Are you aware that there are unprecedented career advancement opportunities for the growing number of Visible Minority, Aboriginal and New Canadians who are currently under-employed in Canada? While mastering soft skills is an important key to securing a better job that can lead to career advancement, understanding the dynamics of the labour market is critical to developing an effective career plan.
Within the private and public sectors today, there is a major focus on attracting and retaining the best talent available. Key factors such as the aging Baby Boomers and lowered fertility rates among Canadians have marked the beginning of a significant reduction in Canada’s labour force. Engaging all of Canada’s talent is critical to our future prosperity.
WHERE ARE THE OPPORTUNITIES FOR GROWTH? Nationally, the visible minority population accounts for approximately 13.4 per cent of the total population. Statistics Canada projected in March 2005 that this proportion will comprise the visible majority in both Toronto and Vancouver by 2012. Meanwhile, the 2002 Census reports that only 3.7 per cent of senior management positions in the private sector, and less than 5 per cent of senior management positions in the public sector are held by visible minorities.
The visible minority population boom is centered in Toronto. With approximately 2.48 million residents (5 million in the GTA), Toronto is considered one of the most multicultural cities in the world. Today, 43 per cent of the Toronto’s population reported themselves as being part of a visible minority1.
The city of Toronto, our countries largest, reports the following key statistics:
Toronto is also the economic engine that drives Canada’s economy. While the apparent under-utilization of minority and New Canadian talent poses a serious challenge for Canada, unprecedented opportunities for minorities and New Canadians are on the horizon. The important question is which industries will offer the best opportunities for the future? Again, the answer lies in understanding the dynamics of the Toronto labour market
25 Year Employment Sectoral Forecasts – Toronto Region
The three sectors that will see the greatest growth over the next five to twenty-five years in ranked order are:
1)Business Service Sector (professional, technical and scientific);
2)Accommodation, Food and Beverage and Other;
3)Finance, Insurance and Real Estate.
The specific forecasts of the Toronto City Planning Division, Policy and Research report are provided below:
Table 39: Sectoral Employment Change versus 1996
Transport, Storage, Communication & Utilities
Finance, Insurance & Real Estate
Education, Health & Social
Accommodation, Food & Beverages
Source: Toronto City Planning Division, policy and Research
Based on this trend-line analysis, the Business Services sector is projected to increase by 74.4% of its 1996 level by 2011 and by nearly one-and-a half times by 2031 (see Table 39 above). This sector includes professional, technical and scientific sectors and occupations (but specifically excludes professionals in Education, Health, Social Services and Government sectors which are counted separately).
The Finance, Insurance and Real Estate sector is projected to slightly outpace overall employment growth, while Accommodation, Food & Beverage, and Other will strongly outperform overall employment trends.
Retail Trade and Health, Education and Social Services will continue to grow, however they will do so more slowly than overall population and employment. Wholesale Trade, Storage and Warehousing will decline significantly, dispersing to other locations outside of the City. It is difficult to estimate the consumption of land for employment purposes based solely on a sectoral projection of employment. However, these figures suggest that employment in large office buildings as well as population-related employment will increase significantly over the projection timeframe.
So, the time to start strategizing your future career advancement is now! The sectors that will offer the most opportunities are (1) Business Services, (2) Finance, Insurance and Real Estate, (3) Accommodation, Food & Beverage, and Other. The sectors that will experience the biggest decline are (1) Primary Industries, (2) Wholesale Trade and (3) Construction.
Be sure to plan to move towards areas of growth and opportunity. Take a look around and ask yourself how many of the other Visible Minorities, Aboriginals and New Canadians have already started on their sector-focused career development strategies. Time is of the essence!
Richard Pinnock is the Managing Director of INROADS. He was born in Montreal and has a Bachelor of Commerce from McGill along with an MBA from York University. Richard has 20 years of professional management and consulting experience spanning the private, public, and not-for-profit sectors. He was recently appointed to the Postsecondary Education Quality Assessment Board. Richard Pinnock can be contacted at rpinnock@ top20strategies.com To learn about INROADS visit www.inroads.org.
1Bente Baklid, Allison P. Cowan, Judith L. MacBride-King and Aretha Mallett, Business Critical: Maximizing the Talents of Visible Minorities – An Employers Guide, Conference Board of Canada 2005