Thrive Trend Watch: Industry Trends

According to recent data, Thrive is seeing an uptick in a different set of Industries when it comes to offering Career Transition services: Retail, Software Development, Hospitals and Healthcare, Technology, and Information and Internet. This is a big swing from Finance and Banking, Oil and Gas, and Environment Services as being in the lead year-over-year for the past three years.

This aligns with StatsCan data which shows layoffs in Canada by industry since the beginning of COVID-19. 45% of Retail businesses have laid off at least one or more employees, giving the Retail industry a big hit over the past three years. Professional, Scientific and Technical Services (including Software Development, Technology and Information and Internet) had 38% of businesses lay off at least one or more employees outweighing Finance and Insurance at 36.5%.

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What does this mean for the Canadian economy in 2023?

While the recession and how it will affect Canada is still uncertain, we know that our economy is directly affected by the U.S. According to a recent report released by Deloitte, “There are a few things that businesses can do to weather the storm...They can be strategic with their staffing plans. Despite the looming recession, a recent survey reported on by BNN Bloomberg in December showed that half of Canadian workers plan to look for a new job in the first half of 2023, with in-demand professionals looking to leverage tight labour markets to change jobs and boost their earnings. Companies that are facing talent shortages should be seeking to identify and direct any retention measures to top performers.”

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What can companies do to invest in retention measures for top performers?

Consider implementing a Career Management program. Career Management is an important aspect of any organization’s success, as it helps employees stay current with industry trends and gain new skills to remain competitive. Setting up the framework for employees to work with Career Coaches to identify where they need to upskill and reskill can unlock new opportunities within their organizations and create employee loyalty.

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What if layoffs are unavoidable?

‍Career Transition services help employees who are being laid off, retiring, or terminated to upskill or reskill, review their resumes, and get career coaching. Career Transition programs support any form of outplacement by ensuring employees are set up for success.

Utilizing resources such as resume writing help, networking events, interview coaching, and one-on-one advice sessions with experienced Career Coaches who have extensive knowledge about their particular fields of expertise, Career Transition service participants find themselves better equipped to grow in their careers.

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Why would an organization offer Career Transition?

Career Transition offers peace of mind to both remaining employees, transitioning employees and the organizations that offer this program.

Remaining employees feel as though their company cares about their employees and wants them to succeed in, or outside of the company.

Program participants are given the opportunity to thrive by utilizing services that offer tailored advice on how best to approach potential employers and make sure that resumes stand out from the crowd. These services can also provide guidance on interviewing skills, negotiation tactics, and tips for transitioning into new roles. In addition, they can offer valuable insight into what types of jobs are most likely to be successful for job seekers based on their skills and experience.

Employers who offer a Career Transition program benefit from positive brand recognition and employee loyalty. In an age of online reviews, this makes a vast difference in hiring in the future.

By implementing effective Career Management and Career Transition programs into their business model, companies will be able to future-proof their employees and their business by harnessing employees’ full potential and will create a more engaged workforce that is better equipped for future positions both inside and outside of the organization.

If you are interested in learning more about how Thrive Career Wellness can customize a program for your business, book a demo with one of our consultants below.