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BC Rebounding Job Market

The Rebounding BC Job Market

The Rebounding BC Job Market

Written by: Ben de la Fosse

We made it! We know 2020 has flown by, with every day rolling into one another like a never-ending Groundhog Day. It has also seemed to linger like a bad smell that just will not go away. It really has been quite the year, but the good news is that we should go into 2021 with optimism about the local job market.

Now that the holiday season is in our rear-view mirror, it’s the perfect time to take a step back and reflect. It is also the time to look forward to the possibilities in front of us as we embark on a new year.

We are here to tell you that the new year brings us hope!

It should come as music to everyone’s ears that the BC job market is rebounding strongly. As we saw Dennis Rodman do in our pandemic-era Netflix favourite “The Last Dance”. Much like Rodman, there are a lot of positives but, it needs to be handled with due care and attention.

The good news is that the unemployment rate has dropped to its lowest level since the start of the Pandemic. BC is currently sitting at an unemployment rate of 7.1%.

The Canada Labour Force Survey data are used to produce the well-known unemployment rate

The Canada Labour Force Survey data are used to produce the well-known unemployment rate

Whilst we have seen the number of COVID-19 cases increase during the tail end of quarter four, the unemployment rate has continued to steadily drop month-over-month. Although it is still higher compared to this time last year when we were sitting at 5%. Nevertheless, this is a remarkable recovery considering we were at a high of 13.7% in May.

In the Fall 2020 Economic and Fiscal Update, Finance Minister, Selina Robinson noted that “This is the highest job-recovery rate of any of Canada’s four largest provinces.”

Let’s hope this trend continues into the next 2021.

Potential Risks

Of course, we have to live month to month, week to week or even day to day as things can rapidly change as we saw at the start of the “second wave’. Cases have rapidly soared to 9,700+ active cases which are up from 279 at the start of August and 1,330 at the start of October. These cases have been attributed to family gatherings over Halloween and Thanksgiving. It will be interesting to see where we stand after the holiday break.

As you can imagine, certain service industries, particularly those heavily impacted by social distancing and travel restrictions, continue to struggle. These sectors include wholesale and retail trade, accommodation and food services, transportation and warehousing, and other services. However, here at STRIVE, we’ve seen a steady demand in industries such as technology, manufacturing, real estate and construction as well as financial services.

Reasons to be positive about 2021

With a Vaccine beginning to roll out across the globe and the frontline workers here in BC already in the process of being vaccinated, hopefully, we can stop the spread of COVID-19 over the next 12 months.

Despite the province’s projected deficit now sitting at $13.6 billion, there are signs of recovery. The recent jump from $12.8 billion projected back in September is attributed to the one-time-tax-free payments to be made through the BC Recovery Benefit now on offer.
Visit https://www2.gov.bc.ca/gov/content/economic-recovery/recovery-benefit for more information.

In Ms Robinson’s Fall Update, she goes on to say that “2021 brings hope to British Columbians with a pathway toward recovery”. We have already seen some industries bounce back with housing and consumer spending surpassing pre-pandemic levels. As a whole, “B.C.’s labour market has so far performed better than expected.” They also forecast the labour market to experience a growth of 4.1% (approximately +99,000 jobs).

Whilst we are currently in the middle of the “second wave”, with due care and attention, 2021 looks like it will be a much more positive year. The “new normal” has now been established and we just need to remain vigilant.

As Dr. Bonnie Henry says – “Be Kind, Be Calm, Be Safe!”

Fall 2020 Economic & Fiscal Update – https://www2.gov.bc.ca/assets/gov/british-columbians-our-governments/government-finances/quarterly-reports/fall-2020-economic-fiscal-update.pdf

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Interview With A Recruiter- Meet Frederick Punter

Welcome back to “Interview with a Recruiter!”🥳

It’s not every day we get a new addition to the STRIVE team, which is why we are SO excited to introduce Frederick Punter, our new Account Manager for the Accounting & Finance division. Frederick joins our recruitment firm with over 10 years of Accounting & Finance recruitment experience in both Canada and the UK. We are so happy to have Frederick join the team and we cannot wait to work together.

Let’s take a quick minute to get to know our newest teammate!

Q. How did you get into recruitment?

A. I wanted a job that allowed the opportunity to work all around the world, because no matter where you are, someone needs help with hiring. Although I must say I don’t see myself leaving BC anytime soon…these mountains are incredible!

Q. What made you choose to work at STRIVE Recruitment?

A. I was interested in working with an ambitious and growing company here in beautiful Vancouver! I was excited to work with a charismatic leader like Michael Dha and a fun, energetic team.

Q. How do you spend your time outside of the office?

A. My fiancé and I have really gotten into the Westcoast lifestyle. We have been hiking and paddle boarding almost every weekend! When I’m not outside you can usually catch me reading the paper or watching rugby.

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Interview With A Recruiter- Meet Erick Quan

Welcome to the third installation of “Interview with a Recruiter!”

This month we are excited to speak with , our beloved Sourcing Specialist at STRIVE Recruitment Inc. Erick joined our bustling recruitment firm in October 2019 and has done an incredible job sourcing TOP TALENT for our clients. Erick works closely among all three divisions here at STRIVE and we could not be happier with his unwavering work ethic and great personality. Let’s see what Erick has to say about his time at STRIVE thus far!

Q. What is your greatest memory with STRIVE?

A. My favourite memory would be our Christmas party, I loved the Indian family-style dinner prepared by Mama Dha and our epic game of tug-O-war in the office, it was great!

Q. How have you been spending quarantine?

A. Great question. When I wasn’t working, I would usually explore my neighbourhood on foot and go on long walks with my dog. It may sound boring, but it was peaceful during the lockdown and my dog loved it.

Q. What advice would you give to job seekers right now?

A. Do your research! Learn a few key points about the company you are applying for and add that information into your cover letter.

Q. What are you watching on Netflix right now?

A. Call me crazy but I don’t have a Netflix account! When I want to relax, I play tennis.

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