As we all know, BC's population is aging and the Baby Boomers are retiring. This will leave a shortage of skilled workers and it will be tough to fill the gaps. Stats Canada says that in the next 5-10 years, there will be more people leaving the workforce than entering it.
By 2017, BC employment projections have these key points:
900,000 new jobs created
The major industry groups that are projected to experience the fastest growth rate are:
- Health Care and Social Assistance
- Professional, Scientific and Technical Services; and
- Forestry, Mining, Oil and Gas.
The three occupational groups that are projected to experience the highest growth rates are:
- Natural and Applied Sciences; and
- Art, Culture, Recreation and Sport.
60% of the job demand will be from replacement (retirement/death)
- 546,500 jobs are expected due to replacement demand. Demographics are very important in the employment projections as the gap created by the aging workforce has put pressures on business that lack succession plans. Without an effective way for businesses to handle the looming labour shortages, comapnies will either be forced to pay higher wages to skilled workers or scale back their operations.
78.7% of the jobs will be for management in unique industries
- The aging workforce will affect some areas much more seriously than others.
- Occupations Unique to Primary Industry; and
- Occupations Unique to Processing, Manufacturing and Utilities.
- This means that now is the time to focus on learning solid transferable business skills, regardless of which industry you are employed in. Nurses, for example are now taking on more administrative duties as the pressures of replacement are being felt in the healthcare sector. Now is the time to develop yourself as a leader and shine in your career!
Over 75% of all jobs will require some sort of post-secondary training
- It is no longer an option to have post-secondary training, it has become mandatory. With high cost of living and an increasingly competitive market, education has now become a key indicator. Combine that with many educational options including online training, and there is alot to consider!
46.2% of jobs will require some post-secondary, college, or trade certificate
- Essentially…get some training!
- See the two charts below which highlight some of these key employment trend predictions as they pertain to education:
If you have any questions or comments, please share them with me!