Immigrants Crucial to Canada’s Labour Market Growth

Immigrants Crucial to Canada’s Labour Market Growth Says Conference Board

The Conference Board of Canada highlights the pivotal role immigrants will play in shaping Canada's labor force until 2045. The government aims to welcome nearly two million permanent residents between 2023 and 2026, underlining the growing dependence on immigration for population growth.

👨‍🎓 Aligning Skills with Opportunities
To ensure success, it is imperative that immigrants secure jobs aligned with their skills and education. The Conference Board emphasizes this need, addressing challenges such as overqualification. Data from the 2021 census reveals immigrants with foreign degrees are twice as likely to be overqualified, indicating a need for better integration strategies.

💼 Addressing Labor Shortages
With labor shortages across various sectors, employers have turned to foreign workers through programs like Express Entry and Provincial Nominee Programs (PNPs). Temporary residents are making valuable contributions, but the Conference Board warns against excessive reliance, fearing it could hinder automation adoption and productivity growth.

⚖️ Balancing Act for Productivity Growth
While easing access to temporary foreign workers aids labour shortages, the Conference Board cautions that it might reduce competitive pressures, potentially stalling productivity growth. Striking a balance is crucial for sustaining healthy competition, driving innovation, and fostering long-term productivity.

🌐 Canada: A Mosaic of Identities
With record-breaking immigration, Canada is evolving into a nation of immigrants, according to Association for Canadian Studies CEO Jack Jedwab. The changing demographics, revealed in a recent poll, indicate a doubling of the population in the next 30 years, with nearly half identifying as racialized or visible minorities.

In embracing diversity and addressing the challenges ahead, Canada is not just shaping its labor force but building a future where inclusivity and shared opportunities define its national identity.

TRENDING NEWS

• Canada's unemployment rate held steady at 5.8% in December, according to Statistics Canada. The employment rate dipped slightly to 61.6%, marking the fifth decline in six months. Notably, core-aged men saw a 0.4% employment increase, while women in the same group experienced little change. Throughout 2023, the employment rate fell for the core-aged population, despite a population growth of 2.9%. Young women aged 15 to 24 reported increased employment, but older men (55+) experienced a notable decline. Unemployment rates increased for most racialized population groups in 2023. Read more

• The Canadian trucking industry is becoming more attractive to women and immigrants, addressing labour shortages. Challenges include eligibility constraints, language barriers, and maternity benefit shortfalls. Ontario invested $1.3 million to train underrepresented groups, though obstacles persist. Only 4.3% of truckers are women, prompting efforts to break down barriers and provide support for training and childcare. The Women’s Trucking Federation hopes for continued government support in fostering inclusivity. Read more

• Canada retains one of the world's most powerful passports in 2024, ranked seventh globally. With a Mobility Score of 173, Canadian passport holders enjoy visa-free access to 124 countries, visa-on-arrival for 49 countries, and ETA for 7 countries. The top rankings are dominated by European countries, while Canada ranks below the United States and the United Kingdom. The UAE holds the most powerful passport, while Syria ranks last. Read more

• Rising immigration in Canada, contributing to a record population boom, may be linked to a decline in GDP per capita, according to the National Bank of Canada. The economy faces an "unprecedented" contraction, with GDP per capita falling for five consecutive quarters. Other factors, including inflation and rising rental prices due to population growth, also impact the economic landscape. Unemployment has increased, and businesses may face challenges with reduced profits and difficult decisions in 2024. Read more

POLL OF THE WEEK

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NUMBERS TO KNOW

• British Columbia Issues At Least 373 Invitations In First PNP Draw Of 2024 Read more

• Ontario Issues 1,451 Invitations In Skilled Trades, Health and Tech Occupations Read more

• Canada Issues 1,510 Invitations In First Express Entry Draw of 2024 Read more

• Quebec Sees Number Of Temporary Residents Skyrocket To Hit A Record Of 528,000 Read more

• Canada’s Recognized Employer Work Permit Program Adds 84 New Jobs Read more

FEATURED PODCAST

In today's episode, we delve into the significant changes in Canada's Temporary Foreign Worker Program as of 2024. We'll explore the new wage requirements for employers, the updated LMIA process, exemptions, and regional wage variations. Plus, we'll discuss Canada's approach to addressing labor shortages, the economic impact, and the vital importance of protecting the rights of temporary foreign workers. Tune in for an insightful look at these critical updates and their implications for employers and foreign workers alike.

FEATURED VIDEO