{"id":202,"date":"2020-03-06T06:00:31","date_gmt":"2020-03-06T11:00:31","guid":{"rendered":"https:\/\/www.ifg-global.com\/blog\/?p=202"},"modified":"2020-03-05T11:27:45","modified_gmt":"2020-03-05T16:27:45","slug":"filling-the-gap-canadas-war-for-talent","status":"publish","type":"post","link":"https:\/\/www.ifg-global.com\/blog\/filling-the-gap-canadas-war-for-talent\/","title":{"rendered":"Filling The Gap: Canada\u2019s War For Talent"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.hrreporter.com\/focus-areas\/automation-ai\/corporate-culture-talent-attraction-ai-skills-among-top-concerns-for-execs-in-2020\/324159\">According\nto a recent study<\/a>, one of the 10 biggest risk concerns for board\nmembers and C-Suite leaders around the globe is talent acquisition.<\/p>\n\n\n\n<p>In many cases, changes in digital technology are driving\nthe war for talent. The transformation of workplaces due to AI advancements is forcing\norganizations to hire talent with specific skills, or develop strategies that\nrequire re-training for current employees.<\/p>\n\n\n\n<p>From a technological perspective, Canada\u2019s business and\ngovernment leaders play an important role in developing workplace and ongoing\nskills development for employees. Although employers play a key role in educating\nindividuals, <a href=\"http:\/\/www.chamber.ca\/media\/blog\/180625-a-canadian-perspective-on-the-global-skills-crisis\/\">an\narticle published by the Canadian Chamber of Commerce<\/a>\nsuggests that, for Canadian executives, the two biggest roadblocks to\naddressing skills shortages were a lack of interaction between industry and\nacademia and a lack of individual motivation to update and improve skills.<\/p>\n\n\n\n<p>In Canada, the war for talent applies to just about every\nsector. <a href=\"https:\/\/www.officetoday.ca\/2019\/10\/27\/the-canadian-small-business-report-from-cfib-shows-a-skills-shortage-affecting-growth-of-smbs\/\">A Canadian\nsmall business report<\/a> published by the Canadian Federation of Independent\nBusiness (CFIB) states that a skills shortage is the most significant factor\naffecting growth. More than 40 per cent of small and mid-sized employers cited\na shortage of qualified employees. The Business Development Bank of Canada (BDC)\nsuggested that <a href=\"https:\/\/www.bdc.ca\/en\/about\/mediaroom\/news_releases\/pages\/labour-shortage-continues-limit-sme-investment-intentions-bdc-study.aspx\">over\nhalf of entrepreneurs would limit investment<\/a> due to a lack of\nqualified workers in 2019.<\/p>\n\n\n\n<p>The manufacturing sector is also hit hard by the talent\nshortage. A <a href=\"https:\/\/www.plant.ca\/economy\/skills-shortage-hampers-manufacturers-competitiveness-cme-187239\/\">skills\nsurvey<\/a> by Canadian Manufacturers and Exporters (CME) shows that out\nof 225 manufacturers, 85 per cent of companies are having trouble filling job\nvacancies. This skills shortage is making it hard to remain competitive on the\nworld stage.<\/p>\n\n\n\n<p>The finance sector is also feeling the pain and is finding\nit hard to fill positions in a highly competitive market. Raffi Toughlouian,\nVice-President at International Financial Group (IFG), says that \u201cduring my 17\nyears in the staffing industry, this is easily the hottest hiring market. The\nshortage of available skilled talent is very evident and companies are\ndefinitely feeling some hiring pains.\u201d<\/p>\n\n\n\n<p>As far as contract employees are concerned, Toughlouian\nsays that the market is also slim due to a lack of skilled professionals. The\nfull-time\/permanent market is also challenging due to an abundance of multiple\nand counter offers.<\/p>\n\n\n\n<p>Faced with significant competition to attract and retain\nthe best talent, what strategies are organizations putting in place to address\nthe issue? In an effort to source new talent, <a href=\"https:\/\/www.cnbc.com\/2019\/08\/17\/nixing-silicon-valley-us-companies-now-tapping-canada-for-tech-talent.html\">several\nU.S. tech companies are looking north of the border to tech talent hotspots\nsuch as Toronto, Vancouver and Waterloo<\/a>. <\/p>\n\n\n\n<p>For American companies, Canada\u2019s emphasis on workplace\ndiversity is compelling as the U.S. continues to make changes to their Visa\nprograms that impact the onboarding of skilled talent.<\/p>\n\n\n\n<p>While the current buzz seems to focus on a talent shortage,\nsome suggest that organizations aren\u2019t looking in the right places for talent. There\nare still pockets of potential employees that are being missed or overlooked\ndue to existing perceptions or stereotypes. For example, what younger workers\nmay lack in experience might be offset by their energy, passion or willingness\nto implement new ideas.<\/p>\n\n\n\n<p>Canada also hosts large numbers of qualified new immigrants\nevery year who are looking for a chance to get into the market and prove\nthemselves. Older or retired workers who might otherwise encounter ageism can\nbe great assets to a team environment and still have lots to offer the modern\nworkplace.<\/p>\n\n\n\n<p>The ongoing war for talent means that employers will have\nto up the ante when it comes to pay, benefits and overall employee experience. Friday\nbeer hour and ping pong tables might be great, but might not matter as much to\nemployees who feel they are valued and taken care of financially. Today\u2019s\nemployee wants a stake in the game \u2013a bigger piece of the pie. <\/p>\n\n\n\n<p><a href=\"http:\/\/www.chamber.ca\/media\/blog\/180625-a-canadian-perspective-on-the-global-skills-crisis\/\">According\nto the Canadian Chamber of Commerce, evolving skills are the currency for\nfuture economic growth<\/a> and Canada\u2019s labour force will either\naccelerate or constrain this growth. The way in which Canada\u2019s leaders respond\nto this opportunity will determine our level of economic prosperity and maintain\nour reputation as a major competitor in the global marketplace.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a recent study, one of the 10 biggest risk concerns for board members and C-Suite leaders around the globe is talent acquisition. In many cases, changes in digital technology are driving the war for talent. The transformation of workplaces due to AI advancements is forcing organizations to hire talent with specific skills, or [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,65],"class_list":["post-202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-clients","tag-talent-shortage","tag-war-for-talent"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Filling The Gap: Canada\u2019s War For Talent | IFG Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ifg-global.com\/blog\/filling-the-gap-canadas-war-for-talent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Filling The Gap: Canada\u2019s War For Talent | IFG Blog\" \/>\n<meta property=\"og:description\" content=\"According to a recent study, one of the 10 biggest risk concerns for board members and C-Suite leaders around the globe is talent acquisition. 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