GENERAL•

JAN 18, 2023

Canada's demographic is shifting.

With 21.8% of workers aged 55 to 64 and due to retire, Canada's workplaces are losing valuable long-term employees, with decades of experience and talent at the same time as our natural population is dwindling below replacement values (Canada's fertility rate is currently 1.40 per woman). Since Canada already experiences chronic skills and labour shortages, the hundreds of thousands of immigrants arriving to work and live in Canada each year will play a vital role in filling the vacant positions that keep our economy and services running effectively in the future. Empowering newcomers with the knowledge and proper training in critical industries now will ensure immigrants have the education, skills, and experience required to fill vital roles this decade, when one in five people retire and industry employers hire skilled replacements.

Our changing demographic also represents changes in needs allocation for services as an ageing population places a greater demand on the healthcare system but also have more free time, more disposable income, and spend money differently than younger demographics. For example, retirees tend to shop locally and eat out at restaurants more often than young people. Modern technology is another factor changing our country's needs and rewriting the labour market.

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