Special Report: The Demand for Skilled Talent
Special Report: The Demand for Skilled Talent Volume 7 | Q4 2013
The Great Skills Divide: Supply and Demand for Specialized Professionals The current employment market is characterized as “the great skills divide.” Those with specialized skill sets are in high demand and short supply, while the opposite rings true for the general workforce. Specialization in the job market translates into lower unemployment – particularly in accounting and technology, where proficiency and experience in regulatory, compliance, mobile and big data are driving hiring. Professionals focused on keeping their skills current in the most marketable areas often have multiple career opportunities. As a result, companies need to move quickly to recruit top talent and offer competitive salaries to get them on board.
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Special Report: The Demand for Skilled Talent
The Perfect Storm: A number of factors are contributing to a shortage of candidates with specialized skill sets. • Canadian employment remains strong. Compared with 12 months earlier, employment increased by 1.2% (+214,000) at the end of October 2013, with gains in full-time and part-time work. Over the same period, the total number of hours worked rose by 1.4%.1 • Recruiting and retention are top concerns. 63% of Canadian executives surveyed rated recruiting and retaining highly skilled employees as a high priority, with 33% ranking it a “very high” priority and 30% ranking it a “somewhat high” priority.2 • Talent shortages persist. The marketplace is demanding workers who are versatile, creative, responsive and articulate, and educational offerings have not kept pace with this demand. Despite the current unemployment rates, companies are desperate to find and hire workers whose skills match their needs.3 • Specialists in select fields are in short supply. The hiring environment for several occupations remains competitive. Unemployment rates for many positions in specialties like technology, accounting and finance, and legal are about half of the current unemployment rate.4 • The talent exodus is looming. In North America, average employee turnover rates over the next five years are predicted to reach 23%, driven by a recovering housing market, energy production and the demand for business services. Turnover will spike in 2014, and departures are expected to reach 36.7 million in 2018.5 • Salaries are increasing. Canadian starting salaries for professional occupations are projected to rise an average of 3.7% in 2014. Technology salaries are expected to rise the most, by 5.5%.6
Labour Force Survey, October 2013, Statistics Canada Robert Half survey of more than 270 CFOs in Canada 3 The State of Human Capital 2012: Why the Human Capital Function Still Has Far to Go, The Conference Board and McKinsey & Co., 2012 4 Labour Force Survey, October 2013, Statistics Canada 5 Preparing for Take Off, Hay Group survey, conducted in association with the Centre for Economics and Business Research, June 5, 2013. 6 2014 Salary Guides from Robert Half (www.roberthalf.com/salary-guides) 1 2
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Special Report: The Demand for Skilled Talent
Workers in Key Fields Are in Strong Demand: Job opportunities have made these professionals more selective when evaluating employment offers. October 2013 Unemployment Rates by Occupation, for Select Positions Social Science & Government Occupations (2.4%)
Business, Finance & Administrative Occupations (3.5%)
Natural & Applied Sciences & Related Occupations (2.6%)
Paralegal and related occupations Lawyers and Quebec notaries Judges
Financial auditors/accountants Financial and investment analysts Executive assistants Receptionists Data entry clerks Payroll clerks Customer service representatives Administrative clerks Legal secretaries
Information systems analysts Database analysts Computer programmers Web designers/developers Computer network technicians User support technicians
Management Occupations (1.9%) Financial managers Business services managers Sales/marketing/advertising managers
Source: Labour Force Survey, October 2013, Statistics Canada
Robert Half Can Help We specialize in identifying hard-to-find candidates and matching them with appropriate jobs. Our staffing professionals are well-connected within the industries we serve and are able to draw from a large pool of highly skilled and experienced candidates. We also conduct frequent research so we can provide our clients with the most up-to-date information on salary and employment trends. With more than 345 specialized staffing locations worldwide and more than 65 years of recruiting experience, Robert Half is well-positioned to help you with any of your staffing and recruitment needs.
Connect with us:
Contact us today at roberthalf.ca, or call 1.800.803.8367.
