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Tag: job skills

  • The Skilled Worker Shortage May Hit Hard in 2026

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    The U.S. workforce is in serious trouble, with a growing mismatch between the talents that young workers joining the workforce have to offer and the talents that employers need. The problems go far beyond a potential worker shortage, warns a new report from investment banking giant JPMorganChase, and the situation may even pose a national security risk. The implication for your company is clear: if your business is in one of the most affected industries, you may find it harder than before to find and recruit new talent. 

    The new report says that three in four U.S. companies are struggling to find qualified workers. Worse, four in 10 adults lack basic digital skills needed for the typical workplace. Given how our society is increasingly digital, that the PC revolution began back in the 1980s and looking at the growing adoption rates of automation and tech like AI, this latter statistic is pretty startling. Gen-Z is considered to be the first “digitally native” generation, so at least they can reverse-mentor their older colleagues, but the fact that nearly half of workers don’t even have basic computer skills should be concerning for employers large and small. 

    The qualifications gap isn’t evenly spread, JPMorgan’s report shows. The most affected sectors are semiconductor manufacturing, the defense industry, energy and AI. Reporting on the study, Newsweek notes that the bank highlights the long-term implications of these shortages, as other allies invest more heavily into STEM and technical training initiatives and rivals like China inject vast sums into training their population. JPMorgan estimated that the U.S. technology workforce is expected to grow at twice the rate of the overall workforce over the next 10 years, which makes the skills gap a growing problem: if workers aren’t leaving education with the appropriate skills, and existing workers don’t reskill or upskill, then many of these jobs may go unfilled, threatening expansion and innovation in this critical sector. 

    The fact that AI skills is present in the list is unsurprising: the sector is growing fast. The AI talent wars that played out this summer as top U.S. names tried to poach superstar researchers from each other for vast sums of money showed exactly how competitive the AI skills market is. But there’s also evidence that there’s a gap between the expectations CEOs have of AI and the skills and experiences their workers have—a gap that could be closed by education and retraining, even though many companies are proving slow at investing in this kind of schooling. 

    JPMorgan’s list of the most affected industries is notably science-heavy. This may be a problem in the current political climate where some commentators note that the value of scientific expertise is under siege, with increasing anti-science rhetoric in the workplace and disinformation and misinformation are on the rise—potentially shaping the thinking of young people entering the education systems. To counter this issue, the bank calls for an expansion in federal and state policies to modernize the education pipeline and encourage training programs and apprenticeships.

    This may be a tricky problem, though, as many young people are thought to be turning toward job sectors where AI can’t threaten their long-term employability, including hands-on work like plumbing, being an electrician and other trade jobs.

    Newsweek also notes the report came not long after President Trump upset part of his political base by suggesting that talented foreign workers may be needed to fill the skills gap, particularly in manufacturing facilities set up by foreign firms on U.S. soil. But other reports note that Trump’s pro-U.S. policies to try to promote manufacturing of semiconductors and his anti-immigration thinking and tariff policies form a political Gordian knot.

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    Kit Eaton

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  • 6 In-Demand Skills That Lead to Higher Salaries

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    It’s a seller’s market for skills that mesh with an increasingly AI driven environment, and a handful of them are at the top of hiring managers’ lists. While the broader job market has stalled since summer, small business hiring remains steady, and AI is having an impact on entry-level hiring for Gen-Z workers. But of course that also means that if you’ve got skills in working with and programming AI systems then you’re in demand. 

    A recent report from recruitment services outfit Robert Half provides estimated starting salaries for key roles across different professional fields, and the big take-away from the data is that 84 percent of the hiring managers surveyed said they’d offer higher salaries for job candidates who have the most sought-after skills.

