Canadians are more optimistic about company growth prospects and job security than they were last year, according to new BMO Bank of Montreal research.
The BMO report found that 41% of Canadians believe their company is growing and will be hiring – a 13% increase from last year. In B.C., 49% of respondents indicated that their company is growing and will be hiring.
Cathy Pin, vice-president of BMO Commercial Banking, noted that the bank is seeing companies focus on growth.
“Over the past year we have seen an increasing number of companies show a willingness to look at how they can grow their business through making strategic investments in upgrading technology and processes, opening up new markets and investing in their people,” she said.
Nationally, the bank found that 64% of Canadians are comfortable with their job security this year – an increase of 13% from last year. A sense of job security was marginally lower in B.C., where 60% of respondents indicated comfort that their job is secure.
Sal Guatieri, a senior economist with BMO Economics, said Canadian workers are seeing much greater job security than their American counterparts.
“Canadian job security is fairly good, with our 7.3% unemployment rate below historic norms,” he said. “Canadians should expect wages to rise modestly faster than inflation, supporting household purchasing power, with the strongest gains in Alberta and Saskatchewan.”
The report also found that Canadian employees are also more optimistic about promotions and raises this year, with 39% expecting to receive one, up 11 percentage points from last year. B.C. respondents were slightly less optimistic than the national average, with 36% expecting a promotion or raise this year, compared with 55% in Alberta and 54% in Manitoba and Saskatchewan.
