The Canadian job market is hot. Now’s the time to go for the business career you want.
Let’s start with some good news for job seekers: strong hiring (up 40%) is projected for Canada. However, 86% of workers say their careers have stalled in the past few years, while 69% of employers say they are having trouble filling vacancies due to a lack of skills among candidates.
Let’s start with some good news for job seekers: strong hiring (up 40%)1 is projected for Canada. However, 86%2 of workers say their careers have stalled in the past few years, while 69%3 of employers say they are having trouble filling vacancies due to a lack of skills among candidates.
With those statistics in mind, it’s the perfect time to regroup and re-assess your goals, take note of the trends and go after the kind of business career you want. Adding the relevant knowledge, credentials and in-demand skills to your resume can help ensure your career is headed in the best direction.
Why are job projections poised for growth?
Canadian job projections show positions for management and skilled professionals will continue to grow for two main reasons.
Retirements open doors to upper management
The effect of Canada’s aging population:
The number of retirements is projected to rise from an annual average of 302,000 over the period 2009-2018 to 386,000 over the period 2019-2028.4
As a result, replacement demand (mainly from retirements) is expected to represent 73.4% of all projected job openings over that same period.5
In fact, retirements are expected to increase at a substantially faster rate than employment and the labour force.6
Occupations with the strongest projected retirement are concentrated in management, reflecting an older workforce in those areas of the labour market.7
Boom for skilled professionals
Almost 2 million new jobs are projected, but most require specific skills:
- A total of 6.56 million job openings are expected over the period 2019-2028. 4.8 million existing positions are being vacated due to replacement needs. About 1.7 million new jobs are projected as a result of increasing economic activity (expansion demand or employment growth).8
- 75% of the new jobs are expected to be in high-skill occupations. This projected trend is a continuation of the past 20 years as the Canadian economy becomes more knowledge-intensive, automatized and with stronger health care needs.9
- More than two-thirds (or about 4.4 million) of the job openings are expected to be in management positions or occupations that usually require vocational, college or university education.10
While business education offers endless career opportunities, success in business is tied to keeping up with the latest skills, innovations and trends. Continuing education programs that help you gain in-demand skills and credentials can support you in achieving your career goals, no matter your education level or professional expertise.
Earning a diploma or certificate in less than a year can work to your advantage as Canadian companies are planning and needing to hire now.
What the experts are saying:
“There is a war on talent right now right across Canada and a lot of companies can’t hire fast enough… I think that fact alone to me says that, perhaps, we need another avenue, another source of talent than the traditional university type of degree.”
– Rob Davis, Chief Diversity and Inclusion Officer at KPMG Canada11
“We are just at a point where the future of work is the future of lifelong learning,”
– Sabrina Geremia, VP and Country Manager for Google in Canada12
What should you study?
Honing your professional business skills can lead to increased opportunities for larger financial rewards and job satisfaction.
Employers are seeking business candidates with a new set of skills, both hard and soft.
Even traditional business professions, like Accounting, Human Resources Management and Project Management, are continually evolving and require upskilling. For example, the CPA exam for Accounting, the 100-plus-year-old licensing gold standard, recently announced its 2021 exam would push an emphasis on understanding business processes, automation, data analytics and “the need for a digital and data-driven mindset.”13
The same can be said for HR Management and Project Management, which increasingly involve digital trends in the form of Artificial Intelligence (AI) and specialized software skills. The candidates that possess these skills can secure careers well into the future.
New concentrations of study help enable employers and employees to meet our societal needs for years ahead. For example, Business Administration with a Concentration in Retirement Community Management to handle all aspects of our booming retirement community industry.
Privacy Management to explore information access and data management within the context of Canadian laws and regulations.
Business employers are also looking for specific soft skills and expertise. Sustainability teaches the practical tools, resources, strategies and techniques to develop sustainable living and working environments. Intercultural Competency helps students learn how to build a successful intercultural team and create a more diverse, competitive and innovative workplace.
Professionals hoping to or already working in Canada’s housing industry, as well as anyone who wants to keep up with the ever-evolving regulations, policies and initiatives, should add Canadian Housing to their skill set for the necessary expertise to advance in this booming industry.
Finally, with all the emphasis on work-life balance and optimal mental health for employees, more professionals are learning Mindfulness. In doing so, they are not only improving their own well-being, but also the well-being of their communities and society.
Now is the time to take advantage of Canada’s increasing demand for Business professionals. Choose an area of study that will best complement your personality and career goals. Then look to reputable institutions to gain your credentials, such as McMaster University Continuing Education, which offers a wide variety of flexible, online programs to help you become a leader in business.
Get ahead in managerial or financial Accounting and work toward your CPA or RPA designation online
Sustainability – Environmental, economic and societal best practices
Learn the fundamentals of Privacy management in Canada
Mindfulness in Modern Society
Grow your career in business and management
Break into or advance in the rewarding field of Human Resources Management
Work towards a PMP® designation with a fully online Project Management program
Successfully build, manage and work in diverse and inclusive teams with Intercultural Competency
Learn the fundamentals of Canadian Housing to advance your career
1 The Manpower Group 2 Monster.com 3 The Manpower Group
4-10 Gov of Canada – Canadian Occupational Projection System
11 Financial Post – Canadian companies want workers faster
12 Financial Post – Canadian companies want workers faster
13 Oracle Netsuite – 15 Accounting Trends