© 2013 Robert Half Canada Inc. RH-1113
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The Great Skills Divide: Supply and Demand for Specialized Professionals The current employment market is characterized as “the great skills divide.” Those with specialized skill sets are in high demand and short supply, while the opposite rings true for the general workforce. Specialization in the job market translates into lower unemployment – particularly in accounting and technology, where proficiency and experience in regulatory, compliance, mobile and big data are driving hiring. Professionals focused on keeping their skills current in the most marketable areas often have multiple career opportunities. As a result, companies need to move quickly to recruit top talent and offer competitive salaries to get them on board.
1
Special Report: The Demand for Skilled Talent
The Perfect Storm: A number of factors are contributing to a shortage of candidates with specialized skill sets. • Canadian employment remains strong. Compared with 12 months earlier, employment increased by 1.2% (+214,000) at the end of October 2013, with gains in full-time and part-time work. Over the same period, the total number of hours worked rose by 1.4%.1 • Recruiting and retention are top concerns. 63% of Canadian executives surveyed rated recruiting and retaining highly skilled employees as a high priority, with 33% ranking it a “very high” priority and 30% ranking it a “somewhat high” priority.2 • Talent shortages persist. The marketplace is demanding workers who are versatile, creative, responsive and articulate, and educational offerings have not kept pace with this demand. Despite the current unemployment rates, companies are desperate to find and hire workers whose skills match their needs.3 • Specialists in select fields are in short supply. The hiring environment for several occupations remains competitive. Unemployment rates for many positions in specialties like technology, accounting and finance, and legal are about half of the current unemployment rate.4 • The talent exodus is looming. In North America, average employee turnover rates over the next five years are predicted to reach 23%, driven by a recovering housing market, energy production and the demand for business services. Turnover will spike in 2014, and departures are expected to reach 36.7 million in 2018.5 • Salaries are increasing. Canadian starting salaries for professional occupations are projected to rise an average of 3.7% in 2014. Technology salaries are expected to rise the most, by 5.5%.6
Labour Force Survey, October 2013, Statistics Canada Robert Half survey of more than 270 CFOs in Canada 3 The State of Human Capital 2012: Why the Human Capital Function Still Has Far to Go, The Conference Board and McKinsey & Co., 2012 4 Labour Force Survey, October 2013, Statistics Canada 5 Preparing for Take Off, Hay Group survey, conducted in association with the Centre for Economics and Business Research, June 5, 2013. 6 2014 Salary Guides from Robert Half (www.roberthalf.com/salary-guides) 1 2
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Special Report: The Demand for Skilled Talent
Workers in Key Fields Are in Strong Demand: Job opportunities have made these professionals more selective when evaluating employment offers. October 2013 Unemployment Rates by Occupation, for Select Positions Social Science & Government Occupations (2.4%)
Business, Finance & Administrative Occupations (3.5%)
Natural & Applied Sciences & Related Occupations (2.6%)
Paralegal and related occupations Lawyers and Quebec notaries Judges
Financial auditors/accountants Financial and investment analysts Executive assistants Receptionists Data entry clerks Payroll clerks Customer service representatives Administrative clerks Legal secretaries
Information systems analysts Database analysts Computer programmers Web designers/developers Computer network technicians User support technicians
Management Occupations (1.9%) Financial managers Business services managers Sales/marketing/advertising managers
Source: Labour Force Survey, October 2013, Statistics Canada
Robert Half Can Help We specialize in identifying hard-to-find candidates and matching them with appropriate jobs. Our staffing professionals are well-connected within the industries we serve and are able to draw from a large pool of highly skilled and experienced candidates. We also conduct frequent research so we can provide our clients with the most up-to-date information on salary and employment trends. With more than 345 specialized staffing locations worldwide and more than 65 years of recruiting experience, Robert Half is well-positioned to help you with any of your staffing and recruitment needs.
Connect with us:
Contact us today at roberthalf.ca, or call 1.800.803.8367.
© 2013 Robert Half Canada Inc. RH-1113
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