Toronto’s Executive Search Market Heats Up Amid Talent Shortage

September 18, 2025 – The Canadian job market in 2025 is showing signs of resilience despite ongoing economic pressures. While higher interest rates and slowing consumer demand have created challenges in sectors like real estate and retail, the country continues to experience steady demand for workers in healthcare, technology, and skilled trades. Immigration remains a key driver of labor force growth, with Canada relying on newcomers to fill critical shortages, particularly in nursing, construction, and IT. Wage growth has moderated compared to the rapid increases of the past two years, but employers are still competing for top talent in specialized fields. Overall, recruiters tell Hunt Scanlon Media that the market reflects a mix of caution and opportunity, with workers facing more competition for roles in certain industries, while others—especially essential services and emerging tech—remain in strong need of skilled professionals.

Toronto is Canada’s largest city and its main financial and cultural hub. Located on the shores of Lake Ontario, it’s known for its diversity—over half of its residents were born outside of Canada, making it one of the most multicultural cities in the world. Economically, Toronto is the country’s financial capital, home to the Toronto Stock Exchange and headquarters for major banks and corporations. The city also has strong industries in technology, media, education, and healthcare.

Headquartered in Toronto and with offices across Canada and parts of the U.S., Lock Search Group is an executive search and recruitment firm with a track record of success. Every consultant at Lock has held a leadership role in the industry they now recruit for, so they understand your realities and market dynamics firsthand. Lock’s search consultants have an average tenure of 12 years.

Jack Gawen and Ben Lamarche are managing directors of Lock. Over the course of more than 17 years, Mr. Gawen has played significant roles for such market leaders as Ceridian, American Express and Workopolis. He comes to Lock with direct experience in delivering results for enterprises large and small. Mr. Gawen has been at the forefront of establishing and building sales divisions from the ground up. His passion for winning, success, and client focus are the key factors in his development.

Mr. Lamarche has been with the Lock family for over 15 years, working initially out of Montreal and now based in the Toronto office. He started his recruitment career in life sciences. Mr. Lamarche has extensive experience in managing complex recruitment projects. In the last few years, he has had success in managing true leadership roles (CEO, president, GM, COO, CFO) within a number of organizations.

Mr. Gawen and Mr. Lamarche recently sat down with Hunt Scanlon Media to discuss the state of the executive search market in Toronto, where competition for leadership talent has reached unprecedented levels.

How would you describe the current state of the executive search market in Toronto, and what major trends are shaping it right now?

The Toronto executive search market is incredibly tight right now. With unemployment low and talent scarce, companies are fighting hard for experienced leaders. The major trends we’re seeing include intense competition for executives who understand AI and automation, as every company needs leaders who can drive real technology adoption. There’s also strong demand for executives with global experience as Toronto companies expand internationally. Finally, we’re seeing more executives leave traditional corporate roles to start their own ventures or join startups, which is shrinking the available talent pool even further.

What types of leadership roles or skill sets are most in demand among Toronto-based companies today?

Chief digital officers and AI transformation leaders are the most sought after roles right now. We’re also seeing exceptional demand for chief financial officers who understand both traditional finance and emerging technologies like blockchain and digital assets. Operations executives who can drive efficiency through automation are commanding premium packages. Interestingly, we’re seeing huge demand for leaders with Asia Pacific experience, particularly those who understand the Chinese and Indian markets, as Toronto companies look to expand beyond North America.

How has the talent landscape in Toronto evolved in recent years, and what factors are driving those changes?

The talent landscape has become much more challenging for employers. With the broader Canadian labor shortage, qualified executives have multiple options and significant negotiating power. Many experienced leaders are choosing consulting or portfolio careers over traditional executive roles, giving them more flexibility and often better compensation. The rise of Toronto as a major tech hub has created more competition for talent, with both established companies and startups pursuing the same leaders. Immigration changes have helped bring in international talent, but it hasn’t been enough to meet demand.

“The rise of Toronto as a major tech hub has created more competition for talent, with both established companies and startups pursuing the same leaders.”

What challenges are organizations facing when it comes to attracting and retaining top executive talent in Toronto?

The biggest challenge is simply availability. There aren’t enough qualified executives to fill the roles available, so companies are having to look harder and move faster than ever before. Compensation has become a major issue, with packages increasing significantly but still sometimes falling short of executive expectations. Companies are also struggling with succession planning, as their internal talent is being recruited away before they’re ready for senior roles. The lengthy hiring processes at many organizations mean they lose candidates to more agile competitors.

How does Lock Search Group’s Toronto office approach these challenges, and what sets your team apart in supporting clients?

We leverage our deep Toronto network to identify executives who aren’t actively looking but might move for the right opportunity. Our team helps clients move quickly by streamlining assessment processes without cutting corners on quality. We’re also transparent with clients about market realities, including compensation requirements and competitive dynamics. What sets us apart is our sector expertise. Each partner specializes in specific industries, so we understand the nuances of what makes a successful leader in that space. We also work closely with clients to craft compelling value propositions beyond just compensation, helping them articulate why an executive should choose their opportunity over others.

To read more on Lock’s offerings please click here!

Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor  – Hunt Scanlon Media