According to a recent survey, acquiring skilled talent is the number one challenge facing Canadian employers today. This should come as no surprise. The country’s aging workforce, the rapid speed of technology advancements and the increased use of automation in the workplace have contributed to the skills gap that continues to widen every year. 

Add this factor to today’s ongoing labour shortage and it’s a recipe for disaster. A disaster so widespread that the country saw an all-time high of over 900,000 unfilled job vacancies in 3Q 2021. Unfortunately, this is not a problem that is expected to subside any time soon.

Employers must take action now if they hope to remain competitive in the years to come. In fact, according to financial service company KRMG, the inability to secure skilled talent is the number one threat to business growth today. Employers basically have three options:

  • including ramping up their recruitment efforts in hopes of acquiring the talent they need
  • investing in upskilling to equip their current workers with the skills the company requires
  • taking a two-pronged approach that focuses on recruitment and upskilling

While standard recruitment strategies may help your company secure some of the skills it needs, it’s unlikely that it’ll be enough to help your organization meet its overall production demands. Instead, your company should also develop a robust upskilling program to ensure it’s developing the specific skills it requires. 

The good news is that upskilling can come with a range of additional benefits. For example, upskilling can create a sense of loyalty among your workers, which can translate into higher retention rates. In fact, a recent study reveals that 37% of workers are willing to take a pay cut for the opportunity to learn skills for the future. Additionally, upskilling can improve production rates. For example, according to a recent study, 67% of employees who received some type of upskilling training state that they are more productive at work

Don’t wait until it’s too late to invest in the right upskilling opportunities. Instead, take action today to prepare your workforce for the future. 

Download our guide, '4 strategies to upskill your workforce,' for a more detailed look at how to develop a customized upskilling program to help your company acquire the skills it needs for the future.

Our guide includes more information about:

  • assessing your current workforce’s skill sets
  • forecasting future skills gaps within the company
  • developing a customized training program
  • testing your upskilling options
  • creating a fair and transparent learning culture
  • working with an HR partner

download your guide