What Are the Important Factors Support Labour Supply in Canada - Case Study Example

What are the important/ major factors support labor supply in Canada? Student’s name Institution affiliation Education and human capital Education In the economy today, labor supply is one of the determinants that will always affect the performance of various industries. Therefore, due to these facts, education and human capital is part of those factors that have drastically affected the labor supply in Canada. Being one of the best economies in the world, it is certain that the country has invested a lot in its education in a bid to ensure that there is enough supply of labor to the economy. Education provided within the economy will determine to a great extent the quality of labor that will be provided. Those countries that contain education labor force that is technical and ready to serve the demand for the labor market are always in the process of improving the labor markets in a bid of ensuring that they are able to achieve the basic goal of satisfying the labor market. Canadian government and the private sector has taken the issue of education seriously as they understand the real effect that exists if their citizens. Due to these several people have been able to be involved in various processes of ensuring that they have the knowledge required in carrying out the daily activities. As indicated in the bar graphs below, a quarter of the individuals who are involved in carrying out labor activities have got university degree programs. This is an indication that the government is doing a lot in encouraging most of the people to join universities in a bid to provide the required technical skills into the labor market. The university degree holders are important people in the labor market as they have trained management skills in their respective fields. They act as the drivers of the economy at large. They always try to ensure that the required activities are carried out in the simplest way possible. Adequate university graduates in a labor force is and additional advantage to any labor force market as most of those who provide the so said technical knowhow are easily got (CBCNews, 2013). According, to statistics, majority of individuals in Canada are those who at least have stepped in a class and acquired skills. This is a big boost to the labor market, as there will be adequate labor supply. When citizens are educated, it enables a country to grow its economy as most of them will understand what they should be doing. They will understand what is right for them and country. A country with a learned labor force acts as a benchmark for most of the countries in the world as it can easily increase its productivity in the market at large. In fact Canada labor force is mostly made up of learned individuals. The pie chart below indicates the percentages of level of learning within the Canadian labor force; From the above we can be able to see that majority of individuals in the labor market are those who have university degrees. The rest of the laborers have at least have a certificate of education from different institutions in the labor market. Due to these, Canadian labor force has been super productive an indication of the positive role that education has in labor market. Several laborers today in the Canadian territory are in the process of upgrading their education levels in a bid of understanding various responsibilities in a wider perspective. It is this that makes them to be, more productive than before making them to be the engine of the prevailing conditions in the labor market. Most of those who are working in Canada are those who have acquired their certificates from institutions within Canada. This has enabled the Canadian labor force to perform well as they understand better what the market requires. The institution are able to feed the learners in this institutions with the required knowledge of the Canadian culture something that makes it easy for them to adopt this skills with easy. It is important to note that when people understand the culture of various corporate trends in a given country, they are able to perform much better than those from outside the country. However, with the fact that a good number of those individuals who work in Canada have learnt outside the Canadian territory, they are able to inject the different cultures that exist in the countries their institutions are found. When the different cultures are injected into a labor force then we find diversity in the whole process. Diversity is important in a working environment as people can easily solve a problem mostly as a team which leads to increased production. There are cultures that are usually encouraging in terms of hard work like that of the Chinese, others do encourage entrepreneurship like that of the Japanese that encourages the innovation culture and the rest. The diversity that is brought into the Canadian territory by those who have learned outside the country is health for the labor industry growth at large. The bar graph below is an indication of the percentage of those who have learned within and outside Canada in different levels of education (CBCNews, 2013). From the above we can conclude that Canada is a mixed country in terms of education. The number of those with Doctorate education from institutions within Canada and those with from outside is almost equal. This is an indication that there is preference of those in the highest levels of the labor force to go outside the country and learn the different cultures so as they can be effective in the activities that they are carrying out. The rate at which those in the highest levels of their education are moving outside the country to acquire knowledge, is an indication of the extent to which they need to acquire knowledge from institutions with different cultures to enable them succeed in their career (CBCNews, 2013). Labor supply in any economy is one of the determinants that will always affect the performance of various industries. Therefore, due to these facts, education and human capital is part of those factors that have drastically affected the labor supply in Canada. Being one of the best economies in the world, it is certain that the country has invested a lot in its education in a bid to ensure that there is enough supply of labor to the economy. Education provided within the economy will determine to a great extent the quality of labor that will be provided. Those countries that contain education labor force that is technical and ready to serve the demand for the labor market are always in the process of improving the labor markets in a bid of ensuring that they are able to achieve the basic goal of satisfying the labor market (CBCNews, 2013). Human capital When it comes to the human capital trends in Canada, most of the companies in Canada are concentrating on how they can be able to ensure that their talent is increasing. They are using the HR services to ensure that they discover what their employees are best at so that they can be able to increase their productivity within the firms. On the other hand, the companies are encouraging their employees mostly to base their knowledge in technology based issues as it is the most recent way used in ensuring that all the factors are moving in the right direction. Most of those who are being employed currently are trained on how to utilize technology in a bid to ensure that they use it effectively. Technology is playing a great role in human capital and it is changing the dimension within the human capital factors. Most of the companies are turning into the Big Data in ensuring that they manage their human capital well. They are developing solutions that surround the human capital in a bid to ensure that they reduce the cost that come up with human capital management. On the other hand most of the professionals are starting to prefer to carry out their work from home. Freelancing is becoming part of the culture within most of workers. They prefer working from home then going for regular jobs. In addition to the changing trend, more companies are concentrating in ensuring that more talent is being built. Talent is the only way that will enable companies to perform better as employees will work on those sectors that they are best at (CEG, 2017). Government intervention When it comes to labor supply in Canada, the government has been able to supply this labor either directly or indirectly. There are various policies that the Canadian government has come up with in a bid to ensure that labor supply is controlled. An example is the use of the immigration policy in order to ensure that those who get into country meet certain qualifications before being admitted as citizens in Canada. On the other hand, the government has been having a big influence and determine the education trends and satisfactions within the country. The country is the one that sets the standards that should be attained for a person to qualify as degree holder or other certificates. The distribution of other infrastructure and factors that affect labor supply is done by the government, one of the things that will determine labor supply. References Canadian Government Executive, 2017. Trends in Human Resources to watch in 2017 CBCNews, 2013. Census trends: Education and labour, The Canadian Press. Read More