Recession fears impacting Canadians’ job searches

As recession fears intensify, Canadian job seekers are confronting a stark reality: job security may no longer be guaranteed, even for top performers.

According to a new Express Employment Professionals-Harris Poll survey, a startling 78 per cent of job seekers believe no job is secure, no matter how well an employee performs, and 75 per cent say job security is becoming a thing of the past. These concerns are reshaping how Canadians approach their careers, with many reporting a dramatic shift in their sense of stability.

More than two-thirds of employed job seekers (68 per cent) say they used to feel stable in their careers, but now everything feels uncertain.

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Recession fears

Over half of job seekers (53 per cent) expect a recession in the next 12 months, while 17 per cent believe we’re already in one. Additionally:

77 per cent worry that any job they accept now may be at risk if the economy worsens.

74 per cent are concerned about finding a job during a potential or ongoing recession, with 26 per cent saying they are very concerned.

72 per cent feel the current job market forces them to settle for less than they’re qualified for.

51 per cent are more concerned about job security than they were a year ago.

What’s more, in light of fear of a coming recession and its impact, 61 per cent of job seekers now believe contract and freelance work offer more control over their future than traditional full-time jobs.

Strategic shifts in job search behaviour

These fears are driving significant changes in job search strategies. More than three-quarters of job seekers (82 per cent) say they have changed their job search strategy due to economic uncertainty. The survey found:

Close to two-thirds (62 per cent) say fear of a recession influences their willingness to negotiate salary or benefits and 18 per cent are more open to lower salaries.

35 per cent are more open to different work environments.

30 per cent are applying to roles for which they are overqualified.

28 per cent are applying to roles outside their target industry.

28 per cent are willing to relocate.

Impact of employers and government policy

Despite widespread anxiety, most employed job seekers still express confidence in their current employers:

72 per cent are confident in their company’s ability to provide short-term job security, with 28 per cent very confident.

66 per cent are confident in long-term job security, with 26 per cent very confident.

However, 75 per cent say changes in government policies have a bigger impact on job security than decisions made by company leadership.

The Job Seeker Report was conducted online within Canada by The Harris Poll on behalf of Express Employment Professionals from June 12 to 27, among 503 adults ages 18 and older.