An ageing population and an increase in the number of retirees are expected to have a significant impact on Canada's economy over the next few decades, according to the Canadian Institute for Economic Co-operation and Development (CIECD) Chief economist Roberta MacKenzie says. One challenge is that it can lead to a decrease in the labour force, which can slow economic growth and productivity. It can also lead to a shortage of skilled workers in certain industries, which can make it difficult for businesses to fill job openings and can lead to increased wages.
An aging population can put a strain on government programs such as pensions and healthcare, which can lead to an increase in government spending. This can cause an increase in government debt and can lead to higher taxes for future generations.
Canadian companies can take several steps to overcome the shortage of skilled workers. Some strategies include:
Investing in training and development programs: By providing training and development opportunities, companies can help existing employees gain new skills and knowledge, which can help fill the gap left by retiring workers.
Recruiting foreign workers: Canada has several immigration programs that allow companies to recruit workers from other countries to fill skill shortages.
Partnering with educational institutions: Companies can work with colleges and universities to develop programs that align with their specific skill needs, and also to provide internships and co-op opportunities to students
Enhancing compensation and benefit. Companies can also offer competitive compensation and benefits packages to attract and keep skilled workers.
Automation and technology. Companies can invest in automation and technology to increase efficiency and productivity, which can help offset the impact of a shortage of skilled workers.
Remote work. With the pandemic, many companies have adopted remote working, which could help them expand their recruiting pool and attract skilled workers from other regions.
Developing strategic partnerships with other companies: Companies can form strategic partnerships with other companies, allowing them to share resources and expertise, and to collaborate on training and development programs.
The federal government of Canada can take several steps to recognize the foreign credentials and experience of new Canadians to help them move into the job market. Some actions include:
Developing and implementing a national foreign credential recognition (FCR) framework: This would provide a standardized process for assessing and recognizing the qualifications of internationally trained individuals.
Providing funding for FCR initiatives. This would help organizations and institutions develop and implement programs to assess and recognize the qualifications of internationally trained individuals.
Partnering with employers and industry associations. This would help to raise awareness among employers about the benefits of hiring internationally trained individuals and provide them with the information they need to assess foreign credentials.
Providing language and job-specific training programs. This would help internationally trained individuals gain the language skills and job-specific knowledge needed to succeed in the Canadian workforce.
Offering tax credits for employers hiring internationally trained workers.
Developing strategies to address discrimination and lack of awareness about foreign qualifications and experience, among employers and in the society at large.
Implementing a regulatory reform that streamlines recognizing professional credentials and qualifications.
Investing in research and data to better understand the barriers to foreign credential recognition and identify best practices for addressing them.
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