Canada: Chamber of Commerce Issues Call for Action on Aging Workforce

The Canadian Chamber of Commerce has released a call for concerted action by governments, the wider business community and other stakeholders to address the problem of Canada’s aging workforce. According to "Canada’s Demographic Crunch: Can Underrepresented Workers Save Us?", a rapidly aging population and workforce will pose a challenge for Canada’s business competitiveness and economic well-being.

The report makes practical recommendations on how best to meet and overcome that challenge. Specifically, the Chamber believes that a multipronged approach, with the aim of replenishing the skilled workforce and boosting labour productivity is needed. Among other things, the Chamber recommends that Canada draw far more extensively on underutilized sources of labor within its borders-young people, older workers, the Aboriginal population and people with disabilities-as well as attract the best and brightest immigrants. To boost labour productivity, Canadian businesses must invest in capital equipment and new technologies and integrate efficiency-enhancing innovations into their operations.

“Many companies and sectors are already facing shortages of the talented people they need to remain competitive and grow,” says [Perrin Beatty, President and CEO of the Canadian Chamber of Commerce]. “The grave concern for Canada’s business community and the well-being of Canadians is that workforce shortages are expected to increase within the present decade as the baby boomer generation retires in droves. The time to act is now.”

Source: The Canadian Chamber of Commerce News Releases (October 14, 2010)