    The top of the list of skills hiring managers identified as being in-demand, and subject to higher salaries includes:

    • AI, machine learning and data science
    • Public accounting tax and auditing
    • Content strategy, digital project management and marketing analytics
    • Customer support and healthcare administration
    • Legal contract management
    • Compensation and benefits

    It’s no surprise to see AI and supporting subjects like machine learning and data science here. Designing, coding, deploying, and using AI are all specialized skills, needed in specific workplace sectors. They’re so much in demand at some big tech companies that a bizarre billion dollar-scale “war” arose this summer as companies vied for the top talent and even poached key staff from each other. The same tussle for talented workers in this area is clearly filtering down to smaller tech-focused firms, and likely also to non-technology companies who want to deploy AI tools across their organizations in search of the efficiencies and productivity hikes AI evangelists promise.

    Some other specialized skills on the Robert Half list may be surprising, largely because many experts suggest AI is already capable of all but replacing humans working in customer support roles, and certain analytical and financial jobs are also expected to become AI-first work sooner rather than later. It’s possible that the list is a sampling, of sorts of a skills gap evolving between the subjects that students are studying in college and the demands of the real-life economy. 

    Nevertheless, the gap is a problem for hiring managers, as Dawn Fay, the operational president of Robert Half wrote in a press release about the news. “Specialized skills are the currency of today’s job market, Fay noted, adding that to tempt top talent that have the most highly sought-after skills employers will have to step up and provide “competitive pay along with meaningful benefits and perks or risk losing top candidates if their offers don’t measure up.” 

    The report also dug into the kind of perks hiring managers should be offer these skilled job candidates, with 50 percent saying they expect to actually add new benefits to help attract the right talent. Perhaps unsurprisingly, 53 percent of workers said financial incentives were the top perk that would induce them to switch employers, 51 percent said the same for work-life balance perks (flexible or hybrid working schedules, for example) while 42 percent said the same for retirement planning and 39 percent for health and wellness offerings. This tallies with several recent reports that suggest meaningful perks like paid overtime or food catering in the office are top asks for workers nowadays. 

    What can you take away from this report for your company?

    If you’re looking to hire talented workers with skills on the Robert Half list, your HR team may it more difficult than in the past, as there appears to be a scarcity of these skills in the job marketplace. To attract the top talent you may also have to offer higher salaries than you may have planned when deciding to fill a position — talented job candidates with skills like AI or auditing know their worth, and they may be offered higher pay by rival companies vying to hire them.

    Refreshing your benefits and perks offerings is also likely a good idea. Savvy managers may think of tailoring company perks to appeal to the desires of Gen-Z, the generation currently entering the workforce and bringing with them a very different set of expectations—including a focus on mental health, wellness and work-life balance. 

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    Kit Eaton

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  • Micro-credentials in Canada: Is it worth it to upskill? – MoneySense

    Micro-credentials in Canada: Is it worth it to upskill? – MoneySense

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    These digital-first bragging rights are known as micro-credentials, and they’re booming right now. Micro-credentialing has been accelerated by the pandemic-driven demand for online learning, job-seekers’ efforts to upskill or reskill, and educational institutions’ desire to attract more students. 

    If you’re looking to increase your skill set or stand out from a sea of job candidates, micro-credentials could be a worthwhile investment—plus, you may qualify for financial assistance or tax credits. The trick is to choose a micro-credential program that’s right for you and your goals.

    What is a micro-credential? 

    A micro-credential is similar to a certificate or a degree, but more targeted and with less of a time commitment. Essentially, it’s a skills or learning upgrade that is focused on helping workers meet the needs of employers—or, conversely, of helping employers find or train workers with the skills they need. And it’s a recorded achievement: you earn a badge or certificate, or something else to prove you earned each particular credential.

    Micro-credential programs are often offered by universities and colleges, but you’ll also find programs from major employers like IBM and Salesforce, specialty providers such as FutureLearn and Coursera, and non-profits. Many other individuals and organizations offer learning and training programs, too: you might see courses available from your favourite finance blogger, or from organizations like Raw Signal Group and The Trauma of Money. Since trustworthiness is a key factor in micro-credentials, institutions that already have that trust baked in are well placed to flourish in this relatively new industry. Whether you choose to go with an accredited educational institution or a startup depends on what you want to learn and why.

