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November 17, 2021

Canadian companies to reverse hiring freezes soon: report

There may be little doubt that the recession has begun to fade, but what does that really mean?

If you pore over the Wall Street Journal, you’ll see encouraging reports of stronger financial markets and a rise in GDP and another in consumer spending, which are great. Yet, again, how are we to make sense of all that?

The Average Joe, known now is many circles as the Average Underworked Joe, doesn’t particularly care about the price of gold because the price of gold doesn’t have an immediate-enough impact on his bottom line.

The Average Underworked Joe just wants a full-time job. Then he’ll believe the recession’s done.

Well, news today from the Financial Post might be that front-line story Joe’s been waiting for.

According to the Post, a new survey by consulting firm Watson Wyatt suggests more than one-third (35%) of Canadian companies expect to reverse hiring freezes “in the coming months.”

Another half (53%) of local businesses, the paper says, will resume pay increases as the recovery continues.

“As companies step gingerly toward recovery, they will continue to reverse many of the changes made earlier and reinstate some of the cuts to compensation and benefit programs,” one Watson Wyatt source tells the Post.

Now, granted, this doesn’t exactly mean the second coming of the Industrial Revolution and, yes, this is based on data of only 72 companies surveyed by Watson Wyatt.

But modesty may be our ally here, in the sense that a gradual pace of recovery could lead us to believe the healing is no fluke.

At the very least, this is the kind of news the laid-off/underemployed want to hear, especially those considering long-term career planning.

Yes, we’re talking to you too, recent graduates. Get polishing those resumes.

By Jason Buckland, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

James HaversJames Havers

James is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo),,, Canadian Business and other publications. Havers turned to journalism after teaching overseas.

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...