Shortage of Skilled Labour Hurting Growth
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Shortage of Skilled Labour Hurting Growth

According to the Canadian Broadcasting Corporation, a shortage of skilled labour is hurting growth prospects of construction firms in Ontario. Government officials cited the “large number of retirements with the baby boomers retiring and moving on out of the industry” as one of the key drivers of the shortage in skilled labour.

According to the survey, 69 per cent of contractors in Ontario expect to have difficulty finding skilled workers while 62 per cent say they have experienced a shortage of skilled labour in the sector in the past three years.

A dearth of skilled labour is not restricted to Central Canada – in fact key provinces in Atlantic Canada are facing the same challenge in the construction industry. Notably the Construction Association of Prince Edward Island has launched an initiative to “increase access to skilled labour”.

What The Boomer Brain Drain Means For You
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What The Boomer Brain Drain Means For You

The boomer brain drain is the growing trend of boomer workers retiring or leaving the full-time workforce and employers failing to a plan in place.

In Canada alone, over 30,000 baby boomers leave the workforce every month. In the United States that number is estimated to be up to ten to twelve times as large. As thousands of baby boomers retire or leave the workforce daily across North America, stemming the brain drain will become a critical issue.

In this fascinating Forbes article, we see that as experienced professionals continue to leave the workforce, companies suffer by losing institutional knowledge, relationship, process and corporate process know-how and names of key contacts.

All of this information is useful to the workers who will step in to handle these roles.

This is particularly important to help companies facilitate knowledge transfer. In fact, Forbes cites that:

  • 4 million boomers leave the workforce
  • 56% of retiring boomers are in leadership positions

What does this mean for boomers and for employers?

Quite simply that they need each other. Employers are starting to recognize the value of having experienced professionals available to fill critical gaps and boomers are starting to realize that there is demand for experienced leaders.