Why are Canadian employers hiring more foreign workers?

Overview:

Canada is a multicultural country, and most Canadians take pride in its cultural mosaic built because of the immigrants and their children. The artistic growth has been rapidly increasing as Canadian employers are looking to hire more foreign workers.

Highlights:

• In 2021, the number of job openings in Canada had reached a high record of 912,600
• 21.8% of Canada's population consists of 55 to 64 years old individuals
• The Canadian companies are looking for immigrants to be the solution by filling job vacancies
• The Canadian government made five specific reforms

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Rising demand for talent

Job vacancies are the primary reason Canadian businesses hire more foreign workers. In the third half of 2021, Canada's number of job openings has reached a high record of 912,600 in sectors like health care, construction, retail, and food services that had consistent job vacancies. After the third quarter, the Omicron wave brought a new outbreak of restrictions that erased a few job vacancies.

Canada's strict labor market continues even today. More than the job vacancies, there are more part-time workers than full-time workers, which leaves more full-time job vacancies. This has resulted in the involuntary part-time employment rate decreasing to its most minor level.

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A constant rise in demand for talent

According to the 2021 Census report, a large portion of the population of Canada is nearing retirement. Presently, 21.8% of Canada's population consists of 55 to 64 years old individuals. This is one of many firsts that Canada's labor market has experienced.

For the past 50 years, Canada's low fertility rate has increased the labor effects of having most of the workforce close to retiring age. Alberta and Saskatchewan are the two provinces with more people aged 15 and below.

The government accepts help from the immigration

The Federal government has changed the recent reforms to the immigration process to introduce foreign talent to Canada. The companies in Canada are searching for talent beyond their borders and making the immigrants be a solution to fill the vacant jobs.

The Canadian government made five specific reforms to supercharge the Temporary Foreign Worker Program:

1. Eradicating the number limit of low-wage positions employers can fill through the TFWP.
2. The Labour Market Impact Assessments will expire after 18 months.
3. The maximum duration of employment for High-Wage and Global Talent streams workers is three years.
4. The employers of seven specific job sectors can hire up to 30% of their workforce.
5. Concluding the policy that refuses Labour Market Impact Assessments applications for low-wage professions.

It is always a safe bet that they will promote the businesses by finding the foreign talent they need, as it is too soon to know the accurate statistical impact of these reforms.

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