Deepanshu Saini came to Canada in 2020, just a week before the pandemic hit the globe. After finishing his course in 2022, he has been looking for a full-time job actively but so far, things haven’t been easy. Is there a lack of jobs due to a slowed-down economy? Are aspiring job seekers like Deepanshu finding it difficult to realize the dreams that brought them to Canada? “Yes, this is true,” says Deepanshu. “And I fear that things are going to get worse in the coming months as there is no indication that there will be any key improvement in the economic strategies of the government.”
Deepanshu is not alone. There are scores like him who are suddenly finding that opportunities are drying up faster than they had envisaged. Let’s explore what’s happening and why.
“Creating more and better jobs is how you build a strong economy.”
As long as we go back in the history of mankind, this quote by the American politician Karen Handel, who also happens to be a powerful businesswoman, always stands true. A country’s economy is significantly impacted by its ability to create jobs in multiple sectors. In simple terms, it would mean that the more efficient the workforce contributing to the financial growth of a nation is, the stronger its economy will be.
At this point, you may ask? What is the context of this particular quote with this article? Fasten your seatbelt for an interesting and insightful read!
There have been several reports that indicate that the North American economy, especially that of Canada, has been on a constant decline lately. According to these reports, the oversaturation of the job market is making businesses contemplate their business modules and strategies, which is prompting them to incline towards outsourcing and remote work.
What Numbers Say?
Business Standard reported that the US GDP Growth Slows To 1.6% In Q1– A report released by the Commerce Department on Thursday showed the U.S. economy grew by much less than expected in the first quarter of 2024.
In a similar fashion, Canada’s economic growth slowed in February, according to new figures from Statistics Canada (as reported by Wealth Professional). Real GDP was up 0.2% following a 0.5% rise in January as services-producing industries gained 0.2%, led by transportation and warehousing, while goods producers posted flat growth.
What does this slowed or flattened GDP growth in North America suggest? The GDP of any country is directly proportional to its economy. And since the job market contributes to a significant chunk of the economy, ultimately, slower GDP means fewer job opportunities.
The Post-Pandemic Impact
The year of Coronavirus is well past us. However, it didn’t leave without making some pivotal marks in the socio-cultural aspects across the globe. The pandemic made organizations realize that remote work reaps as great results as the traditional on-site work structure does. Several establishments have switched to virtual work, and they are doing remarkably well in their respective sectors.
Post-pandemic, international students visiting Canada are having tough luck finding a decent job in their profession. This has created a panic among the international student communities in the country as these students hope for a decently paid job after completing their program course so that they can pay off their debts and loans, which they had taken for their studies.
Unfortunately, the scarce job opportunities situation in the contemporary market is forcing them to either return to their home country or do a minimum-wage job that has no relevance to their skills and expertise. As a result, several students are falling victim to drug abuse due to the mental stress and social pressure of not being able to make a life that they had dreamt of while coming to Canada.
Vancouver, British Columbia, has been a promising haven for international students and new immigrants for decades. The city used to always have ample job opportunities in various sectors. However, things have taken a turn for the once promising land in recent years.
Shashank Srivastava, a product of the prestigious Victoria University, who is currently working as a Project Manager and Lead Technical Business Analyst at a reputed organization in Vancouver, has done his own share of research on the current job scenario in Canada, especially in the province of British Columbia.
“Vancouver is the second most preferred landing port in Canada after Toronto. Thus, an increase in foreign workers is expected. More than 150K more foreign workers were added in British Columbia in the year 2023 than in 2022. Meanwhile, the jobs grew at only 1.5% more than the previous year. There is a huge gap in the demand vs. supply of jobs right now in BC, even when comparing it with the rest of Canada,” Shashank said.
Several students and professionals who have been in Canada for the last few years shared similar experiences with finding a job after finishing their education.
A Whole New World
On the other hand, the remote work modules in several countries have opened doors for professionals like never before. Whether it is client servicing, data analysis, project management, or marketing, professionals everywhere are being introduced to a broader spectrum of opportunities that they didn’t even know existed!
The thing is, smart and wise businesses in many developed nations realize the importance of remote work. Hence, they have been actively investing in organizations, agencies, and individuals who are providing them better service and better results even if they are thousands of miles away. As per CNBC, remote jobs are moving overseas and to other American cities for obvious reasons.
So, what are these remote work and outsourcing benefits? Let’s take a look at a few of the prominent ones:
Remote Work – Flexibility Meets Productivity
For employees, remote work offers a much-desired work-life balance. It allows for flexible schedules, increased autonomy, and reduced commuting stress. Studies have shown that remote workers can be just as productive, if not more, than their office counterparts. This flexibility can also lead to a happier and more engaged workforce, reducing turnover and boosting morale.
Benefits for Businesses
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Cost Savings:
Remote work eliminates the need for expensive office space, utilities, and equipment.
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Wider Talent Pool:
When hiring, businesses are no longer restricted by geographical location. They can tap into a global talent pool, finding the best person for the job regardless of where they live.
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Improved Business Continuity:
Remote teams are less susceptible to disruptions like local lockdowns or natural disasters.
Outsourcing — Accessing Specialized Skills
Outsourcing allows businesses to access specialized skills and expertise that might not be readily available in their local area. This can be particularly beneficial for tasks that require specific knowledge or experience.
Benefits for Businesses
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Cost-Effectiveness:
Outsourcing can be a cost-effective way to access specialized skills without the need to hire full-time employees.
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Increased Efficiency:
By outsourcing tasks that are not core to their business, companies can free up their internal resources to focus on strategic initiatives.
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Scalability:
Outsourcing allows businesses to easily scale their workforce up or down based on their needs.
The Perfect Combination
Remote work and outsourcing can be a powerful combination. Businesses can leverage a remote workforce to manage their core operations while outsourcing specialized tasks to skilled individuals or agencies around the world. This allows them to build a flexible and efficient team that can adapt to the ever-changing business landscape.
However, it’s important to note that both remote work and outsourcing require careful planning and management.
That is why it is of utmost importance that businesses establish clear communication, and effective workflows, and invest in the right tools and technologies to make these strategies successful.
Fueled by India’s booming web solutions industry, Wisitech, a Delhi-based all-in-one provider, has experienced remarkable growth. Their success can be attributed to a winning combination: attracting clients from diverse sectors with a commitment to top-tier outsourcing practices, leveraging highly skilled professionals at competitive rates.
By embracing remote work and outsourcing, businesses like Wisitech have the potential of unlocking a world of possibilities and gain a competitive edge in the global marketplace.
