What the next four months looking for the Job market

The Job market is hardly ever stable, but the last year or two have been particularly rocky waters for everyone around the globe. This turbulence was, of course, caused by the infamous COVID-19 virus and the subsequent lockdowns. 

But before we could fully adjust to the work-from-home lifestyle and collect ourselves, our boat is once again about to be rocked. The tidal wave that awaits us now is the long-anticipated “return to the normal”. As governments press down full force on the pedal of vaccination programs and funnel money through stimulus checks, job-seekers and job-holders should expect major changes to the ordinary way of things. “The Great return to normal” might be a misleading term. More accurately, we are rushing towards the shores of a new normal. Buckle up for some of the major differences in these new lands. 

Job-seekers have new demands.

It took us a global pandemic to start washing our hands and using sanitisers. But health and safety reminders also extend to the workplace. As workers were forced into their homes, laid off, or cornered into relying on unemployment benefits, they were reminded of the importance of features that helped them in these times. Going forward, job-seekers are particularly interested in knowing what premiums companies are willing to offer them. The threat of new variants or a new virus altogether has brought a shift in priorities. 

People aren’t on the same page.

As vaccination programs are backed throughout the country, there are still many different perceptions that people have of the virus. Some are confident in returning to the workplace without a mask because they are fully vaccinated, while others still want to stay put. Employees are liking the comfort of working from home while employers keep jumping between fully remote, hybrid, and back-to-normal models. 

Summer Slumber 

Job market analysis shows that every year, in the summertime, there is a drop in new the number of new people entering the market. This summer slump is simply because hiring managers and other parts of the process like IT recruiters and documenters are on summer leave. This year is no good news for anyone looking for a job. The slump is predicted to get worse in the next four months as the aviation industry opens up and people book long summer travel vacation plans. 

The new job market 

The pandemic had an interesting effect on the view of job applicants and employers: Applicants have stayed in too long and are pumped to bank good job offers, but employers, on the other hand, have become less receptive to making good offers. This leads to clunky interviews and decisions where the difference in mindset is leading to a stalemate. The consensus decisions and thirst for unrealistic expectations from applicants have further fueled the problem. 

We stand knee-deep in some treacherous waters. The best way to navigate through them right now is to stay put with whatever job you have, but be alert of your surroundings. Get in touch with recruiters to be the first to know of a perfect job offer, and you’ll not only survive but thrive!

U.S. Lawmakers set envious glances as talented immigrants move North to Canada

Immigrants who made their way to the United States to hone their rare crafts and make a living off of the skills they have to offer now see a brighter light from the North. As Canada makes its immigration policies more warm and welcoming, it sees an influx of skilled labour. 

It makes sense why an immigrant would wander off North. The U.S. has milked its American dream narrative for quite a while, but it’s becoming hard for immigrants to buy that as they struggle with the cold and complex immigration system. Many businesses that can see this talent slipping out of their hands pin the blame on politicians and their partisan policies. 

It was a group of lawmakers who brought attention to this issue when they held a congressional hearing titled “Oh, Canada! How Outdated U.S. Immigration Policies Push Top Talent to Other Countries.” Rep. Zoe Lofgren, a Democratic lawmaker from California, also complained that Canadian cities like Toronto, Montreal, and Edmonton had surpassed her area in terms of tech employment growth.

Cause of Stalemate 

As fingers are pointed in the U.S. Congress, let’s take a step back and see why this problem continues to remain unresolved. 

For a plan to transform into reality, it must pass through both chambers of congress. To do that, a supermajority needs to be gathered. That’s the root of the conflict. On the one hand, Democrats want to shift priorities to offering past migrants citizenship. On the other hand, Republicans are expected by their voter base to clamp down on migration and block up the borders down south. 

Why the Canada way?

There is a critique of both the democratic narrative of offering citizenship and the Canadian methods. Republican Tom McClintock shares some interesting points here. 

He critiques democrats for favouring big corporations with this narrative and argues that it’s really the big corporations who want cheaper skilled labour. As for Canada, he shifts attention to the numbers game. McClintock argues that the U.S. was faring much better than Canada before the pandemic. Specifically, he draws attention to unemployment rates, worker salaries, and economic growth. 

The Witness Vision

At the said hearing, we got more perspective on the matter as witnesses were called to share their perspectives.

From figures showing how numbers of Indian students were surging in Canada while falling in America to statements undermining the U.S. immigration policies in comparison to Canadian policies, there was overall a sense of urgency and alarm.

