Over half (53 per cent) expect recession within next 12 months
Canadian job seekers are increasingly questioning the notion of job security as concerns about a potential recession grow, according to a survey.
The survey of over 500 respondents in June found that 78 per cent believe that no job is secure, regardless of performance, and 75 per cent say job security is becoming a thing of the past.
The findings reveal a significant shift in attitudes among Canadian workers. More than two-thirds (68 per cent) of employed job seekers report that they once felt stable in their careers, but now feel uncertain about their future.
Despite these anxieties, most employed job seekers remain confident in their current employers’ ability to provide job security, finds Express Employment Professionals: 72 per cent are confident in their company’s short-term prospects, and 66 per cent in long-term security. However, 75 per cent say changes in government policy have a greater impact on job security than decisions made by company leadership.
Recession fears drive insecurity
Recession fears are driving that doubt about job security, finds Express Employment Professionals.
Over half (53 per cent) of respondents expect a recession within the next 12 months, while 17 per cent believe Canada is already in a recession. Most job seekers (77 per cent) worry that any job they accept now could be at risk if the economy worsens, and 74 per cent are concerned about finding work during a potential or ongoing recession.
More than half (51 per cent) say they are more concerned about job security than they were a year ago.
In July, Canada’s job market experienced the largest decline in employment since the end of the pandemic, dropping by 41,000, reversing about half the increase from the month prior, according to Indeed.
Job search strategies
These concerns are driving major changes in job search strategies.
According to Express, 82 per cent of job seekers have altered their approach due to economic uncertainty. Nearly two-thirds (62 per cent) say recession fears affect their willingness to negotiate salary or benefits, and 18 per cent are more open to accepting lower salaries.
Many are expanding their search, with:
- 35 per cent more open to different work environments
- 30 per cent applying for roles for which they are overqualified
- 28 per cent willing to relocate or apply outside their target industry.
Additionally, 61 per cent now believe contract and freelance work offer more control over their future than traditional full-time jobs.
“In times of economic uncertainty, job seekers should focus on adaptability and self-investment,” said Bob Funk Jr., CEO, President and Chairman of Express Employment International. “Expand your search, sharpen your skills and stay open to new opportunities, even those outside your comfort zone. The most successful candidates aren’t just looking for jobs; they’re building resilience for whatever comes next.”
How to help workers become more adaptable at work?
Here’s how employers can encourage workers to work to become more adaptable to the changing times, according to 6Q, an employee feedback system company:
- Encourage employees to ask questions.
- Encourage communication among employees.
- Integrate mindfulness practices.
- Be collaborative and open to feedback.
- Hire a diverse team.
“Adaptability is a soft skill that helps employees adapt to and thrive in the face of organisational changes at work. You need to encourage your employees to be adaptable; first and foremost, this means developing effective communication channels, staying positive and practising mindfulness,” according to 6Q.
“Doing so will not only help your team through a large-scale change but will also make your office stronger in the long run.”
As artificial intelligence continues its rapid evolution, its impact on the workplace is becoming increasingly significant — especially for highly skilled, highly educated professionals, according to a previous report.
