Competition for the right talent is tight. B.C.’s job vacancy rate reached a high of 4.8 per cent in Q3 2018, and employers in all industries are struggling to fill positions. This issue will likely worsen over the next decade as our economy continues to expand and more workers are set to retire. In fact, nearly three-quarters of B.C. CPAs identified the ability to attract and retain talent as the number one challenge for their business in our annual Business Outlook Survey. In a recent economic roundtable held in Vancouver with executive CPAs, we discussed possible solutions:
1. Identify new talent pools and equip them with the skills to succeed.
Supporting workers who are re-entering the labour market, workers with disabilities, and young people who do not have the means to pursue post-secondary education will expand B.C.’s talent pool. According to Herman Chandi, CPA, CA, COO and co-founder of UrbanLogiq, bootcamps are a new delivery method of providing practical training that could set them up for success, especially in times of rapid technological changes. Bootcamps can help this untapped talent pool hone skills at a quicker pace and transition them more efficiently into the labour force.
2. Bring talent from other Canadian provinces.
Another solution, especially for those working in trades, is to import labour from other parts of the country. For Joel Holloway, CPA, CA, CFO at Metric Modular, his company has recruited workers from the Maritimes to work on their projects. He expects to see more of that, especially in the remote communities, as B.C. will require more workers to work on the capital projects. With 4.4 per cent unemployment at the end of 2018, B.C. has to maintain a continuous in-flow of workers into the areas that are most beneficial to the economy.
3. Modernize existing immigration policy for working professionals.
Attracting international talent is another part of the solution to answering labour shortages. According to Paulina Cameron, CPA, CA, CEO of Forum of Women Entrepreneurs and board member of the Immigrant Employment Council of BC (IEC-BC), one of the barriers to connecting immigrant talent with the labour market is a disconnect between the way Canada selects skilled workers and the needs of employers. Canada’s “Human Capital Model” favours applicants with higher levels of formal education, regardless of their practicality in the labour market. As we look to the future, we will require a model that identifies immigrants based on the skills and experience they possess and create pathways to allow the employer to better understand how the immigrant candidate can meet their needs and the candidate can better understand how they can fit within the Canadian labour market. Programs such as IEC-BC’s competency assessment and on-line talent portals are examples of how these challenges can be overcome.
4. Accommodate talent by having flexible work locations.
Another way to address the retention of talent is to have flexible work locations. According to Kate Furber, CPA, CA, partner at PwC Canada, this strategy helped address the issue of talent retention, especially when Vancouver’s cost of living is so high, making it unaffordable for many young professionals. With over 800 employees across B.C. and the average age of around 30 years old, PwC offers flexible locations accommodated both the needs of their clients and their employees. PwC has seen more and more of their staff living and working in their Fraser Valley, Victoria, and Northern B.C. locations.
Filling the labour skills gap is an issue that we all have to address. Government, industry, and post-secondary institutions all need to work together to identify solutions that will help us fill the gap now and tomorrow.
Lori Mathison, FCPA, FCGA, LLB is the president and CEO of the Chartered Professional Accountants of British Columbia (CPABC). CPABC’s public affairs publications can be found at bccpa.ca.
