Aging population in N.L. affecting labour market: BDC
The report suggests businesses with strong, clear human resources policies — for example formalized job descriptions, a standard selection process for new hires, an employee manual, training and career development programs — are better positioned to defy the labour limitations.
Armed with a new look into a tightening Canadian labour market, Business Development Bank of Canada (BDC) chief economist Pierre Cléroux says employers in Newfoundland and Labrador need to be aware of what’s happening, and how they might respond.
A BDC survey of 1,208 entrepreneurs across the country found 39 per cent had difficulty hiring new employees in the last year. But the challenge is even greater when you look specifically at Atlantic Canada, Cléroux said.
It’s also expected to get worse in the province, risking business growth.
“The main reason for that is we have an aging population, so there’s a lot of Canadian baby boomers that are retiring and there’s not as many young people entering the workforce. So that’s the main reason why we have this imbalance, I’ll guess we’ll say, and our labour force is shrinking, and as a result it’s more difficult for businesses to find people,” he said Tuesday.
In Newfoundland and Labrador, the number of young people entering the workforce is “not very large” and, nationwide, the pinch is particularly painful for businesses in the manufacturing, retail and construction sectors.