Among other things, the report says that by 2015, the number of young people will begin to decline resulting in a greater demand on people already in the workforce to have skills and knowledge that are current and effective. The industries to be hit first by the declining youth population will be those employing young workers, such as accommodation and food services, retail, information, and culture and recreation. On the other end of the age spectrumm, sectors that employ older workers, including health care, manufacturing, energy, and the public sector will be hit by the retirement boom as the first of the baby boomers reach the age of 65 years starting in 2011.
“As the economy relies more heavily on older workers, skills upgrading and retraining for existing workers will continue to grow in importance,” said [Linda Franklin, President and CEO of Colleges Ontario]. “The fact is too many people don’t have the right skills for the jobs that are available. And those working will require continuous education and re-training throughout their lives to update and transform their skill sets to use new technology and meet new needs.”Source: Colleges Ontario News Release (June 19, 2007)