And employers are confident about job security, but workers aren't convinced
How Canadians read the current state of the economy and how it might shift in the months ahead is far from universal.
In fact, a new survey finds a split down the middle on recession risk and highlights a growing divide between Canadian companies and their employees when it comes to job security in an uncertain economy.
The Express Employment Professionals–Harris Poll report shows that while businesses are largely optimistic about their ability to protect jobs, workers themselves remain far less reassured.
The survey found that half of both Canadian employers (51%) and job seekers (53%) believe a recession will hit within the next year. But despite that shared concern, confidence levels around job security differ sharply.
Four out of five businesses believe they can safeguard positions over the long term (80%) and short term (82%). However, only two-thirds of job seekers (66%) feel the same about long-term security, and 72% express confidence in short-term stability.
That gap has widened over the past year with more than four in ten employers recognizing that their staff are increasingly uneasy about job security compared to last year, while 51% of workers admit they are more worried about holding onto their jobs than they were 12 months ago.
Looking ahead, nearly three-quarters of job seekers (74%) say they fear the challenge of finding new employment if a recession arrives.
Despite the apparent greater optimism among employers, most are not taking any chances with 79% of hiring managers reporting their organizations have adopted strategies to reduce layoffs, such as cutting costs in other areas, providing upskilling opportunities, introducing flexible staffing models, paying for employee education, and creating emergency reserves.
Workers, for their part, say they’d feel more secure if companies expanded training, offered clearer communication from leadership, and provided more cross-training options.
Even with these initiatives, outside factors remain a major worry with 68% of hiring managers 75% of job seekers saying that shifts in government policy such as tariffs, taxes, or regulations, pose a greater long-term threat to job stability than internal business decisions.
