Canada's Demographic Changes Have Majorly Influence Our Economic Society
Canada’s demographic changes have majorly influenced our economic society over the past years. These changes have influenced the job market in many dimensions, including job opportunities, organizational structures, economic growth, pensions and work values. The three main demographic changes are immigration in light of diversity, aging and education. These changes have impacted employers and the workforce and will continue to do so over the next 10-15 years. It is important to note, however, that these changes cannot be analyzed in a separable fashion, rather they are all heavily correlated with one-another and are intertwined in the economic workforce.
Canada is commonly known as a population demographic with respect to different cultures …show more content…
The baby boom generation, consisting of individuals born from 1946 to 1964, is the largest in Canadian history. When the Canadian economy was still expanding, the baby boomers obtained ‘dibs’ on jobs, many of which were high- level jobs. Now, baby boomers have aged (they are 50-65 years old) and still remain in the workforce as one of the most populated in terms of age. There are many problems with the overpopulation of this age group. Firstly, younger, more technologically skilled workers are having to compete with older individuals who have seniority and are unionized which has produced tension in many sectors of society. Technology is a growing entity that propels many sectors of the economy which young people have the upper hand capability in utilizing. Secondly, after this generation has retired, the size of the working age population that funds government old age security will plummet significantly during this period, and this leaves the following generation to pay for the dramatic loss of government funds for old-age security plans. A third concern, is that when baby boomers retire there will be large labour shortages. By the year 2036, 1 in 4 Canadians will be at least 65 years old (62). This obviously poses a great problem for the the labour market because that would inherently mean that the potential working population will decrease
Canada is commonly known as a population demographic with respect to different cultures …show more content…
The baby boom generation, consisting of individuals born from 1946 to 1964, is the largest in Canadian history. When the Canadian economy was still expanding, the baby boomers obtained ‘dibs’ on jobs, many of which were high- level jobs. Now, baby boomers have aged (they are 50-65 years old) and still remain in the workforce as one of the most populated in terms of age. There are many problems with the overpopulation of this age group. Firstly, younger, more technologically skilled workers are having to compete with older individuals who have seniority and are unionized which has produced tension in many sectors of society. Technology is a growing entity that propels many sectors of the economy which young people have the upper hand capability in utilizing. Secondly, after this generation has retired, the size of the working age population that funds government old age security will plummet significantly during this period, and this leaves the following generation to pay for the dramatic loss of government funds for old-age security plans. A third concern, is that when baby boomers retire there will be large labour shortages. By the year 2036, 1 in 4 Canadians will be at least 65 years old (62). This obviously poses a great problem for the the labour market because that would inherently mean that the potential working population will decrease