Some people have ignorantly attributed the increasing job vacancies in Canada to the COVID-19 pandemic. But, economists in the country have cleared the air about that notion.
According to these experts, the rising vacant positions are due to baby boomers who are leaving the workforce in mass. This phenomenon is, thus, responsible for more Canadian job vacancies than there are people available to occupy them.
The current trend of things in Canada’s labour market was predicted about 60 to 65 years ago. But since nothing was done about it since then, its adverse effects are being seen with the country’s dwindling workforce, said Become A Canadian.
Detailed Explanations about the Labour Shortage in Canada
According to a report by Statistics Canada, the unemployment-to-job vacancy ratio is at a historic low in all the provinces of the country. This ratio compares the number of Canadians searching for a job to the number of available jobs in Canada.
The current measure of this ratio is so severe that it is lower than the record before the COVID-19 pandemic started.
From economists’ reports, this record is not due to fewer Canadian job openings. Instead, it is due to inadequate availability of workers to occupy the positions. Become A Canadian reported that the fewer workers available to take up new jobs in Canada is due in large part to post-war baby boomers retiring.
Serious Labour Shortage and Why
As many Canadians aged 55 and above are steadily leaving the workforce, there are not sufficient younger workers to fill the positions they leave. Owing to these factors, Canada is experiencing a severe labour shortage.