Canadians are feeling increasingly secure about their jobs – so much so, that 39 per cent are also anticipating a raise this year. According to a BMO poll, layoff trepidation appears to be a relic of the recession, as employee confidence is up 13 per cent approaching Labour Day from last year’s levels.
The findings, taken from a poll of 1000 Canadians, found that a full 64 per cent of respondents feel good about their current employment, and a further 41 per cent believing their company is poised for growth and hiring.
Canadian Employment Levels Stronger Than U.S., Europe
It’s a surge of confidence amidst reports of a sluggish economy, lagging inflation and increasing unemployment. However, Canadians in general seem to be taking comfort in our nation’s relatively strong standing compared to U.S. and European woes. While Canadian unemployment rose to 7.3 per cent in July with 30,400 jobs lost, that number is still below historic norms, 1 per cent less than American levels, and 4 per cent below Eurozone unemployment. Employed Canadians can also expect their wages to rise faster than inflation, according to Sal Guatieri, senior economist at BMO Economics. He says in a statement, “Canadians should expect wages to rise modestly faster than inflation, supporting household purchasing power, with the strongest gains in Alberta and Saskatchewan.”
A (Wild) Rosy Economic Outlook
When it comes to job confidence, Alberta leads the pack – 60 per cent of Albertans believe their company plans to expand, and a full 55 per cent of employees expect a pay boost. 49 per cent of British Columbians also anticipate growth in the workplace, followed by 48 per cent of Manitoba and Saskatchewan employees. By contrast Atlantic Canadian respondents were least confident, with 28 per cent believing their company will put jobs on the chopping block this year.
In contrast to Canadians who feel poised for career growth, the BMO poll also found the same number of Canadians feel stuck in “dead end” jobs as last year – 22 per cent consider the company they work for to be in no position for expansion, and have no expectation for promotion or salary increases – that’s 1 in 5 Canadians! Time to brush up on those resumes and get in on all the raise action!