    What are people most interested in when it comes to micro-credentials? According to Google data from early August 2024, top searches include:

    1. PMP (project management professional)
    2. CPR (cardiopulmonary resuscitation)
    3. Food handler
    4. Food safety
    5. BLS (basic life support)
    6. CSM (certified scrum master)
    7. WHMIS (Workplace Hazardous Materials Information System)
    8. Smart Serve certification (responsible liquor training program for Ontario)
    9. Cybersecurity certifications
    10. Google certification

    And the top-searched topics on eCampusOntario’s Micro-credentials Portal over the past 12 months are: 

    1. Project management 
    2. Accounting 
    3. Data 
    4. Leadership 
    5. Business 
    6. Payroll 
    7. Health 
    8. Marketing 
    9. Mental health 
    10. Finance 
    11. Human resources 
    12. Data science 
    13. Law 
    14. Python 
    15. Construction 
    16. Education 
    17. Writing 
    18. Digital marketing 
    19. Healthcare 
    20. Cybersecurity 

    According to the Higher Education Quality Council of Ontario (HEQCO), the two defining features of micro-credentials are a narrow scope and a short completion time. That makes efficiency the primary appeal of micro-credential programs. Degrees take years to complete and often contain requirements that are superfluous for those in mid-career. And, of course, many Canadians simply don’t have the resources to take extended time off to upgrade their skills or go back to school full-time. 

    Micro-credential programs are appealing in other ways, too. Many are offered online or in a hybrid format, meaning students can complete them on their own schedule. Micro-credentials also tend to be timely and relevant, so that people can acquire competencies they can use immediately. Canada-based programs can be a useful bridge for newcomers trying to localize their international skill sets and experience. Plus, they’re more affordable than traditional in-depth education and skills programs. In essence, they’re mini-programs that offer you what you need, when you need it—and no more.

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    Kat Tancock

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  • How to negotiate working less – MoneySense

    How to negotiate working less – MoneySense

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    “Think about what constitutes performance in [your] job,” he says. In some fields and industries, like marketing or financial consulting, performance is typically tied to a specific project rather than the number of hours an employee spends on the clock. Many freelancers do this by charging flat fees: The amount of time they spend on a project doesn’t matter, so long as they get it done.

    In those cases, Friedman says, you might be able to arrange for a four-day workweek or flexible hours. “If the job is amenable, it has nothing to do with time, it’s not client-facing, you don’t have meetings—then absolutely, you should go and ask for it,” he says. “But you’ve got to have a plan.”

    4. Start with a discussion—not a negotiation

    After all your reflection and research, it may be tempting to rush into your boss’s office and lay out your terms. Kaila-Gambhir advises against that—at least initially. Instead, she says, talk to your boss about the possibility of working less. That way, “you’re not committing to anything. You’re not giving them what your optimal, ideal scenario is just yet,” she says. “You just want to have a discussion—to explore options and see what may be possible.” 

    This phase isn’t just about gathering more information for your proposal. It also lets your boss see that you understand their position as an employer, one who needs to consider their own business needs alongside your request. Then you can book a follow-up conversation to ensure you keep the conversation going, Kaila-Gambhir says.

    If your boss isn’t open to the idea of a hard-and-fast change to your work schedule, this is also a good time to suggest a trial run of your proposal. A conversation, rather than an ultimatum-driven negotiation, can feel less intimidating for an employer. 

    5. Be prepared to walk away

    While it’s tempting to imagine that absolutely everything about a job is negotiable, that isn’t always true. For instance, it would be very difficult for an intensive care unit nurse to convince an employer to allow remote work. Same goes for the manager of a community centre or a barista. 

    In fact, most Canadian jobs have never been worked remotely. In April 2020, at the height of the first wave of COVID-19, it felt like everyone was at home. But the Statistics Canada Labour Force Survey reported that 40% of Canadian workers were mostly clocking in from home. As of last November, it dropped to 20%.

