Posthaste: Perks, not pay, needed to attract in-demand tech workers
Canadian businesses are finding it difficult to attract top talent in the technology space as workers push for more flexibility and perks.
More than 55 per cent of businesses say attracting top tech talent is a major priority this year, while 70 per cent say it’s harder than ever before to do so, according to a recent survey by International Workplace Group (IWG).
Tech fluency, especially related to artificial intelligence, has become one of the most attractive skills in the job market, with 20 per cent of businesses viewing such skills as more important than a university degree.
It’s not just Canadian business having trouble, with 72 per cent of businesses worldwide reporting difficulty in filling roles in the tech space, according to a February survey of more than 39,000 employers across 41 countries by ManpowerGroup Global Inc.
The talent shortage has climbed from 40 per cent in 2016, though it is down slightly from the previous two years, the report said.
Overall, AI skills have overtaken traditional tech skills as the most in demand.
As tech employees become increasingly important for many Canadian companies, workers have gained leverage in the job market and have the power to attract perks that may have been unavailable even a decade ago.
Businesses have realized that total compensation is no longer the only factor when it comes to attracting in-demand tech workers, as 34 per cent said they use a hybrid working arrangement and 28 per cent said they use stock option plans.
Work-life balance and flexibility for generation Z Canadians rank higher than compensation when it comes to company culture.
“The message from leaders — and particularly from younger generations — is clear: companies that do not embed hybrid working into their culture risk losing out in the race for tech talent and accessing the skills they need to remain competitive,” IWG chief executive Mark Dixon said in a news release.
But as more Canadian workers prioritize flexible working conditions, more companies are paring such arrangements down.
Workers at Amazon.com Inc., several Canadian banks and provincial workers in Ontario and Alberta have all been forced to scale back remote work since it became the trend during COVID-19.
Spring is traditionally the busiest time for real estate and this year, the stakes couldn’t be higher. Follow our Spring Real Estate Survival Guide series as we unpack some of the most pressing questions buyers and sellers are grappling with, plus expert advice on how to navigate the reality of a slower market. Read the series here
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Rogers Communications Inc. was once the top performer in Canada’s telecom sector, but a wireless price war has it falling behind its fiercest competitors.
Telecom companies aim to secure new customers in a race that ultimately lowers prices and squeezes company profits.
With Rogers reporting earnings today, analysts expect growth of just two per cent, which is likely to hurt its stock.
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Canadians have become increasingly cautious with their spending this year, according to new data. Total domestic spending is flat, and nearly half of those in a recent survey say they intend to cut back on non-essential spending. Find out more about where Canadians are putting their hard-earned dollars.
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Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.
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