The work world has changed. New technology, globalization, and management styles have created job challenges that can hurt young people’s success. Indigenous youth, new immigrants, young people living in poverty, LGBTQ2+ youth, youth with disabilities, racialized youth, and youth in rural or remote areas face big barriers to personal, social, and economic success. Some youth, especially those who have experienced trauma passed down through generations, need time to heal before looking for a job.

Many young people are trying hard to find work, but they still face problems. The job search and hiring processes can feel cold, slow, and unfair. There are many youth employment programs and services, but they can be confusing. Some employers, whether for-profit or non-profit, are unsure about hiring and investing in young people who might not stay. Schools are not always preparing students for future jobs. Our policy makers don’t have enough data on job markets and program results to create strong, lasting solutions.

Empowering Youth in a Changing Job Market

We rely on our young people to build and support the economy for the future. When work changes and social conditions make it hard for them to find stable jobs, our society is at risk.

At first glance, it may seem like there isn’t a problem with youth employment in Canada. There are 6.8 million young people aged 15 to 29, and they are more likely to have jobs compared to their peers in other countries. However, the job market is changing very quickly.

New technologies, demographic shifts, and globalization are changing how work gets done and what skills future jobs will need from our young workers.

Since 2020, The Job Market Has Been Very Up And Down

At the start of the pandemic, many people lost their jobs. Then, as things got better, we saw big worker shortages and many people quitting their jobs.

Now, in 2024, our data shows the job market is getting back to normal. This means it should be easier to find and keep employees. You might have noticed this already.

But, it’s still important to offer good pay, benefits, and rewards to attract the best workers.

We will look at the job market at the end of 2023 and what’s expected in 2024, highlight any challenges, and share tips for finding and keeping great employees.

Key Factors In The Canadian Job Market

Canada has a diverse population with unique needs. Our recent studies have found 3 important factors that will shape the future of Canada’s workforce.

  Aging Population

People in Canada are getting older on average. This aging population will need more support as they retire. Immigration will be key in supporting the Baby Boomer generation and boosting population growth.

Size Of The Workforce

Many Baby Boomers are working longer, which helps keep the workforce size steady in much of Canada. However, in most rural areas, the workforce is getting smaller.

Skilled Workers

With more immigrants bringing high-level skills and more young people getting university degrees, Canada’s workforce will have more highly skilled workers. This trend will continue as more Baby Boomers retire in the next decade.

Top Concerns for Canadian Workers

As the job market calms down, employers have a chance to focus more on their employees’ needs. After two years of challenges and economic changes, workers in Canada are worried about their well-being and financial security.

Here are the main concerns from the Mercer 2022 Inside Employees’ Minds Study:

    Financial Stability: Covering monthly expenses is the biggest worry for Canadian workers, a change from last year’s study.

    Balance Between Work And Life: Over half of Canadian workers feel tired during their workday. Employees need more time and flexibility for personal happiness.

    Physical Health: Many Canadian workers are concerned about their physical well-being. How can your company support their health?

    Retirement Security: Only about 45% of Canadian workers are confident their retirement savings will last their whole lives. Can your business provide better retirement plans?

    Mental Health: Mental well-being is a major concern across all groups, especially for LGBTQ workers and those under 35. How can you support these vulnerable employees?

Stay Informed About Salary Trends

Your pay plan will be crucial for your team’s success in 2024. According to the survey, half of Canadian companies intend to update their pay systems this year. To make smart decisions about your pay, compare your salary offerings with industry standards using salary survey tools.