As a career coach, i have been working with clients developing strategies to deal with these turbulent times.
Launching or changing one’s career in these turbulent times requires a focused strategy executed at a “gold” level. The competition is intense, and each process phase must be executed superlatively. Anything but gold-level performance will not succeed—there will be competitors performing at that level who will claim the podium.
Youths are finding it more challenging to land their first jobs. In November 2024, 25% of 15-to-24-year-olds had never worked before, up noticeably from the 20%-21% November rates from 2013 through 2021.
It’s taking longer for out-of-work, core-age (25-to-54-year-old) Canadians to return to work. Long-term joblessness (those who want a job but haven’t worked in more than six months) isn’t particularly elevated but rose from 2.5% in late 2022 to 3.2% in November 2024.
Job hopping — a key way people advance their careers — is down sharply. Following a temporary upswing in 2021, the monthly job switching rate decreased. It was just 0.43% in November 2024, well below its 0.7% pre-pandemic average.
The recent 25% tariffs imposed by the U.S. on Canadian goods are shaking things up, and recent grads and those endeavouring to make a career change are feeling the tremors. Here's how this trade tussle could play out for them:
Industries including manufacturing, agriculture, and energy—which are big players in our economy—are taking a hit.. This slowdown means fewer job openings for our recent grads looking to dive into these sectors.
Tariffs trickle down to consumers. Everyday items, from groceries to gadgets, could see price hikes. For students already juggling tuition fees, rent, and other expenses, this adds another layer of financial stress.
Graduates might need to pivot their career plans with specific industries under pressure. Fields that seemed promising could now be facing hiring freezes or reduced growth. This scenario pushes grads to be more adaptable, perhaps exploring roles they hadn't initially considered or upskilling to stay competitive.
Success in this environment requires a thoughtful, well-executed strategy, adaptability, initiative, hard work and luck.
Prioritize Skills Over Titles
Instead of chasing a specific job title, focus on developing high-demand skills that can transfer across industries.
Soft skills (communication, problem-solving, adaptability) are more critical than ever, especially in uncertain times.
Expand Your Career Horizons
If the job market in your field is shrinking, look at adjacent roles that use similar skills.
Be open to industries you hadn’t considered before (e.g., AI, sustainability, fintech).
Build a Strong Professional Network (ASAP!)
80% of jobs are found through networking. Start attending industry events, LinkedIn networking, and alumn meetups.
Find a mentor who can provide guidance and connect you with opportunities.
Consider Global & Remote Opportunities
With economic shifts, some industries in Canada may slow down, but remote work allows you to tap into global job markets.
Companies are hiring internationally, so don’t limit yourself geographically.
For recent grads in Canada, specific industries are booming and offer promising career paths.
Growing technology-based companies usually have a full suite of functions, such as Human Resources, Finance, Sales, Marketing, etc. - you do not have to have technical knowledge or skills to get into the sector.
Technology and Artificial Intelligence (AI): Canada's tech sector is on fire, especially in AI, machine learning, and software development. Cities like Toronto and Vancouver are becoming global tech hubs.
Healthcare: With an aging population, there's a growing need for healthcare professionals.
Renewable Energy and Environmental Technology: Canada's push towards sustainability is fueling growth in renewable energy sectors. Environmental and clean technology jobs are expanding, offering roles in energy efficiency, sustainable construction, and environmental consulting.
Digital Marketing and E-commerce: As businesses shift online, expertise in digital marketing, SEO, and e-commerce management is becoming crucial. Companies are looking for professionals who can navigate the digital landscape effectively.
Mining and Natural Resources: Canada's rich natural resources sector continues to thrive, with mining companies seeking new talent to meet global demand. Roles in mining engineering, geology, and environmental management are particularly in demand.
Financial Services: The finance sector remains robust, with opportunities in financial analysis, investment banking, and fintech.
Education and Training: There's a continuous need for educators and trainers, especially with the rise of online education platforms. Roles in curriculum development, educational technology, and teaching are expanding.
Biotechnology and Pharmaceuticals: Investments in biotech and pharma are creating opportunities in research, development, and quality assurance. Companies like AstraZeneca are expanding their presence in Canada, signalling growth in this sector.
Canada's evolving economic landscape offers diverse opportunities for recent graduates. By aligning their skills with these growing industries, young professionals can position themselves for successful and fulfilling careers.