Changing Faces in our Workforce

By Elleni Koskinen

Canadian workforce demographics are noticeably changing, and they will continue to do so for the foreseeable future. In fact, there are three main trends for the 2020’s. These trends are important for businesses across the county, because they will continue to guide the trajectory of businesses’ successes or failures. Here’s the rundown.

The Aging Population

Baby boomers, the generation born between 1946 and 1964, used to make up the majority of our workforce. However, for the past decade, their numbers have been declining as more and more boomers transition into retirement. As they continue to leave the workforce, the labour pool will grow more slowly, and in some places it will even shrink.

What does this mean for employers?

• Employees will have more choices of where to work, so organizations will need to set themselves apart by offering benefits, flexibility, and competitive compensation.
• Staffing shortages may still arise, so companies need to make strategic investments in technology, equipment, and other resources to maximize productivity and operational efficiency.

The Youth Revolution

Millennial and Gen Z populations are set to overtake the Canadian workforce. In fact, by 2030 it is estimated that they will make up over 50% of the working population. As with every generation, “the youth of today” have their own ideas for how things should be done, and they’re not satisfied to maintain the status quo. If things can be done better, then they should be done better.

Additionally, Generation Z in particular is not willing to sacrifice for their jobs. If their ideals don’t align with their organization, or if they feel that they aren’t being treated fairly, then they’ll just leave. The mindset of “just grin and bear it” that has plagued the workforce for many years may finally be at an end, thanks to the youth of today.

So how can you attract the younger crowd to join your company?

• Create partnerships with colleges and universities for internship opportunities. This can be a great way to introduce yourself to a new crowd of potential hires.
• Get onto social media and be active! In the instant digital age, a continuous online presence is vital to staying current, otherwise you’re likely to be forgotten as soon as they scroll away.
• Don’t be afraid of being witty, funny, goofy, or sarcastic. Show off your sense of humor and make the workplace fun.
• Invest in training. Properly training your employees dramatically improves retention rates, and improves overall efficiency, productivity, and job satisfaction.

Cultural Diversity

By the end of this decade, immigrants will account for up to 80% of Canada’s population growth. This means that they will play a key role in boosting Canada’s shrinking workforce, and help fill the gaps left behind by older employees bound for retirement.

What are some of the benefits of hiring employees that are new immigrants?

• A diverse workforce can improve a company’s capacity for global expansion.
• Federal programs are available to support the hiring of new immigrants, both in finding applicants, and in supplementing their wages.

If you’d like to comment on this article or explore these ideas further, contact me at [email protected].

This article is reproduced from the September 2022 edition of The TMC Advisor.?advdoc.php (tmcconsulting.ca)