In 2022, Canada welcomed more than 430,000 new people to the country, which is anticipated to go a long way toward filling the skills shortages experienced across a number of sectors and enriching our communities with fresh perspectives and talents.
Records show that Canada holds more than a million vacancies at the moment, with many more expected in the near future in the construction sector in particular as a significant proportion of the existing workforce approaches retirement age. Growing Canada's economy is vital to the future of the country, and this fresh wave of immigration should be greeted by franchises with delight, as those businesses holding vacancies or with franchise opportunities available will now have a whole new audience to target.
Franchises have a unique opportunity to attract new entrants to the country by offering the opportunity to work for a familiar, well-known and respected brand. Their experience with the brand overseas can also prove useful as they will be able to articulate any differences and allow Canadian franchises to incorporate useful hints and tips that they are able to glean from these skilled immigrants. If you are exceedingly lucky, you may even be able to recruit someone who has already worked for the brand in their home country and understands the products and their marketing and use, saving you time and money on staff training.
With the Canadian Government eager to maintain, if not increase, the number of foreign settlers arriving in the country each year, franchises should consider ways in which they can attract these skilled workers to their brands to fill vacancies and extend their territories.
For construction-based franchises in particular, this welcome news should be acted upon as soon as possible. As a large proportion of the existing workforce is approaching retirement age, replacement staff should be learning from their experience before they depart and take their years of knowledge and skills with them.
While it is true that extended handover periods can cost businesses more money up front, it is essential to remember that they will save you far more than they cost you in the long term when it comes to financial expenditure, the training burden, quality of output and reputation. Taking the time to fully settle in new starters and make sure that they are comfortable in their role also improves your employee retention rate.