They are investing more on recruitment and training now compared to two years ago, study finds
Canadian companies are finding it increasingly difficult to recruit and retain young talent – according to a new report.
A study released today from Morneau Shepell found that Canadian organisations are spending more money than ever to retain post-secondary graduates in a competitive employment market.
After interviewing hiring managers at 95 of Canada’s largest businesses, the study highlighted that 83% of companies participate in work-integrated learning to help identify new employees. Compared to two years ago, companies are investing more in training now – with 51% of organizations claiming to spend more than $1000 per employee per year on average.
“Businesses today operate in a highly complex, rapidly changing environment," added The Honourable John Manley, president and CEO of the Business Council of Canada.
"The survey shows that Canadian companies are stepping up their efforts to hire graduates with a high level of technical capabilities as well as strong human skills such as the ability to collaborate and work in teams."
Seventy percent of those asked said that they have higher expectations of graduates now than five years ago, mainly due to technological advancements. Forty-six percent expect that artificial intelligence and automation will result in an increase to their workforces, while 41% predict a decrease.
“Companies are facing unprecedented competition and disruption," added Stephen Liptrap, president and CEO of Morneau Shepell.
"They either adapt or they die. The 2018 Business Council of Canada Skills Survey clearly points to the importance of a diverse workforce that's well-equipped with the human skills required to succeed in this rapidly changing economy.”