News Releases

TORONTO, ONTARIO--(Marketwired - Aug. 26, 2013) - The Canadian workforce has grown increasingly optimistic about hiring intentions and job security over the last three years, according to the third annual BMO Labour Day Survey released today.

Hiring Expectations

The study, conducted by Pollara, found that more than half of Canadians (53 per cent) think that the company they work for is growing and will be hiring more employees. This number represents a marked increase from 28 per cent in 2011.

"This increasing optimism among Canadian workers is very encouraging and is an accurate reflection of what we're hearing when speaking to our clients," said Steve Murphy, Senior Vice-President, BMO Commercial Banking. "With companies planning to invest in their employees and grow their workforce, new doors will open for increased productivity and expansion into new markets."

High Job Security

The study also found that the number of people who feel comfortable with their overall level of job security is up, from 51 per cent in 2011 to 81 per cent this year, an increase of 30 per cent.

"The unemployment rate continues to gradually decline, dipping to 7.2 per cent in the latest month versus 7.3 per cent at this time last year. While the improvement is modest, the job market is much healthier than three-to-four years ago when the rate temporarily moved above 8 per cent," said Doug Porter, Chief Economist, BMO Financial Group. "And while not much lower than the current U.S. rate of 7.4 per cent, other indicators suggest the Canadian job market overall is in considerably stronger shape than its U.S. counterpart."

Moving on Up

When it comes to expectations for the coming year, half (50 per cent) of workers expect to receive a promotion or a raise. This is up 11 per cent from last year, and 22 per cent from 2011.

The Pollara survey was completed online between July 12th and 16th, 2013, with a sample of 1,005 Canadians 18 years of age and older. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.