Canada’s Looming Economic Problem: The Labour Shortage

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According to a third 2022 edition of 'The Real Economy, Canada,' the country is experiencing a long-term labour scarcity that will challenge its economic development.

Canada will have to increase immigration targets to address long-term labour and productivity concerns. Declining labour force participation rates, an ageing population and declining fertility rates indicate that immigration must be relied upon instead of natural growth to keep the labour pool replenished. Following the immigration growth, it has encouraged millennials and Gen-Z workers; Canadian legislators aim to bring in more than 400,000 people annually between 2022 and 2024. In less than ten years, Canada's labour productivity might drop to last place among all Organisation for Economic Co-operation and Development member nations. Therefore, it's critical that we don't overlook immigrants. They have been shown to increase production rates. Although this is the case, Canada needs to hurry up and simplify the accreditation process if we want skilled immigrants to fill significant gaps in industries like healthcare.

When Canada lacks the workers it needs, or when it requires specialized employees, the country opens its doors to foreign workers. With different programs available for candidates, some of which allow for only a short stay or even immigration, there are options to suit every need.  The right foreign worker can bring the skills, knowledge and experience that a company or sector needs to remain competitive.The challenge for businesses will be to find workers with the required skill sets. A recent study by ManpowerGroup found that nearly 73% percent of Canadian organizations struggle to find the talent they need. The situation is particularly serious in certain industries, where it's difficult to fill vacancies at all levels, from entry-level positions to top management roles. In the current context of skills shortages and a tight labour market, it's more important than ever for businesses to have a well-defined plan to attract and retain the talent they need. By taking action now, businesses can ensure they have the workforce they need to succeed in the years ahead.

At MFG Immigration Consulting is here to help you every step of the way with your immigration goals.  We are knowledgeable in Canadian immigration and can provide you with the guidance and support you need to make your immigration journey a success. Contact us today to learn more about our services and how we can help you achieve your dreams of coming to Canada. The looming labour shortage in Canada is set to significantly impact businesses across the country. With an ageing population and declining fertility rates, businesses will need to rely increasingly on foreign workers to fill vacant positions. While this presents a challenge for businesses, it also represents an opportunity. We have a team of experienced immigration professionals on staff who are eager to assist you with your specialized requirements. Book a consultation today, and let's start your immigration journey!

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