February wrap-up for TA leaders

Hi there,

Welcome to another edition of The Hourly Minute. Before I start, I want to thank everyone for your support and for taking the time out of your busy lives to read these updates. I really appreciate it! 

Now–let’s jump in.

🗞️ Headlines 

• Canada's unemployment rate is expected to reach 6.7% by the end of 2024. Healthcare, public administration, education, oil and gas, and construction are in highest demand. On the flip side, finance, insurance, real estate, and manufacturing have seen decreased job vacancy rates.
  

• Bank of Canada (BOC) likely to cut rates before the US due to a weaker economy. Other predictions include the BOC cutting rates by half by the end of the year. 
  

• Global recruitment process outsourcing market is expected to grow 19.1% from 2022-2031. I am not surprised at this as recruiting teams are strapped on resources; people, budget, software. More firms will look to outsource their recruiting process.
  

• This one is wild… BC lawyer ordered to compensate for wasted time as she fabricated two cases created by ChatGPT. The judge states “generative AI is still no substitute for the professional expertise that the justice system requires of lawyers.” Wonder if we will see more of these cases in the future.

I’m hearing more folks are unsure of their organization’s hiring plans this year. For our readers in hourly and high volume recruitment–are you seeing the same thing?

• Will your team be hiring hourly and high volume workers this year? 

  • Which industry are you in?

• What are your team goals for Q1? 

• How have your hiring plans changed year-over-year?

Reply to this email and if enough of us answer, I’ll share the results in the next edition!

✅ TA Tips 

Some of you have asked me what’s the difference between recruitment process outsourcing (RPO) and staffing agencies, so I had to write about it here.

In short, staffing agencies focus primarily on finding candidates for a specific role based on the job description provided by the company. It is usually more transactional and reactive than RPOs.

RPOs integrate with the company and provide end-to-end recruitment. Think of staffing agencies as one-and-done. 

I’ll leave here for now - the next edition will come in mid-March or beginning of April. Let’s see how the news cycle goes. In the meantime, feel free to connect with me on LinkedIn or share The Hourly Minute with a colleague.