The COVID-19 Pandemic and associated deep recession in Canada has made market, job and employment reports a bleak exercise indeed. As GDP has shrunk substantially in Canada and in fact globally , employers shocked with an unanticipated event reacted initially by stopping hiring then, implementing layoffs, and finally followed by a” how do we survive” — more specifically “Are we prepared to compete in a fully digital marketplace?”
Quebec, and more specifically Montreal, was hit very hard and early by the pandemic. The unemployment rate in Quebec went from a near full employment rate of 4.2% in February to 14.2 % in May. We know from previous data that the technology unemployment rate is about half the general broader unemployment rate. The question is where did the Montreal tech job market go? Well, we know that at the same time the pandemic was raging through employment markets and economies, there was an incredible Big Tech rally that completely defies what was happening on the street. This added hundreds of billions of dollars of wealth to companies like Apple, Amazon , Microsoft and Ottawa’s own Shopify, which recently passed RBC as Canada’s largest capitalized company worth $164B !
Montreal is one of 3 big Tech hubs in Canada, along with Toronto and Vancouver. We certainly saw this market resilience in Montreal as it was one of Eagle’s busiest branches relatively speaking throughout the Pandemic. The city, while also hit hard early with the Pandemic, also led Canada in restoring some sense of the new “abnormal ” as it moved first to open the economy in Canada. With diverse sectors along with Tech, for example Telco, players in Montreal moved quickly and continued to hire what now was more generally available resources in an strategic effort to amp up their digitized commerce and service offerings.
We have seen now many organizations in Montreal and elsewhere take the event as a time to evaluate their digital strength and no doubt in time refocus on projects to ensure they are able to survive and thrive in an ecommerce world. In demand roles in Montreal include PMs, Full Stack and Application Developers , QA resources along with Security and Cyber resources.