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Preparing for Alberta’s Impending Labour Shortage

February 21st, 2023 3 min to read

With rumours of an impending recession hitting the headlines, many economists are sharing a slightly more positive outlook for Canada. While they’re predicting a period of minimal growth for most of the country, Alberta is expected to weather the storm better than most provinces.

At a recent BDC event, I learned that Alberta businesses are facing a unique challenge - a significant portion of our province’s population is aging, and many workers are set to retire in the next decade. In fact, according to recent statistics, 15% of Alberta's population is 65 years or older, while almost 20% of Alberta’s workforce is expected to retire in the next 10 years.

A graph depicting the percentage of Alberta workers by age group. The graph shows almost 20% of AB workers will retire in next decade.

As a business owner or HR professional, it's crucial to ask yourself - how are you preparing for this?

At this event, the speakers emphasized that workforce planning should be at the forefront of everyone's mind. The conversation focused on building a strong company culture, recruitment and retention strategies, and developing a positive employment brand. These elements are key to attracting and retaining top talent in any industry, but they are particularly important in a labor market that is facing significant demographic shifts.

So, how can you ensure that your business is ready for the changes that are coming?

One effective approach is to bridge the gap between marketing and HR to start positioning your brand as a desirable place of employment. By linking your employment brand to your marketing efforts, you can create a compelling message that will resonate with both potential hires and existing employees. This will help you to attract the right people to your organization and keep them engaged and motivated over the long term.

Think­­ about how you can communicate the value of working for your business to your target audience. This might involve highlighting your company culture, your commitment to employee development and growth, or the unique benefits and perks that you offer. You can use social media, content marketing, and other digital channels to spread the word and build your brand.

Ultimately, the key to success in the face of demographic changes is to be proactive and forward-thinking. By investing in your workforce now, you can create a strong foundation for the future and ensure that your business remains competitive in the years to come.

So, ask yourself - are you prepared for the challenges and opportunities that lie ahead? If not, it's time to start planning and take action.