Despite Growing Economic Challenges, BC’s Labour Market Remains Tight

Labour shortages have a negative impact on overall productivity and employers’ ability to provide goods and services. This reduces tax revenues and places downward pressure on B.C.’s economic outlook. For this reason, government should look at this issue holistically, concentrating on policies that will 1) increase labour participation; 2) grow the labour force; and 3) provide more skills-training, particularly for those industries with the highest job vacancies.

To increase labour participation, government policies should focus on reducing barriers to entering the labour market as well as policies to encourage employees to stay in the workforce, such as greater access to childcare. Employers facing labour shortages should also ensure they are flexible, accommodating those who may not be able to work a standard schedule or who may need other accommodations.

To grow our labour force, we must also welcome more immigrants. In that regard, the federal government has put forward plans to welcome a record number of immigrants over the next few years, which will help expand our workforce.

Finally, we need to invest more in skills-training, including targeting industries facing the largest shortages and providing more workplace experience for students. While a boost to our labour force is important, we must also ensure that both existing and future workers have the right skills to add value to their employers and to fully participate in British Columbia’s economy.

Lori Mathison, FCPA, FCGA, LLB is the president and CEO for the Chartered Professional Accountants of British Columbia (CPABC).