Did you know there are now more Canadians older than 65 than aged 15 or below? Canada’s population is the oldest it has ever been, and the 65+ cohort is forecast to grow to 23% by 2031. This cohort was only 8% of the population fifty years ago. Business leaders will therefore have to adopt new strategies to accommodate these changes in the workforce and where necessary, retrain older workers for new environments. This age demographic will soon constitute 40% of the workforce. Thus, it is imperative that they receive further education and career support provided by their managers, new technologies and an influx of highly trained and skilled young workers.
Research conducted by PwC posits that of Canadian workers aged 65+, only 30% have a high degree of technological skill. Thus, competitive advantages are available to those who can efficiently educate their existing staff. Effective future management will employ remote and virtual learning solutions to utilize internal experience and knowledge already possessed by senior employees. As 35% of workers aged 50-75 stated they would continue to work if they were based from home, products such as LearnMan empower employers to reintegrate retired staff through online education management systems. This program can be used in tandem with our bespoke Online Learning Resource Center. Leveraged together, they provide multimedia course materials and automated solutions for grade tracking, curriculum building and student enrolment. Programs of this type have historically improved rates of graduation by up to almost 20% within a decade, so their potential benefits in filling vacancies within future labour markets should not be understated.
Due to the physical nature of certain industries such as construction, there are specific age-related considerations that will have widespread effects on workers. These include hazardous working environments, accidents and collisions, and muscular and skeletal injuries. Age is a perennial problem across trades in Canada, with 86,000 construction workers expected to retire by 2027 in Ontario alone. Alongside the potential volatility caused by mass retirement, it is predicted that nearly half of Canadian jobs are facing the threat of replacement by automation within the next 20 years. The near future will be characterized by the responses made to the opportunities and challenges posed by an aging workforce and new available technologies. Due to these growing demands, labour organizations will require even greater levels of administrative and managerial support. Programs such as UnionMan reflect the growing market trend towards employing innovative technologies to deal with issues such as membership data, dues collection, and workplace incident reporting. To attract an influx of new workers, these industries have also started to adopt gamified training platforms such as EleSim. These technologies are having a growing impact on apprentice education across industries, providing cost effective training. These platforms are not restricted by hazardous conditions or geographic locations and pose no threat of harm to personnel or damage to expensive equipment.
Financially speaking, an aging workforce is not necessarily unwelcome news. If Canada were to raise its 65+ employment percentage by just 14%; reports indicate it could generate another $51.3 Billion (USD) for the economy. In relation to this, it is stated that further investments in automation will be used worldwide to combat economic stagnation. This process is expected to double or triple the annual economic growth rates for developed national economies between now and 2035. Thus, it is projected that future market-spaces will further demonstrate product adoption, integration and diversification within the fields of business automation, virtual learning platforms, and cross-reality training. Existing programs such as InvMan are driving business automation within inventory management and demonstrate how technological advances are already solving managerial issues across a variety of fields.
Transforming the workplace and re-training the workforce depends entirely upon prudent investments into administrative, educational and welfare related equipment and software to help workers of all ages. These investments will grant early adopters competitive advantages in administration, production, design, and logistics. As these services are dependent upon large data sets and computer learning, economies of scale will be developed for early adopters to solidify returns on investments. This will become especially defined when later competing with majority adopters and laggards. By 2030 the adoption of new technologies is predicted to contribute $15.7 trillion to the global GDP, improving it by 14%. As technological advances permeate all facets of the worldwide economy, business leaders must ask themselves whether they can afford to miss out?
Through our products and services, KTI is dedicated to empowering business at the educational, industrial, and managerial levels. Find out how we can help you today! For a free consultation call: 1-416-807-1889, email: firstname.lastname@example.org, or visit: https://w.kearnstechnology.com/.