Three important demographic trends for small, medium businesses
From October 14 to 20, 2018, the Business Development Bank of Canada (BDC) will be celebrating entrepreneurship during the 39th BDC Small Business Week. The event seeks to highlight the work of Canadian entrepreneurs who have many challenges to face. Here are three demographic trends you’ll need to adjust for if you run a small or medium business.
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The aging workforce
The retirement of baby boomers and the low growth rate of the Canadian population are already causing labour shortages in many areas. To face the situation, make efforts to attract young workers and retain your current staff members by offering favourable working conditions (flexible hours, pension plan, insurance, etc.).
The rise of the millennial generation
According to Statistics Canada, millennials and generation Z will account for more than half of the Canadian workforce by 2030. To best tap into this generation’s talents, you should promote your business on social media. The BDC also suggests partnering with schools to facilitate the recruiting of young workers.
A more culturally diverse
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population
If current trends are maintained, by 2032, up to 80 per cent of the country’s population growth will be attributable to immigration. Therefore, to counter the labour shortage, you should start hiring new Canadians right away. Adjust your training methods accordingly and reach out to different cultural communities.
To learn more about the trends that will transform the Canadian business landscape over the next few years, visit www.bdc.ca.