For the past several years, talent management has been high on the radar of CEOs in Canada – and this year is no exception. 62% of Canadian CEOs believe that the creating a skilled workforce should be one of the government’s top priorities, while 77% say that creating a skilled workforce is one of their organization’s top priorities.
This high prioritization is understandable, given that 63% of Canadian CEOs are concerned about the availability of key skills within their organization. Uncertainty regarding the impact of demographic shifts may also play a role, seeing that 71% of Canadian CEOs believe shifting demographics will have a major impact on their organization over the next 5 years.
When it comes to workforce development, it appears Canadian CEOs are focusing their efforts on younger workers more so than their global counterparts. Over 60% of Canadian CEOs say that creating jobs for young people is an organizational priority, compared to just 33% of CEOs globally.
This high organizational focus may be linked to the fact Canadian CEOs are skeptical of the effectiveness of the government’s efforts to date with respect to younger workers. Only 19% of Canadian CEOs feel the government’s been effective at creating jobs for young people (16-24).
Talent management is a critical issue for all companies. Given the unique characteristics of millennial workers, it is not surprising Canadian CEOs have made them a focus. The companies that can attract – and retain – talent for the long term will be best able to focus their efforts on other critical organizational priorities.