Investing in Canada’s Universities Will Reward Us in the Global Economy
As President of the Canadian Chamber of Commerce, I regularly meet with businesses of all sizes and from all parts of Canada. Having the right people is critical to their competitiveness and to their very survival. They all struggle to find the right workforce with the knowledge and skills to help them grow and compete successfully in today’s economy. They tell me that Canada has a skills shortage problem well on its way to becoming a crisis.
With the emergence of the knowledge-based economy, the proportion of the workforce requiring education or training following high school will increase dramatically. By the year 2031, an estimated 77 per cent of Canadian jobs will require a post-secondary credential like an apprenticeship or a university or college degree. This figure is significantly higher than where we currently stand at approximately 60 per cent.
For a long time we’ve known that capital is portable – money moves around the world seeking the best opportunities. But, today we realize that highly-educated people are an equally- critical resource, one that also moves freely around the world. Canada’s future prosperity depends on our ability to create and attract the most skilled and knowledgeable people.
In tomorrow’s world, the greatest competition will be for brains. The best educated and the most innovative people are highly mobile and they will go where the best opportunities are. We need to create those opportunities all over Canada. Canada must invest more in higher education. Spending on post-secondary education is one of the most effective ways for government to spend tax dollars and to make an impact on the productivity and competitiveness of the Canadian economy. Canadian businesses, universities and colleges can and should work together to achieve this objective.
Education is not a canning process that starts at kindergarten and ends when you graduate from university. It is a lifelong process, a permanent engagement to which our society and our government must be committed.
Competition today is fierce and it grows every day. We have no choice but to benchmark ourselves against the very best in the world. Canadian universities have to conduct research and provide a standard of education that will help us meet that test. For example, through its talented faculty and innovative curriculum, the University of Ontario Institute of Technology (UOIT) makes a vital contribution to equipping a new generation of Canadians with the skills they need to succeed. UOIT’s focus on developing practical knowledge and skills helps graduates be better prepared when entering the workforce.
Looking to the future, Canada faces many skills-related challenges and opportunities. Our success in addressing these challenges and improving the competitiveness of our nation is essential both for our businesses and for our workforce. The investment we make today in education, skills, training and life-long learning will bring even greater benefits to the Canada of tomorrow.
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