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Qualified workers?

Updated: Sep 28, 2023

The job market

While an economic slowdown is finally underway in Canada after a series of interest rate hikes, job creation continues to be very strong. Over the last year, 500,000 new jobs were added.

The active population, meaning available and able-bodied workers, also grew strongly, adding 577,000. Since the pool of potential workers is growing faster than the number of jobs, Canada's unemployment rate rose this year, although it remains low by historical standards.

While the growing population is helping ease labour shortages, many companies are still struggling to find the qualified workers they need. Why is this?

According to a Statistics Canada study, an imbalance between the skills of available workers and the needs of employers is a key contributor to persistent labour shortages in many parts of the country.

Therefore, your ability to successfully fill positions won’t necessarily be determined by a lack of workers applying for jobs or how you cope with pressure for higher wages. Rather, it will depend on your ability to train and transfer knowledge to your new hires.

The impact of skill shortages should not be underestimated. Research has shown that hard-hit companies are more likely to experience slower growth, be less competitive and suffer a deterioration in the quality of their products and services.

What have you done to not only train and transfer knowledge to new hires but successfully keep them employed?

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