Lessons From the Recession: Lesson 3—Recession Only Delayed the Inevitable Workforce Shortages

The global recession cost Canada some 400,000 jobs. The result was a slackness in Canada’s labour market, and the effect is perhaps compounded by boomers temporarily delaying their retirements due to the plunge in stock markets. But even though the ranks of the unemployed have grown, the supply of workers in some occupations and skilled trades remains slim.

This executive action briefing warns that while labour supply is now plentiful in many industries, the recession has only provided a temporary reprieve from the tight labour market conditions of 2007 and much of 2008. Current and looming skill shortages have implications for immigration policy and practice, as well as for the use of temporary and contract workers. In the face of such widespread shortages, succession planning throughout organizations is of paramount importance.