A new study by Aon Consulting determined that Toronto is the most desirable city in the world for corporations to recruit and hire employees. The research included 90 cities world-wide, and compared cities based on demographics, education, government regulations, and employment practices.
Toronto was ranked as the lowest risk city for employers, ahead of London, Singapore, and New York. Montreal also appeared on the list. The study said that both cities earned superior rankings due to Canada’s health and retirement benefits, along with its equal opportunity legislation and virtually non-existent levels of corruption.
The Canadian government has been successful in dealing with employment issues, a very important aspect in reducing employer risk. Having a steady government was one of the main factors affecting the top cities on the list. The highest-risk cities for companies include less stable cities such as Tehran, Iran; Karachi, Pakistan; Dhaka, Bangladesh; Phnom Penh, Cambodia; and Lagos, Nigeria.
Even though Toronto is the lowest-risk city for employers to do business in, the study concluded that there is still much room for improvement. The relatively small population creates a small talent pool comparative to larger cities such as Tokyo, New York, Beijing, and Los Angeles.
This small talent pool creates risk for employers in highly specialized fields, such as the financial services and technology industries. Recruitment firms have especially warned that there are skill shortages in the areas of compliance and risk management. Aging workforces in Montreal and Toronto are also contributing to job shortages in some fields.
What do you think? Is Canada a premiere place to discover talented employees?