Montreal reclaims reigns to economic success after Covid-19 as investments pool in

As the world steps out of its shell following waves of vaccination, Montreal is not taking a breather before getting back to work. Canada’s second-largest city saw a staggering $1.86 billion dollars in foreign investments in the first half of 2021. 

This investment boom can be attributed to many things and has far-reaching implications for the city’s job market. First of all, it’s essential to acknowledge that the pandemic didn’t create a miraculous fix to attract investments. It was quite the opposite. The lockdowns following the spread of the virus stopped Montreal’s economic boom in its path. So the developments taking place right now were due a hot second ago. 

One of the reasons can be traced to Quebec’s decision to seek out American investments. One notable achievement of this pursuit was when Microsoft decided to buy the Canadian tech startup, Maluuba back in 2017. That being said, the pandemic did have a role to play in boosting media, IT, and cybersecurity-based firms because more people started valuing these things as they shifted online. 

Montreal is making the most out of this opportunity as it snowballs on its success. Great things are coming their way. 

Companies in the city launched 40 new projects while creating 6,300 new jobs. France’s L’Oreal, a leading name in the global cosmetic industry, also launched a project in the city’s Saint-Laurent borough. The project involves an expansion in distribution centers, adding 20,000 storage capacity pallets. 

All this is excellent news for the people of Montreal who didn’t have smooth sailing through the pandemic. Being a central hub in the country and housing 8.6 million of its residents, the city was shaken more strongly by the virus than others in North America. Death and disease were no strangers to the people, forcing everyone to strict lockdowns. 

With doubling down efforts on vaccination, the city is currently in its transition from lockdowns to a new normal. A testament to the people’s strength, the city has shown an increase in employment compared to before the pandemic.

Canada’s first regulated custodian of crypto assets: The Calgary fintech startup Tetra Trust

As the world becomes increasingly open to the currency of the digital world, there’s good news for crypto enthusiasts in Canada. On July 5th, after over an 18 month-long period, a small financial technology startup based in Calgary got approval to provide custody services of cryptocurrency to its institutional investors. 

The decision by the Alberta government to approve custody services essentially made Tetra Trust the first Canada-based custodian. Tetra trust will now store the digital assets of investors, in a big win for Canadian crypto development. Tetra trust is spearheaded by Eric Richmond, who also happens to be the chief operating officer at Coinsquare (a trading platform set in Toronto).  

With this decision, Tetra closed up a number of financing rounds. While the company chose to keep the exact figures undisclosed, the amount is supported by Mogo Inc., Urbana Corp, and Caldwell growth opportunity firm. 

It’s vital to acknowledge the revolutionary nature of this decision. Government recognition and association with crypto storage is a tricky topic. A lot of this hesitation and skepticism stems from the fact that a large user-base of investors are inexperienced young people. The distrust over the crypto industry deepened in 2018 after the death of Gerald Cotten and the subsequent falling-out of the country’s largest crypto exchange: QuadrigaCX. This resulted in investors losing a net sum of 250 million dollars! So it’s not surprising why the government is reluctant to authorize and approve custody services. 

So what are Tetra’s plans with this approval going forward? According to Mr. Richmond, the startup doesn’t aim to get high-net-worth folks particularly. Instead, the focus for a client base will be shifted to family offices, mutual funds, and stock exchange. The clients seeking to use Tetra’s services will be expected to store 1 million dollars worth of currency at a fee that the startup hasn’t disclosed.

The other potential competition from within Calgary was Olympia financial group Inc. that backed out of its attempts of becoming a qualified custodian citing “internal risk.”

Mr. Richmond is aiming big with Tetra, hoping for the startup to have over a billion dollars in crypto assets under its managerial wing by the end of 2021.

Is ArriveCan accessible to Blind Canadians? CNIB says no

People with disabilities are often overseen by the authorities in power, which showed when the ArriveCan app was launched. This app plays an essential role in cross-country travel and border crossing. The app’s inability to cater to those with different needs sparks a larger conversation about due consideration and fair practices. 

It was Robert Fenton who raised concern when using the Apple voiceover screen reader on his Apple device. Fenton, a board member of the CNIB (short for the organizations’ previous name -Canadian National Institute for the Blind), says that the problem arose when he tried to get access to the app. The problem essentially blockades blind people from setting up their accounts because of the poorly designed verification system. Because the only path to entering the verification code for their email relies on the support of a sighted person, the app is inaccessible to blind people. 

