Purchasing Power and Job (In)security: How are Canadians Coping with the Recession?

Here are the major Canadian trends that emerged from this analysis:

Employment security and the desire to make planned career changes to protect their purchasing power

When asked if the current social and economic environment posed a threat to their job security, 38% of participants said it was a limited threat, but could become a significant threat in the coming year. For those seeking employment, 40% believed that the current environment is a significant and immediate threat. English-speaking Canadians are more concerned than French-speaking Canadians (35% see the current context as an immediate threat, versus 21% of Francophones).

However, we can observe that 36% of employed participants say they do not plan to make any professional changes in the coming weeks to cope with the current situation and increase their purchasing power. For respondents willing to make at least one change, 80% would consider changing jobs to earn more money. Given the tendencies of the last few months, it would be interesting to see if this desire for change is related to the "rage applying" phenomenon, which consists of applying to several job offers following a professional disappointment (both in terms of salary and conditions).

Returning to the office to ensure job security

While the hybrid model is part of the new norm, it is interesting to notice that almost half of the participants (43%) who are employed believe that physically returning to the office is a way to demonstrate the value of their work and thus ensure their job security. The percentage increases to 50% for Canadians who are employed but looking to change and decreases for those who believe that the current economic environment is not a threat to their job security.

Even so, it is important to note that one in three Canadians (33%) who are employed and telework occasionally would not be willing to return to the office permanently if their employer requested it. It might be relevant to ask whether the 33% of people who do not want to go back to the office do so out of attachment to their way of working or because they do not feel that their job might be threatened.

Financial literacy: a good tool for dealing with economic concerns

Nearly one third of Canadians (31%) currently in the workforce do not know how to calculate their after-tax salary, maximizing the relevance of our tax calculator tool, which is free and accessible publicly on our platform. The job search and the understanding of tax implications must go hand in hand to optimize one's professional economic development.

In conclusion, we see the results of this survey as a reflection of the current volatile economic situation and a demonstration of a changing work environment. In the coming months, we will discover how Canadians are positioning themselves for employment in these unprecedented times.