Finance sector to add jobs amid improving Canadian labour outlook

But will we continue to work from home as the pandemic improves or is a return to workplaces on the cards?

Finance sector to add jobs amid improving Canadian labour outlook
Steve Randall

With hopes that lockdowns will ease and the Canadian economy will rebound, the outlook for the labour market is also strengthening.

The latest Manpower Group Employment Outlook Survey suggests hiring intentions for the second quarter of 2021 are slightly higher than in the current period, led by the manufacturing sector (net +17%).

There is also a good outlook for public administration (+15%); transportation and public utilities (+13%); and finance and real estate (+12%).

The net employment outlook is 8%, in line with Q2 2020 levels and up 1 percentage point from this quarter. Employers in all 10 industry sectors and across all four regions expect to add payroll between April and June this year.

Although just 15% of employers surveyed are intending to make new hires, 77% expect to maintain current headcount and just 4% plan cuts with 4% unsure.

"An ongoing moderate hiring Outlook for employers in the second quarter of 2021, in light of the continuing Covid-19 pandemic, can be interpreted as a positive trajectory," said Darlene Minatel, country manager of ManpowerGroup Canada. "With all ten industry sectors expecting to hire in the upcoming quarter, there will be opportunities for job seekers.”

However, the optimistic outlook is not even across the regions with the Quebec region posting the highest sentiment (net +12%) while Atlantic Canada will find a more challenging three months (+3%).

Work from home?

The question of ongoing work-from-home arrangements is one frequently discussed by employers and employees; but also closely watched by investors including those with tech and real estate portfolios.

The surge in the value of firms such as Zoom over the past year has come at the expense of office landlords but the ManpowerGroup survey suggests real estate may see some better times ahead.

With the COVID vaccination program progressing, half of respondents expect most of their employees to be back in the workplace within 6-12 months, 33% expect a mix of workplace and work-from-home, and just 6% are intending on remote working for most of their team.

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