The profitability of the Québec immigration program (and the rest of Canada) is a recurring issue. Some are convinced that it is not profitable because they assume that each newcomer will use labor resources, such as doctors, nurses, teachers, etc. Others are convinced that this is the solution to fill the record number of vacancies.
This major labor shortage is currently threatening Quebec’s economy. Some companies, particularly in the regions, are unable to meet their need for new talent. Significant efforts are being made by the government to specifically recruit these newcomers who will be able to immediately enter the labor market.
On average, immigrants from Quebec are more educated than most immigrants from other countries, 65% of immigrants to Canada have a post-secondary diploma, compared to 49% in the United Kingdom and 36% in the United States. which is a major asset since this training was financed by the country of origin of this person.
DEMOGRAPHY, IMMIGRATION AND TRANSFORMATION OF THE LABOR MARKET :
Threats or opportunities ?
Announced several years ago, the Quebec economy can no longer escape the repercussions of its low population growth. The working age population is shrinking and labor scarcity is increasing. Research and talent retention have become one of the most important objectives of Quebec companies, and even more important for many of them. Demography weighs on the potential output of the Quebec economy, with its implications for its future wealth and public finances.
Immigration is one of the avenues to mitigate the effects of the demographic shock. Quebec, however, is not alone in its quest for foreign talent and there is increasing competition from Western countries to attract skilled workers. But the attraction of talent is not enough in itself, it is also important to ensure the successful integration of immigrants and prioritize the use of continuing education for all categories of domestic workers and immigrants. In addition, the integration of immigrant workers poses many challenges : non-retention of several newcomers, recognition of skills, matching the needs of the labor market, development of approaches to interest them in settling in the regions and stay there for the long term.
The labor market of the next twenty years will be very different from the last twenty. The overall unemployment rate will no longer be the main indicator of performance. The quality, diversity and productivity of jobs will become much better guides to the health of the Quebec economy. Quebec will have to take advantage of all its different types of talent, while being much better in terms of investments and automation in its businesses.
Deputy Marketing Director