The 2023 Canadian job market is becoming increasingly competitive, with employers vying for the attention of talented workers and certain sectors having been hit heavier by the increase in inflation. With workplace location becoming less of a factor for employees as fully remote and hybrid positions are now the norm, Canadian job seekers are putting a larger focus on factors like corporate culture, career development opportunities, and work-life balance.
In this article, we’ll explore what Canadians are looking for in employers in 2023, and how companies can attract and retain top talent in this competitive job market.
Corporate Culture
In recent years, corporate culture has become a top priority for many job seekers. Canadians want to work for companies that value diversity, inclusion, and transparency, and that have a strong sense of purpose beyond profit. In 2023, we can expect this trend to continue, with job seekers looking for employers that prioritize social responsibility, sustainability, and ethical business practices.
To attract and retain top talent, companies need to focus on creating a positive corporate culture. This can include initiatives like employee resource groups, mentorship programs, and flexible work arrangements. Employers should also be transparent about their values and how they incorporate them into their operations, including their supply chain and environmental practices.
Career Development Opportunities
Career development is another key factor that Canadians are looking for in employers in 2023. With the job market becoming more competitive, job seekers are looking for companies that offer opportunities for growth and development. This can include training programs, mentorship, and promotions.
Companies that prioritize career development are more likely to attract and retain top talent. In 2023, we can expect employers to offer more robust training programs, mentorship opportunities, and other initiatives that support employee growth and development. Employers should also be transparent about their promotion processes, so that employees know what they need to do to advance in their careers.
Work-Life Balance
Work-life balance has always been a priority for Canadians, and this trend is likely to continue in 2023. Canadians want to work for companies that prioritize employee well-being and offer flexible work arrangements. This can include options like remote work, flexible hours, and paid time off for mental health.
Employers that prioritize work-life balance are more likely to attract and retain top talent. In 2023, we can expect companies to offer more flexible work arrangements, as well as initiatives that support employee mental health and well-being. Employers should also be transparent about their expectations around work hours and availability, so that employees can plan their lives outside of work.
Compensation and Benefits
Compensation and benefits have always been important factors for job seekers, and this trend is likely to continue in 2023. Canadians want to work for companies that offer competitive salaries as well as benefits like health insurance, retirement plans, and paid time off.
To attract and retain top talent, companies need to offer competitive compensation and benefits packages. In 2023, we can expect employers to offer more comprehensive benefits packages, including perks like student loan repayment and mental health support. Employees are also looking for positions that have transparent compensation policies, so they can easily understand what is required to earn raises and bonuses.
What the Job Market Looks Like in 2023
In conclusion, Canadians are looking for employers that prioritize corporate culture, career development, work-life balance, competitive compensation, and benefits. To attract and retain top talent in 2023, Canadian companies will need to focus on creating a positive workplace culture, offering opportunities for growth and development, supporting employee well-being, and providing competitive compensation and benefits packages. By prioritizing these factors, companies can position themselves as employers of choice and build a talented and engaged workforce.
For employers that are looking to hire on new employees in 2023, there are plenty of federal and provincial government wage subsidies that can help offset the cost of employee wages, as well as a portion of employee training costs. See the full list of active hiring & training funding programs available to Canadian businesses. You can also visit our hiring resources page for tips and strategies for finding the best candidate for your open positions.
Download our free Recruiting Top Talent slide deck PDF to help find your next rockstar team member and get a portion of their hiring costs covered through wage subsidies.