Canadian Labour Market Faces Demographic Squeeze as Baby Boomers Retire

The last of the baby boomer generation will be turning 65 in 2030, marking a pivotal moment in a demographic squeeze that has loomed over Canadian workplaces for years. By then, most of this generation will be retired – and the labour market will face a new reality.

This, says Mr. Gomez, may cause the labour market to lose its delicate balance – with some industries facing more dramatic upheavals than others. At last count, there were around 700,000 unfilled jobs in the country, most notably in food services, health care, social services and construction. It’s the same across the skilled trades. With around 700,000 skilled trades workers expected to retire by 2028, the Canadian Apprenticeship Forum estimates an average of 75,000 new apprentices will need to be hired per year over the next five years to meet the demand for skilled journeypersons in Red Seal trades. The trades most at risk of not meeting that demand include welder, industrial mechanic, bricklayer, boilermaker, cook and hairstylist.

Mr. Gomez says younger generations tend to come in with a better grasp on emerging technologies and ideas on moving organizations into the future, while older generations have insight and institutional memory that can better predict the failure of an idea. Both are necessary, says Mr. Gomez – but, as his research shows, they need to be balanced.

Larger and more established companies will likely feel the demographic crunch more sharply. These types of companies tend to require more senior leadership roles and managers and often have to invest a lot more in training staff. “Older workers tend to be found in careers that have longer career paths – public service, education, health and large corporations like banks and telecom,” says Mr. Gomez.

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