Investments in work-integrated learning, training on the rise: Report
Canadian employers are working harder and spending more to recruit and retain recent post-secondary graduates in an increasingly competitive labour market, according to a report.
Eighty-three per cent participate in co-op programs and other forms of work-integrated learning initiatives that help them identify potential new employees, compared to 76 per cent two years ago.
Companies are also investing more in training. Fifty-one per cent (compared to 46 per cent in 2016) said they spend more than $1,000 per employee per year on average, while 30 per cent (compared to 24 per cent in 2016) spend between $500 and $1,000 per worker, found the survey of 95 employers by Morneau Shepell, in co-operation with the Business Council of Canada.
Fifty-seven per cent of respondents said a shortage of skilled workers is having either a moderate (40 per cent) or severe (17 per cent) impact on their industry. The top five areas where companies reported skill shortages are: information technology; skilled trades; analytics, statistics and quantitative analysis; engineering; and leadership/management.
Seventy per cent of respondents said their expectations of new graduates are higher now than five years ago, with new recruits looking for more money, challenging assignments, increased flexibility and mobility, and quicker advancement.
Despite anxieties about the impact of disruptive technology on employment, 46 per cent of employers expect that artificial intelligence (AI) and automation will result in an increase to their workforces, while 41 per cent predict a decrease.