active : News / Trends / Economic Analysis
Ottawa, March 02, 2022 (GLOBE NEWSWIRE) – Canadian Congress Council Today publishes a new report On the economic impact of skills vacancies in Canada. The authors estimate that the unrealized value of skilled job openings in the Canadian economy will reach $25 billion in 2020, equivalent to 1.3% of GDP.
Wages and salaries help estimate the value of a particular set of skills to an organization, and determine which skills are most in demand by Canadian organizations, said Nachum Gabler, chief economist at The Conference Board of Canada. To reduce this unrealized value in the future, should steps be taken? As public policies or innovative business practices? That would reduce the gap between supply and demand for skills.
Here are some key findings of the study:
- The six skills where job vacancies are likely to cause the biggest economic losses are active listening, critical thinking, reading and speaking comprehension, supervision and coordination.
- One way to reduce the unrealized value of skills vacancies is to ensure a better fit between training and education programs and the gaps that exist.
- Skill and skill sets can be assessed using the average salary and number of vacancies for those occupations. This allows policy makers and education administrators to set investment priorities.
- Social and emotional skills are the skill set with the highest value in terms of salaries and vacancies, at $8.5 billion in 2020, or a third of the unrealized value of in-demand skills that are not filled as a result of job vacancies that year.
- Typically, basic social, emotional, and everyday skills top the list of unrealized value, while managerial, technical, and task-oriented skills fall in the lower half of the distribution.
- Conversely, the uncapped skill with the lowest unrealized value is installation, with a value of just over $100 million in 2020, just under one-tenth of the value associated with active listening skill vacancies.
About the Canadian Conference Board:
The Canadian Conference Council is the most important independent applied research organization in Canada. Our mission is to inspire and empower leaders to build a better future for all Canadians through our prestigious research and unique relationships. Follow the Canadian Congress Council on Twitter Tweet embed.
Canadian Congress Council
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