Much like everywhere else in the world, Calgary's economic recovery hinges on COVID-19 spread, as well as the availability of vaccines to finally put the pandemic behind us. If that weren't enough of a challenge, our city's recovery also depends on reasonable global oil prices, which could quickly be impacted by ongoing disputes in the Middle East over production levels. Calgary's unemployment rate is currently sitting at 10.4% and the economic data that is rolling in suggests that the path to recovery will be prolonged. It will most likely take a couple of years to build back what has been lost.
While we are expecting COVID-19 to leave a lasting mark on the labour market and a long, slow recovery, we are starting to trend in the right direction.
The number of job orders coming into our Calgary office is nearing where it was at the beginning of 2020.
While contract rates fell in some job categories in the early days of the pandemic, rates have been holding steady for the past 5-6 months.
Companies across the country have adapted well to remote work. As such, there is a greater appetite for remote workers and the job market for Calgarians is becoming more national in scale. Many local consultants are taking advantage of this to keep their skills current while the local market continues to recover.
The unemployment rate for IS careers typically runs a few percentage points below the general average, so we are closer to "a balanced labourmarket" than what it may look like in the government labour
Demand for technical resources with specialized skills continues to remain high. In particular, demand is highest for:
We are regularly seeing multiple offer scenarios across these categories. If you anticipate needing technical resources in the near future, our advice is simple. A quick and efficient hiring process and quick action will result in better outcomes. We are seeing far too many clients losing out on their first-choice talent because they are not making decisions fast enough.
At the moment, there is currently an oversupply of talent in functional and leadership roles, but we expect this labour market imbalance to be temporary. Many of our clients are looking forward to new IT budgets and approved projects, as well as pent up demand and a better understanding of how to work and thrive in this new world. As we look forward to a very different and quieter holiday season, many of us are looking forward to bidding farewell to 2020. While 2021 may not offer a lot of quick fixes to the challenges that we face, there is light at the end of the tunnel and things are already looking up.