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.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Canadian Labour Market Faces Demographic Squeeze as Baby Boomers RetireThe retirement of the baby boomer generation in Canada will lead to a significant loss of experienced workers in the labour market, creating a demographic squeeze. This will result in a shortage of skilled workers and potential upheavals in certain industries.
Fonte: PGCitizen - 🏆 65. / 51 Consulte Mais informação »

Ueda Faces Market Fallout Risk as BOJ Mulls Yields, Prices, YenThe Bank of Japan's decision on yields, prices, and the yen poses a market fallout risk for Ueda.
Fonte: BNNBloomberg - 🏆 83. / 50 Consulte Mais informação »

Ueda Faces Market Fallout Risk as BOJ Mulls Yields, Prices, YenThe Bank of Japan’s Kazuo Ueda is in a tight spot. If he stands pat on policy this week he risks sending the yen to a multi-decade low and opening up his yield control program to speculative attack in the market.
Fonte: BNNBloomberg - 🏆 83. / 50 Consulte Mais informação »

Ueda Faces Market Fallout Risk as BOJ Mulls Yields, Prices, Yen(Bloomberg) -- The Bank of Japan’s Kazuo Ueda is in a tight spot. If he stands pat on policy this week he risks sending the yen to a multi-decade low and...
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

RBC Capital Market's Report Warns of Mortgage Payment Shock in Canadian BanksRBC Capital Market's bank research team predicts a significant increase in mortgage payments in the next three years, posing a risk to Canadian banks. Unless interest rates decline, credit losses are expected to rise in 2025 and beyond.
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »