An executive with a Hamilton agency tracking the local labour market says employee retention will be key in maintaining the current record low unemployment numbers seen in recent months across the city.
Workforce Planning Hamilton director Khadija Hamidu said keeping staffers in the role they want to be in over the next few months will be a critical factor in maintaining or bettering the current 4.3 per cent unemployment rate seen this summer.
“It’s an employee’s market, so there’s (potential for) a lot of shift … a lot of retention that’s not happening with these employment fields,” Hamidu told 900 CHML’s Hamilton Today.
“That’s where we’re seeing that inconsistency coming from. It’s the back and forth — going into a role being like, “‘OK, maybe in a few months I’ll try something new.'”
The unemployment rate was also low for Ontario in July, remaining at 5.3 per cent. Hamidu attributes this to recovery from the COVID-19 Omicron variant that plagued employment markets at the beginning of 2022.
There were 18,800 unemployed persons in Hamilton for July, a month-over-month decrease of 1,400 unemployed persons.
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The city had a total of 417,500 employed persons — a month-over-month increase of 3,200 new workers into the labour market, last month.
Canada’s unemployment rate also remains at a historic low of 4.9 per cent as of July, remaining unchanged from June as the country continues to face a labour shortage.
Despite the lowest rate on record with data going back to 1976, Canada’s labour market remains exceptionally tight, with over one million job vacancies across the country.
“Our big economic challenge when it comes to the labour market is a shortage of workers,” deputy prime minister and finance minister Chrystia Freeland said when the numbers arrived Friday.
Hamidu said the data puts the power in the hands of employees by offering them leverage in the diversity of jobs they may be seeking. They can use the skills they have to try something new, Hamidu said.
“It’s a really great way for you to showcase your different types of skills and move those skills through career laddering,” Hamidu said.
Sales and service led the employment make up in the city, accounting for 24 per cent of all occupations in the workforce with business, finance and administration next at 16 per cent.
Trades and transport, careers in social sciences, and management rounded out the top five thriving occupations in Hamilton.
Small-to-medium-sized businesses and enterprises made up the majority of Hamilton’s employment opportunities in July.
Employment for those with an education geared for the five categories is high this summer, providing potential stepping stones that haven’t been seen in the city for a while, Hamidu said.
“You’re guaranteed to find some type of employment or some type of apprenticeship program that will help with those growing industries,” according to Hamidu.
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