OTTAWA, Feb. 5 (UPI) -- Canada is facing a workforce shortage once baby boomers recover financially from the recession, the Conference Board of Canada forecast Friday.
The independent, not-for-profit research organization said in a report the recession that began in October 2008 only delayed the anticipated labor shortage and urged businesses to plan for it.
"Job losses have resulted in temporary slackness in Canada's labor market, and boomers may be temporarily delaying their retirements due to the plunge in equity markets," the Conference Board's Pedro Antunes said. "If organizations fail to adequately plan for tightening labor markets, they could lose out on employees with the required skills, which could dampen their future growth prospects."
The board said older, experienced workers were largely unaffected by the latest recession, which suggests the labor market will suffer as baby-boomers start to retire in large numbers.
The report also noted job losses in Canada in the past 12 months affected 320,000 men compared to about 80,000 women.