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A Silver Century Is Colouring Our Labour Markets

Written by: Elizabeth Lengyel

Article Overview: We are on the cusp of a huge change and yet only a few can see it. According to The Conference Board of Canada’s most recent research finding, “A rising proportion of old and “very old” (those 80 years of age or more) citizens will be the defining demographic trend in most countries. A second trend, the rapid fall in fertility rates, will create societies with fewer young people. In Western countries, the labour surplus of the last quarter of the 20th century will become history in the first quarter of the next century.” Indeed, the 21st century will be the silver century worldwide.

A Silver Century Is Colouring Our Labour Markets

We are on the cusp of a huge change and yet only a few can see it. According to The Conference Board of Canada’s most recent research finding, “A rising proportion of old and “very old” (those 80 years of age or more) citizens will be the defining demographic trend in most countries. A second trend, the rapid fall in fertility rates, will create societies with fewer young people. In Western countries, the labour surplus of the last quarter of the 20th century will become history in the first quarter of the next century.” Indeed, the 21st century will be the silver century worldwide.

In fact the demographic imbalance between the number of active and inactive people will change the face of the labour market as we know it. Policies and organizational practices must be realigned for an era of labour shortage. Up until now, governments have been looking at four key policy areas: immigration, family-friendly policies, early retirement policies and changes in pension legislation. But the hard fact is that governments, organizations and educational institutions need to take a forward leap quickly and make the changes necessary to prepare for the new reality.

For example, the option of immigration has worked up until now. However the fact of the matter is that Canada is not the only one facing labour shortages. If not now, very soon, our feeder countries will be in the same bind. Countries such as United States, Japan, Germany, France, Italy, United Kingdom, Pakistan, Mexico and China are also gearing up for what is becoming a global labour crisis. That means that the war for talent is on!

Some countries are already tightening their emigration policies to stop people from leaving their home countries. At the same time they are developing attractive strategies to attract talent from abroad. By the year 2020, our new demographics and working-age population structures will compound and change the work world supply and demand, as we know it.

Of course this all translates into a personal level since there will be significant opportunities for people who are ready for the shift. The question is, are you ready? Do you have a plan in place for your personal career direction and future? For those with the right portfolio of talent, skills and experience, the world can become their oyster. Knowing that it is quickly turning from a skill/buyer’s market to a worker/seller’s market is going to change everything.

Are you preparing yourself? Are you coaching your children toward the new work world? If not, why not? The time is now. Those who have diligently followed through with the right career plans are going to be very happy and rewarded handsomely!

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