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So far in 2022, we have experienced a very dynamic technology market. The effects of the pandemic have continued to wane, while conversations about a fluctuating economy are just beginning. As the tech market in Montreal continues to grow, businesses will need to consider these developments when laying out their approach to talent acquisition.
It’s always key for organizations in the technology market to stay agile and keep abreast of changes in their sector, but it is of particular importance right now with so many shifts hitting the market. Here are some of the key factors affecting the Montreal technology industry, and how they could impact your hiring strategy.
Some companies in the tech industry enact regular, cyclical hiring freezes to ensure they maintain a balanced portfolio, but we are seeing more of this than usual. "As budget uncertainties and fluctuating financial markets lead companies to freeze their permanent hiring, temporary hiring is picking up to fill the stop gap." says Conrad Pyman, Director of Technology at Michael Page in Montreal.
As organizations brace for a potential recession, they are less inclined to invest in permanent hires, opting instead for the short-term solution of temporary hiring. This is contributing to a shortage in the temporary candidate pool, which will make hiring these professionals more difficult.
The implementation of Bill 96 in Quebec has raised some concerns for newer immigrants coming to the province. The bill, which in effect makes French the primary language use by the government, businesses, and schools, requires immigrants to communicate exclusively in French for all official purposes starting six months after arrival.
This is notable since immigrants make up about 21.5% of the total Canadian population, and thus a significant portion of the workforce. While those from countries where French is commonly spoken will likely not feel a drastic change, the concern is that this language law may deter other skilled technology candidates from coming to Quebec. This could further exacerbate the candidate shortage which already exists in the market.
Government schemes designed to encourage the hiring of immigrant professionals are also contributing to the shortage of candidates on the market. “There are some extensive government subsidies for companies who hire new immigrants or newly trained employees in the market,” Pyman says. “For example, the government will pay half of the salary of an employee who has newly arrived in Canada for the first two years of their contract.”
So, while the pool of top talent immigrating to Quebec may shrink, businesses’ desire to bring on that talent will not dwindle. This would increase the competition for qualified technology professionals.
Michael Page Technology in Montreal are a team of expert consultants who keep their fingers on the pulse of their markets. While our team can assist in many areas of the technology sector, they have particular expertise regarding the manufacturing environment.
Using both local and global networks, we can help your business to hire the right talent while also navigating the candidate shortage, as well as any other changes and fluctuations in the market.
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