Toronto: Have More Babies Businesses Need Human Resources

Filed in archive Succession Planning on March 29, 2007

What do you do if you are in the financial services industry in toronto and want to maintain your position in the worldwide financial services sector? Fund a study to see what you are up against.

"Organizations may be facing the potential loss of one third of the existing workforce which will represent a significant loss of experience, knowledge and organizational memory," the report says. Via Talent Matters report

The Toronto Financial Services Alliance says that Toronto is not facing a "talent crisis," but there are clear warning signs that a lack of critical talent could undermine revenue growth and productivity in Toronto's main [financial services] industry.

Facts from the Report

Over 25,000 Toronto financial services workers are now 55 years of age or older and the average age of retirement in the sector is in the early sixties. This demographic slice of the workforce has more than doubled in the past ten years - an increase of 233%. The second fastest growing segment has been those between the ages of 45-54 years, up 65%, and the slowest growth - just 3.2% - has been those workers between the ages of 25-34 years of age. Via Talent Matters report

This report illustrates some of the issues businesses of all sizes are going to face in the years ahead. For example, some employers are already importing a workforce from outside Canada. Immigration will become an increasingly attractive option for employers to address the massive retirement by experienced baby boomers.

Increasingly, financial sector employers will have to look outside our borders for talent - either by attracting people to come here to work, or by sourcing labour in other markets. Via Talent Matters report

The time to start developing a succession plan and human resource development strategy is today. Start increasing your budget for recruiting, training, and development - with the same level of investment and priority as your marketing and advertising.