Canadian employers are heading into 2017 with considerable economic optimism despite enduring a turbulent year – that’s the claim one recruitment giant has made after it released the findings of its latest annual survey.
"The past year was punctuated by stories about global economic upheaval but, here in Canada, the mood is one of pragmatic optimism," said Rowan O'Grady, president of Hays
The 2016 Hays Salary Guide, which gathered insights from more than 4,000 employers and employees across Canada, uncovered a 19 per cent spike in confidence for a strengthening Canadian economy next year and nearly two-thirds of respondents expect their business activity will increase.
However, despite the widespread optimism, it seems employers are still heavily focused on stability and risk-avoidance – opting for a conservative approach to business in 2017.
"Hays' national data shows employers are acutely aware of what's happening around them and have chosen to put business stability ahead of risk,” he continues. “They're treading water with confidence and we think that's a good thing.”
Half of employers plan to stick with their current staff numbers and 55 per cent said salaries will increase by a nominal three per cent or less.
Employers are also anxious about losing existing talent – 26 per cent noted a management-level turnover rate between six and 10 per cent per year and Hays claim employers have turned their attention to preserving their mid- to senior executive ranks.
“Canada takes the occasional knock for always playing it safe and I have to say this desire for stability makes more sense now than ever before,” said O’Grady.
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