Top 5 Industries that are Still Hiring
Last week we talked about what we should be expecting in the 2021 job market. This week we’ll be going more into detail, specifically the top industries that are still hiring despite the COVID19 Pandemic.
Hospitals Probably the most obvious and logical answer for top hiring industries is the health department. More than ever, Hospitals need nurses and doctors. However, the healthcare industry is not an industry where one can easily switch over to. Therefore, this stat is more relevant to students who are debating on a possible career path or field of study in University. Some people might think that the healthcare industry has only seen a surge in employment needs due to the pandemic. When in fact, throughout the past five years (2015-2020), the healthcare industry and hospital needs have steadily increased by1.5%. In 2020 alone, hospitals employed over 650,000 people across Canada. Hospitals: Vancouver General Hospital, Kingston General Hospital, University Health Network
Restaurants If you’re looking for a part time job or have a passion for the restaurant industry, you are in luck because the full-service restaurant industry in Canada has exhibited a steady 1.3% growth in terms of revenue throughout the past five years (33.1 billion dollars). This growth, although slightly affected by COVID, is due to the increase of people’s disposable income among the younger generations (Millennials, Gen-Z). Younger generations are more willing to spend and they see value in supporting their local businesses and restaurants. Many of them also lead very busy lives; therefore, they see more value in ordering their food for take out then spending an hour trying to cook something in their own kitchen. Restaurant Groups: Cactus Club, King Street Restaurant Group, Glowbal Restaurant Group
Colleges/Universities The College and University industry in Canada has experienced substantial growth despite COVID19 and a decline in government funding. This is because more and more Canadians are seeking out a higher education, many of which are even going back for a postgraduate degree. Therefore, for those in search of a job, it may be worthwhile to look into applying for a position at a University. Remember there are more to it than just Professors and assistant professors. A University is run similar to a business, it also requires a financial, marketing, IT, and HR department. Within the last five years, University and College’s annual revenue experienced a 3.0% increase to 43.9 billion dollars. Although it is to see a decline in revenue due to the 2020 COVID19 pandemic, its growth is still quite substantial, making it a key employer in the Canadian market. Colleges/Universities: University of British Columbia, Simon Fraser University, University of Toronto
IT Consulting As mentioned in our previous paper, the tech industry is currently booming, Tesla stock, for example, has grown over 700% in the past year and is still growing. However, aside from your traditional tech industry, another related industry that has consistently grown is the IT Consulting industry. IT Consulting companies are companies that help private businesses and public sectors design, implement, and manage Information Technology Systems. The Demand of such a service is driven by the growth in corporate profits and business sentiment. The IT Consulting industry has grown 2.7% in revenue in the past five years and currently employs over 280,000 people. Thus, making it a feasible alternative for many business, engineer, and computer science grad students looking for a job. IT Consulting Companies: Accenture, Deloitte Consulting, IBM Global Technology Services
Commercial Banking Some may be surprised that Commercial Banking has made it to this top 5 list but despite its low interest rates and this year’s economic recession, the commercial banking industry in Canada has actually seen a 9.4% growth in revenue in the last five years. Throughout the COVID19 Pandemic, banks have done an amazing job diversifying revenue streams and overcoming the impact of low interest rates. In 2020 alone, the revenue for the Commercial banking industry in Canada has grown 1.8% and is expecting to continuously grow. Therefore, for those studying or looking for a job in finance, it may be smart to take a deeper look into the Commercial Banking Industry. Banks: Bank of Nova Scotia, Royal Bank of Canada, Toronto Dominion Bank
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Reference: IBIS World