    To Friedman, asking for flexibility when your job cannot easily be done through alternate arrangements is a bad strategy. It won’t convince employers, he says, and might come off as entitled. If all else fails, finding a new job that will accommodate your desire to work less might be the best option. Some job postings include information on working from home, flexible hours, part-time status, etc.

    “Do you want a flexible job? Then maybe you ought to apply for another position that has more flexibility,” he says. “I’m not telling you that’s right or wrong—I’m just saying that’s what an employer will say.” 

    Understand what you’re up against

    You may have to accept the reality: a request to work remotely or outside of office hours may not be a possibility in your current job, or your boss may not see your working less as good for their bottom line. 

    But in his experience in coaching executives, Friedman says many are open to changing the ways their employees work. Negotiating a four-day week, a flexible work arrangement, or the ability to disconnect from email at the end of the day is totally possible, so long as you do your homework and know how to ask.

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    Brennan Doherty

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  • How to become a contractor: The real costs – MoneySense

    How to become a contractor: The real costs – MoneySense

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    What do I need to know about managing my finances as a contractor?

    No matter what type of construction business you launch or buy, it’s important to have a bookkeeping system in place—between material expenses, insurance fees, client payments and more, you’ll have a lot of money going in and out each month. You’ll need a separate bank account and line of credit for your business, and it’s smart to have a credit card that’s solely for professional use.

    Pro tip: Choose a credit card for contractors

    Scotiabank has a small-business credit card that’s great for contractors: the Scotia® Home Hardware PRO Visa† Business Card, which can be used wherever Visa is accepted. Its variable interest rate is tied to Scotiabank’s prime rate, and credit limits of up to $500,000 are available (a limit high enough for larger, or multiple, renovations). The card’s interest rate and credit limit depend on whether the account is secured or unsecured, subject to approval and the security provided. The Scotiabank Prime Rate is the prime lending rate published from time to time by The Bank of Nova Scotia. (See the current Scotiabank Prime Rate.) The card has no annual fee, and it has an interest-free grace period of 21 days on new purchases.

    And then there are the rewards. You’ll earn one Scene+TM point for every dollar spent on eligible business purchases made at Home Hardware, which has more than 1,000 locations across Canada, or online at homehardware.ca.

    For every 10,000 Scene+ points you collect, you can redeem $100 at Home Hardware. If you’re regularly buying construction and renovation materials, you can accumulate points quickly—and get a lot of free stuff. Points can be redeemed for groceries, travel, gift cards and more. Plus, as your contractor business grows, you can add supplementary credit cards at no cost. These are great perks for entrepreneurs who want to minimize spending while getting their home renovation business off the ground.

    The business credit card also includes insurance protection on most newly purchased items charged to the account. Most newly purchased items are covered for 90 days by Purchase Security, and these items may be eligible for replacement, repair or reimbursement if they are stolen, damaged or destroyed by fire.

    Cardholders also have access to optional business loan protection insurance, Scotia Business Loan Protect, which can help cover business loan payments, or provide a lump sum of money, if you or another eligible key person can’t work for health reasons or passes away. Scotia Business Loan Protect is underwritten by The Canada Life Assurance Company (1-800-387-2671, www.canadalife.com) under a group policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance, which you will receive upon enrollment.

    You can apply for the Scotia® Home Hardware PRO Visa† Business Card online. Plus, until May 31, 2024, you can earn up to 15,000 bonus Scene+ points in your first year (that’s worth up to $150 in points value) by making at least $1,500 in eligible purchases at participating Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca in the first three months after opening your account. Cardholders also have access to online tools and services designed just for business owners. See Scotiabank’s website for full card details.

    Building a successful career as a home renovation contractor

    If you have the skills and motivation needed to become a contractor in Canada, you have the potential to build a lasting, rewarding career in home improvement. Over time, you might find that the Scotia® Home Hardware PRO Visa† Business Card is just as important to your contractor business as any other tool in your belt. After all, every dollar matters to your small business—so make them count.

