More jobs lost, finance staffing update and the Canadian mining & energy boom
Let’s look at the numbers this week, and honestly, the vibe in the market is a bit of a mixed bag. If you’re just looking at the headlines, seeing the national job count drop by 18,000 might feel like cause for concern (it‘s also bringing the total to 112,000 jobs lost so far this year), but it’s not exactly a "sky is falling" situation. It’s more of a widespread hiring freeze than a wave of mass layoffs. Unemployment is sitting at 6.9%, though a lot of that is being driven by new grads hitting a wall and "job leavers" holding out for something better rather than people being shown the door. On the bright side, manufacturing is actually picking up steam with a PMI of 53.3. However, keep in mind that much of that is due to firms stocking up while supply chains are still moving and haven't been too severely crippled by the Iran war; it’s more about being prepared than a permanent surge in demand. For now, most firms are focused on clearing their plates rather than adding seats. It’s a fragmented market; while residential construction is definitely feeling the pinch, healthcare and services are still expanding like crazy.
In the sections below, we’ll also dive deeper into the current state of F&A staffing, the latest on those new minimum wage requirements, and the massive shifts happening in the energy and mining sector.
Minh Dang - Editor in Chief
Retention Over Recruitment: The New LFS Reality
The April Labour Force Survey confirms that the "Great Resignation" has evolved into the "Great Retention." Permanent layoffs are actually trending 10% lower than their late 2025 peak, signaling that while companies are hesitant to add new headcount, they are fighting harder than ever to keep the talent they have. For staffing strategy, this means the focus has shifted from external hunting to internal mobility and culture. The rise in unemployment is being fueled by people voluntarily leaving roles that don't offer growth or flexibility, rather than corporate downsizing.
The $32 Billion Energy and Mining Boom
A significant structural shift is underway as Canada’s mining employment hits a record high of over 100,000 workers. With major energy and mining projects slated for mid-2026, the industry is facing its most acute labour shortage in a generation. This creates a unique "cross-sector bridge" for the displaced construction workforce. Skilled trades like welders, heavy equipment operators, and electricians are seeing their competencies map directly onto mining needs, turning a cyclical downturn in residential building into a long-term opportunity for the critical minerals sector.
Finance & Accounting: Mid-Year Staffing Review
The landscape for finance professionals is being reshaped by a spike in AI adoption and a radical shift in candidate priorities. Our mid-year review highlights that 66% of accounting talent now prioritizes work-life balance over salary alone. Traditional entry-level roles are fading as automation takes over routine tasks, creating a vacuum for "advisory specialists" who can translate ERP data into high-level strategy. Furthermore, voluntary turnover in finance is hitting 10%, prompting firms to adopt blended workforce models that rely on contingent specialists to survive audit peaks and reporting surges.
New Minimum Wage Requirements
Significant adjustments to minimum wage floors took effect this month, led by Quebec’s increase to $16.60 per hour on May 1st. This follows the federal minimum wage hike to $18.15 in April, a 2.1% adjustment based on the Consumer Price Index. While British Columbia and Ontario have further increases scheduled for June and October respectively, the current patchwork of rates across the provinces is putting pressure on national employers to standardize their compensation frameworks to remain competitive, particularly in the service and retail sectors where the "floor" is rising rapidly.