In 2015, Statistics Canada reported that, for the first time ever, Canada had more seniors than children. Our birth rate is going down and our population is aging.
Information like this can help you make career decisions. For example, as Canadians age, companies will sprout up to serve seniors—and they’ll need staff.
Meanwhile, as people retire, they’ll make room for younger workers. The last of Alberta’s baby boomers will reach the age of 65 in 2030. The retirement choices they make could mean openings for Generation X, the Millennials and Generation Z.
Labour market information (LMI) like this can include demographics (population data) as well as data about jobs, industries, wages and projects. It can tell you
- what jobs and skills will be more, or less, in demand
- which industries will be hiring, and where
- what kind of training you will need to make the most of the job market
LMI can reveal key trends and help you see the options they may present for you.
Put LMI Into Action
Let’s take demographics as an example. The aging of so many baby boomers means
- Many workers who have key skills and hold leadership roles will leave the workforce.
- Companies will need new people with skills and leadership potential to take their place.
- Companies may access other labour pools, such as youth, Indigenous people, newcomers to Canada and people with disabilities.
- Industries that provide goods and services to seniors will create new jobs.
Suppose you are a registered nurse. You could look at the trends and see that as Alberta ages, jobs may emerge in retirement homes, nursing homes, hospitals and clinics. Some of these will be leadership roles, since baby boomers are at the ends of their careers.
Using LMI, you could begin to train for a management role or specialize in caring for seniors, if these goals match your interests and values. You could also look at LMI for broader information related to your field. For example, is the health care sector overall expected to grow? If you work in construction and want to start a small business, you could adapt homes to make them safer for seniors.
Using demographics for planning is useful, but there are other ways to approach LMI as well. For example, you could find out what major projects your community is planning. If a city is building a new bridge, rail service or arts centre, that could create new jobs—and different types of jobs—for several years.
For more help discovering labour market trends that may affect your career, try these sources: