Half of Canadian companies, job seekers fear recession within a year

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There’s a disconnect between employer confidence and employee’s concern about job security in Canada, but one thing they do agree on is the possibility of a recession, according to a new survey.

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A poll from Express Employment Professionals–Harris Poll found half of both Canadian companies (51%) and Canadian job seekers (53%) think there will be a recession within the next year.

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And while a large majority of Canadian companies are confident in their ability to provide employees with both long-term (80%) and short-term (82%) job security, only 66% and 72% of jobs seekers, respectively, are confident in their employer’s ability to provide long-term or short-term job security.

“In a labour market shaped by uncertainty, job security is no longer just about stability. It’s about adaptability,” said Bob Funk, CEO, president and chairman of Express Employment International, in a statement.

“Organizations that invest in transparent communication and continuous skill development aren’t just retaining talent, they’re building a workforce equipped to navigate change and drive long-term growth.”

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The survey also shows 42% of companies believe their employees are more concerned about job security now compared to a year ago, while 51% of employed job seekers say they are more concerned about keeping their job than last year and three-quarters of job seekers (74%) are concerned about finding a job during a potential recession.

Nearly half of the companies (44%) report their company’s approach when it comes to the future is “selective sharing” in which leadership intermittently dispenses information as necessary to employees.

The poll shows a similar proportion (43%) report their company operates with an “all hands on deck approach” where leadership is transparent and consistently shares information with employees.

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From the employee perspective, 85% of job seekers say they would feel more secure working for a company that clearly communicates its future.

However, only 20% of job seekers report their company uses an “all hands on deck” approach, while 56% say their company uses “selective sharing,” and 23% report an “at arm’s length” approach, where leadership rarely shares information.

Conducted online June 2-18 among 500 Canadian hiring decision-makers, the sample data is considered accurate within 4.7%, using a 95% confidence level. Conducted online from June 12-27 among 503 adults, the sample data is considered accurate to within 5.8%, using a 95% confidence level.

jstevenson@postmedia.com

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