped me leverage my internal knowledge and determine blind spots to be able to construct belief extra successfully inside the group. In consequence, I used to be in a position to drive significant enhancements in our construction and processes extra successfully. This devoted time with a coach not solely supported my preliminary integration however continues to assist me refine and embed my management fashion inside the group’s tradition.” This sustained teaching has empowered Deborah to make impactful, lasting modifications which have strengthened the organizational construction, fostered belief, and amplified her management’s constructive affect throughout the Basis.
“The Integration program has been a game-changer for our new management hires. The structured assist and personalised teaching supplied throughout onboarding made a major distinction of their potential to hit the bottom operating, setting a brand new commonplace for efficient management onboarding. As well as, particular person teaching has been instrumental in supporting leaders’ ongoing improvement past the combination interval, serving to them repeatedly refine their abilities and improve their contributions to the group.” – Laura Dionne, Senior Director, Folks & Tradition, Ottawa Senators Hockey Membership
“My straightforward transition and powerful basis constructing as a frontrunner have been a lot enhanced by the combination mentoring from Brenda I obtained after I first joined the Ottawa Meals Financial institution in 2022. Since then, the continued teaching alternatives with Brenda have been priceless, arming me with the management qualities required to advance each personally and professionally. It makes me glad to look at how this funding in my private improvement has improved not simply my very own but in addition the overall efficiency of my crew.” – Drew Conroy, Director of Operations, Ottawa Meals Financial institution
As we stay up for 2025, Keynote stays dedicated to driving significant change and supporting leaders of their journey to make an enduring affect—as a result of when management thrives, organizations and communities do too.