The federal law enforcement agency has since acknowledged the issue and Jacqueline Callin, the spokeswoman of the Canadian Border Services Agency, issued an email apology for the matter as well. The email pointed out the gap between the newly added features in the app and that the team is working to resolve the issue. 

As an alternative, for the time being, authorities direct their differently-abled users towards the online route. Unlike the app, the online portal for ArriveCan overcomes the hurdle, allowing blind people to access their accounts without dependence on sighted individuals. 

This, of course, is not the first incident of its kind. In fact, according to Fenton, the same app had another bug that was only recently fixed. This issue was related to the privacy window that popped up each time the app was opened. This unfairly held blind and partially sighted people from proceeding to the next screen. 

These shortcomings on the part of the government aren’t in line with initiatives like the Accessible Canada Act from 2019, which set to eradicate barriers in departments under the federal jurisdiction. What makes this issue further heated is that it affects the mobility of blind athletes from Canada who seek to participate in the Tokyo Olympics.

Pandemic brings 3x growth to Kitchener Waterloo startup Faire

Working on a startup is an admirable goal because it takes months, often years, to get rewarded for your hard work. But sometimes, you can run into a golden egg, as was what happened to Marcos Cortes, the co-founder, and chief tech officer at Faire. The golden egg, in this case, was the lockdown following the COVID-19 -a solid example of what was a nightmare for some became a dream come true for others. 

Faire, an online marketplace connecting everyday customers with wholesale vendors, rounded up a staggering 260 million dollars in its latest investment venture earlier in June. This brought the value of this Canadian startup to 7 billion dollars -making it one of the best startups the country has seen!

With this rapid success, Faire has expanded its worker base too. The Kitchener, where the Faire employees worked, hosted around 55 workers before the pandemic, and that quickly rose to 175. The startup has continued to expand its workspace, and Cortes expects to shift to two to three large offices soon. As many companies get comfortable in the work-from-home lifestyle from the lockdown, Faire envisions a hybrid model. 

Faire has kept its momentum on expansion. The company is also looking for a space to host its 25 employees in Toronto. The company has also gone international, as they now search for offices in London, England, to facilitate their expansion in 10 European countries. 

Faire’s competitors aren’t expecting great news anytime soon, as the exponential success of startups continues to snowball. More retailers are looking to sell their products at Faire because it connects them to a larger market. Over 18,000 brands and about 200,000 retailers use Faire to sell to their target audience. Most of the retail markets that Faire caters to are small-independent retailers who love the 60-day pay time and the ability to return goods in that window. Other than that, it’s gaining popularity among medium-sized brands which are big enough for warehouse services. 

Faire has a motive, and it doesn’t plan on slowing down anytime soon. This huge growth has caught the attention of Sequoia Capital, a venture capital firm based around silicon valley, which leads the last two rounds of investment for Faire.

Q4 Software House Files to go Public on Toronto Stock Exchange

Canada has seen a rise in companies planning the move to IPOs across the sector of tech, mining, and health care. One such company is Q4 Inc., a cloud-based platform that deals with investor relations.

The Tech company aims for this move to raise approximately 150 million US dollars. This comes from an anonymous source of the Globe as this amount is not official public knowledge. Towards the end of May, the software house filed a document prospecting its plans with regulators, weeks after first indicating plans to go public. 

Some of Q4’s most prominent clients include streaming giants Netflix and Spotify. They use Q4’s cloud-based technology to facilitate virtual events with their investors. The company currently features a roster of over 2,400 clients. Furthermore, they are a pioneer in their market as not many technology companies offer specialized products tailored for investors.

Their products provide solutions targeted at public companies. For example, the cloud-based technology facilitates digital conferences, financial statement management, and earnings calls for investors. 

Furthermore, for the companies using their software, they offer data analysis relying on artificial intelligence. This allows them to monitor and forecast their shareholder’s activity actively. On average, they claim to facilitate 500 thousand investors every financial quarter. 

New York-based Ten Coves Capital made an approximate 90% increase in revenue through their investments in Q4. The majority of their income recurs from clients that liked the software enough to renew their subscriptions. 

Despite the success, the company has not yet reached its break-even point, consistently facing net losses in millions of US dollars. At this moment, Q4. Has not indicated when they plan to go public. The initial price ranging for the IPO is also unknown.