Labour Shortage Due to Retiring Boomers
BC Labour Trends to 2027 and Retirement Businesses
The BC government has published a 10-year forecast and highlights include:
- Today about eight percent of British Columbians are retirement age compared with five percent in 2000. This is expected to grow by just over one percent in the next ten years.
- It’s expected that 640,000 workers will leave the workforce from 2017 to 2027, with only 438,000 young people will join the workforce to replace them.
- The forecast is 917,000 job openings between now and 2027. The majority of these new job openings (70 percent) will be due to workers leaving the work force, mostly through retirement.
- Between 2017 and 2027, the average rate of job openings as a share of employment is estimated at 3.6% annually. However, this does not reflect all hiring activities from a human resources perspective since job turnover is not considered in the definition of “job opening”.
Wide Range of High Demand Occupations in BC
High demand occupations rank high on job openings and employment, and low on unemployment rate and excess supply. Not surprisingly, healthcare jobs will be in great demand due to aging baby boomers. Other high demand occupations range from management to services (including administration, marketing, sales and customer service): https://www.workbc.ca/Labour-Market-Industry/Jobs-in-Demand/High-Demand-Occupations.aspx
Automation Tools Help Retiring Boomers Start Part-Time Ventures
Statistics Canada says by 2030, the year in which the youngest baby boomers will reach 65, close to one in four people in Canada will be that age or older. That compares to 15.3 percent in 2013. Canadians who are 65 or older grew 20 percent between 2011 and 2016, surpassing for the first time the number of children aged 14 and under. It’s the largest increase for seniors in 70 years since Confederation!
Automation can create new tasks and new occupations, increasing the demand for existing or new jobs. It can help increase productivity of workers – enabling them to accomplish certain tasks faster, safer and with fewer errors. Technology can also reduce physical demands and, make it possible for older workers and those with physical challenges to be part of the workforce.
Many boomers still in good health will want to stay active in the labour market doing part-time work, while some may need to supplement their retirement income. We now have marketing automation tools to improve productivity and increase sales. Here’s a list of online marketing tools free or free to start to help retiring boomers start part-time businesses.