A 2013 report by the Canadian Chamber of Commerce estimates that by 2016, Canada will face 1.5 million vacancies for skilled jobs. Yet the Government of Canada debates the issue of an existing skills shortage citing that there is more of a skills mismatch where technology changes render some skills obsolete. The Government does recognize that there are regional and sector specific shortages and that more labour market information is needed to access this data at a granular level. Whether imagined or real, a recent Ipsos Reid survey of more than 2,000 respondents found that 90% of Canadians believe there is a skills shortage and that it will continue to grow.
According to a recent Randstad Canada study, the top five industries for jobs are:
* A study by the Canadian Council of Chief Executives (150 of Canada's largest employers) reported that engineers topped the list of workers most difficult to find and retain, followed closely by information technology professionals.
Based on the 2013 Government of Canada's Economic Action Plan, by the year 2020, 600,000 workers will be needed in the following roles -
Experts say that globalization, an aging baby-boom population, and technology changes contribute to this shortage of skilled workers. A 2012 McKinsey Global Institute report estimates that by 2020, the global economy could see employers looking to fill 90 to 95 million low-skill worker jobs.
The numbers are staggering. Whether in Canada or internationally, there are ways for employers to address attracting talent. Some helpful tips to consider include -
For more ideas and tips attracting talent and ensuring you have the right employee benefits package to meet your needs, please contact us. We're here to help so that you can focus on what you do best.
In the past, I've blogged about the critical issues facing Canadians when it comes to be debt management and saving for retirement. The current challenges we face are not insurmountable, but the problems relating to apathy toward digging out of debt and having money saved for a rainy day don't seem to be headed toward resolution any time soon.
The statistics are staggering and somewhat disturbing:
Aside from what I've written about, there is a plethora of information on the Web about financial literacy and the importance of positioning Canadians for success when it comes to managing their finances. Countries like the U.K, Australia, New Zealand, the U.S. and Canada have developed national financial literacy programs. Increasingly, high schools are making financial literacy a mandatory part of the educational curriculum.
What about the workplace? Since most adults spend a bulk of their day working at their respective jobs, employers have the ability to play a key role in influencing employees about the importance of financial literacy. At present, it appears that attention on financial literacy in Canadian workplaces remains somewhat overlooked. Workplace financial literacy programs support employees to develop skills relating to their pay as well as managing for retirement. In turn, employers see increases in employee engagement and productivity because employees are less stressed and more present (physically and mentally) when at work. In the Report of Research Finding relating to personal finances and worker productivity, employers found that when employees were financially distressed, they were less committed to their company and less satisfied with their pay. In addition, employees stressed about their finances spent an average of 20 hours a month of work time trying to solve these problems.
So, what can employers do to beef up employees' financial literacy awareness? Here are some basis tips that cover helpful approach worth considering:
For more specific ways to incorporate financial literacy programs in your workplace, please contact us. We're here to help so that you can focus on what you do best.
Dave Dickinson, B.Comm, CFP, CLU, CHFC
Experienced Benefits Specialist ready to optimize your group benefits and pension plans.