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    Erin Pepler

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  • These companies have laid off Canadian workers in 2024 – MoneySense

    These companies have laid off Canadian workers in 2024 – MoneySense

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    Taxes

    2023 tax credits, due dates and when you can file: Your 2023 income tax return guide

    We have everything you need to know about tax credits, changes and deadlines, and more. Get the info you…

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    The Canadian Press

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  • Best jobs in Canada for immigrants: The top 5 industries in demand – MoneySense

    Best jobs in Canada for immigrants: The top 5 industries in demand – MoneySense

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    2. Jobs in health care

    The demand for health care workers has never been higher. The Canadian government has included health care workers in its first-ever category-based priority jobs process, announced in May 2023. The following month, it announced a new immigration stream for health care workers—the first 2,000 invitations to apply were sent out last year. Some provinces—including British Columbia, Alberta and Nova Scotia—have express entry or dedicated pathways for newcomers to get health care jobs quickly. Nova Scotia’s program is a pilot project. (See resource box below for links.)

    In-demand jobs: Health care jobs range from hospital administrative staff (such as medical office assistants, secretaries and schedulers) to unregulated care providers (such as personal support workers and physician assistants) to regulated professionals (such as doctors, nurses and pharmacists). (Regulation will vary by province or territory.) According to the Canadian Institute for Health Information (CIHI), the need for nurses here is high, based on Canada’s RN-to-population ratio. (In 2022, we had just 825 nurses per 100,000 people.) Physicians are also badly needed. From 2022 to 2031, the number of job openings for family physicians and general practitioners is expected to reach 48,900, far outweighing the estimated 29,400 job seekers, according to the Canadian Occupational Projection System (COPS).

    Training and credentials: This varies widely by job type, and by province or territory. Administrative and unregulated health workers may need training to satisfy job requirements; you can find courses at government-funded and private schools. For regulated health professionals, getting international credentials recognized in Canada can be challenging. This is changing somewhat, as regulatory bodies try to address the labour shortage. Still, getting licensed or certified to work in Canada can be expensive and time-consuming, and many newcomers are not successful in continuing their medical careers here. (Start with the government’s Foreign Credential Recognition Tool.)

    Industry hot spots: The demand for health workers is strong across Canada. However, there are some places where the need is greater than others. Family physicians are most needed in the three territories (Yukon, Nunavut and the Northwest Territories), Quebec and British Columbia. Among the provinces, the physician-to-patient ratio is the worst in Ontario, Manitoba, Saskatchewan and B.C. For personal support workers (PSWs) and continuing care assistants (CCAs), the demand is so high that some provinces, including Ontario and Nova Scotia, offer free training to qualified students. Graduates may be required to work in underserved communities for a certain period.

    Salary range: Salaries vary widely by role, location and experience. A few examples from Canada’s Job Bank: Medical administrative assistants can earn $17 to $34.55 per hour (lowest rate in Prince Edward Island, highest rate in Yukon), with a national median of $22.56 per hour. Registered nurses can earn $25 to $83 per hour (lowest rate in Quebec, highest rate in Nunavut), with a national median of $40.39 per hour. General practitioners (family physicians) earn $69,539 to $497,843 per year (lowest amount in British Columbia, highest amount in Manitoba), with a national median of $233,726 annually.

    Resources for health care workers

    Return to menu.

    3. Jobs in skilled trades

    There are many ways to join skilled trades in Canada. In mid-2023, the government announced a category-based priority immigration plan that includes trades jobs, such as carpenters, plumbers and contractors. Some provinces, such as Ontario, British Columbia and Nova Scotia, have programs to compete for much-needed skilled workers. (See resource box below for links.)

    In-demand jobs: Below are the top five Red Seal tradespeople in demand from now until 2026, according to Employment and Social Development Canada. (The Red Seal Program sets the standards for skills assessment of tradespeople. Canada has more than 300 designated trades; about 50 of them are Red Seal trades.)

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    Veronica Silva Cusi

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