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There have been big changes in Canada just over the last month, including the election of Justin Trudeau as the new Prime Minister. Often, a big political change like this one takes a long time to make a difference in the overall economy, but there is some good news on the horizon. It is currently expected that salaries will rise overall throughout 2016. In fact, the percentage is pretty significant. Canadian salaries are expected to rise over 2% next year, on average. So what does this mean for business and job seekers?
Optimistic but Modest
The growth is due to confidence in the marketplace, but Canadian companies are still being reserved in their salary increases. The optimism brings more than just increased salaries, however. There is also better job satisfaction for a number of Canadian workers and more confidence between customers and businesses. These modest increases in salary will continue to rise.
Natural Resources Lowest Growth
Contrary to the popular belief among most of the world, Canada isn’t dominating the world with their oil reserves. In fact, the natural resources industry will see the lowest growth over the next year. They were also a victim of involuntary layoffs more than any other industry in the country.
Few Issues with Hiring and Retention
Along with the confidence that most industries are experiencing they are also noting that there isn’t a difficulty in finding qualified employees. They also suggest that keeping start employees happy and on the payroll is less difficult now than it was several years ago. Retention rates are high and hiring is booming.
High Demand Specialties
As with all economies, there are some specializations that are much more in demand than others. In 2015 the highest trend across Canada were with science, technology, engineering, and math (STEM) jobs. People with degrees in the hard sciences will continue to experience high demand over 2016. Sales is also increasing. And, to accommodate the aging population, people who specialize in products or services for the elderly will also see high job growth.
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