In Canada Employees must Adapt to Fill 462,000 Vacant Jobs
Bank of Canada Governor Stephen Poloz has called upon both Canadian workers and employers, to be adaptable, for filling up the 462,000 job vacancies, in the nation.
Moreover, today, the Canadian companies invest heavily in their employees, and also wait for the right person to fill up a role. They instead, need to train people for the jobs. Simultaneously, the businesses will not face a struggle to find workers, if this happens.
Aspects of training
The training by companies is narrow. The need is to take a raw or experienced person, who can be clever, hard-working and willing to adapt. This will ensure success. Several new graduates are disappointed, as they cannot find jobs in their domain, or in the right place. There is a great need to adapt extensively. The thinking about education should be, not as training for a job, but a training leading to thinking and understanding new materials. With this, they can take up a job, in a different field, and apply the scientific tools in a different manner.
There is an impact of technological advances, on the economy, which displaces workers. Their jobs become obsolete owing to automation. Furthermore, the companies must be responsible in training workers. They need to move to the new jobs, created by digital disruptions. The government can develop programs, for making the relocation process easier.
The skills gap
The skills gap, must not be shown in exaggerated terms. Moreover, the adaptability of the economy is high. New and well-paying jobs are created and there is spending of money. It, in turn, creates many jobs in various sectors.
Atlantic Canada faces an acute shortage of workers. A Business Development Bank of Canada study shows that 50 percent of businesses in these four provinces find it difficult to hire new workers. This labor shortage will not stop, but continue for the next 10 years. There is a huge need to deal differently; think differently about recruitment, and also about managing the business.
People must embrace technological changes that create more jobs. Job availability has increased in the technological, warehousing, manufacturing and transportation sectors. Moreover, presently matching workers with employers is a big challenge.
Understanding the fundamental dynamics
People must understand the fundamental dynamics, and not be afraid of it. People are afraid of losing any opportunity, and also of the unknown. Actually there is creation of more opportunities. When there is adaptability, the companies and the people, can capitalize on that.
The Business Development Bank, will follow a gradual approach, to raise interest rates, and rely on incoming data to guide its decisions, he added.
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