There is a tremendous employment potential for workers in their 30s and 40s. This will have significant financial impact for those who can capitalize on this opportunity.
Personal financial stability begins with the ability to earn an income.
It is that income that provides your desired lifestyle and the ability to be able to save and therefore achieve long-term financial objectives.
The advantage will be your age.
Currently many younger workers have not been able to have a career they had hoped for.
For many, age is currently a disadvantage.
The opportunity that is evolving is based on baby boomers growing old.
Baby boomers, whose current age is 50 to 69 years, are starting to retire.
Canada’s economic challenge will be replacing older workers who now account for 27 per cent of the population.
The peak of the exodus for baby boomers retiring is 10 years from now.
It all boils down to a numbers game.
There are not enough younger workers to fill the vacuum caused by baby boomers retiring.
Our current immigration policy of accepting 250,000 immigrants annually will not make up the labour shortfall.
For Canada to be successful, our workforce will have to be more efficient and this means making better use of technology.
Our career advice to individuals in their 30s and 40s is to be able to deliver the efficiency that technology offers.
Make technology your friend.
There is a lot of room for improvement.
Canada’s workforce is significantly less efficient than that of the U.S. and other industrialized nations based on economic output per worker.
Future success will be based on increasing worker efficiency to fill the void left from retiring baby boomers.
Future career success will be based on younger workers having technical skills that will be needed to upgrade our country’s lagging production ability.
Jobs and careers will evolve and change.
Companies and individual workers that become more efficient will thrive.
That is the reality of you planning your career.
We have a few recommendations for younger workers.
First, improve your technological skills. This could be a combination of taking courses or receive on-the-job training.
A resource that is available is Sheridan College. A quick visit to their website could spark some initial ideas on how you can improve your technical skills.
Second, determine which area of your company is making use of technological innovation and request working in that area.
Third, should you make a career change? Is your current employer best suited for the changing world ahead?
Retiring baby boomers are going to be one of the most disruptive influences on the Canadian economy in the coming decades.
Do not underestimate the opportunities that will evolve as a result.
Younger workers are looking at a tremendous opportunity and for many it will be a significant boost for their career and therefore, financial success.
Plan ahead, upgrade your technical skills and enjoy the career challenges and financial success that lie ahead.