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Posted by Rowan O'Grady, Hays Canada President, on Wednesday, Apr 22, 2015
As the economy improves, the available talent pool is shrinking and many Canadian employers are facing a talent crisis. Some sectors are more affected than others, including construction, IT, and forestry, with candidates such as estimators, software developers or skills tradespeople especially in demand. As Canada’s economic recovery continues, how will the labour market change and what does it mean for workers and employers?
The latest Hays Global Skills Index, comparing 31 countries around the world, shows that developed economies which have recovered the most from the economic crisis and have higher projected GDP growth are the countries suffering the most from labour market pressures.
This tightness in the labour market has led to wage inflation, as companies battle for the skilled employees they need, they offer better incentives – the main one of those being higher, competitive wages. This has led to wage pressure where skill shortages exist.
So how can employers respond to this issue? A quick and highly effective fix is the use of contract staff and that is what 35% of companies are doing. However, a sustainable business requires development and promotion of staff and that means effective succession planning but only 33% of employers saying that they actually have a succession plan.
Candidates looking to take advantage of the high demand should look for opportunities to upskill and get certified based on what skills are in demand in their industry. Many of the talent shortages are regional so those who are open to relocating should consider moving to the area that has the most options.
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For industry specific insights request your copy of the Hays 2015 Salary Guide.