The global pandemic has impacted and challenged labor markets worldwide. In March and April 2020, over 3 million Canadians lost their jobs. However, over 2.5 million jobs were added before the second wave began in December. According to the Bank of Canada report on Canadian job postings in digital sectors during COVID-19, economic activity was intertwined with the use and development of digital technologies. The report found that recruiting efforts for digital technology production sectors, like hardware, software, and information technology support, intensified as the pandemic spread.
On the other hand, recruiting in sectors that excessively use technology, like education, retail, and eCommerce, has substantially dropped. This indicates that technology might replace humans in such sectors. This report discusses the acceleration of digitalization facilitated by the global pandemic, which has caused dramatic shifts in labor markets.
The pandemic has presented the tech industry with a unique set of opportunities. With the transition of people’s everyday lives to online platforms and applications, tech workers are becoming crucial to the success of any industry. Consequently, job openings for positions like cybersecurity engineer, systems engineer, and web developer have increased by double digits. As the impact of the pandemic reshapes industries and how they function, technology will only grow in importance.
According to the Brookfield Institute research, tech jobs were more resilient to the impact of the pandemic. The initial shock decreased tech employment by 4.2 per cent, and they recovered to their pre-pandemic levels by May 2020, even though employment levels for the overall economy were 13.2 per cent below those of February. This was primarily because of the easier and more feasible transition to remote work and increased demand for online services.
Net Tech Employment in Canada
The net tech employment in Canada increased by 8.9 per cent to…