Lost Opportunities: Measuring the Unrealized Value of Skill Vacancies in Canada

Canadian Economics

March 2, 2022

Education & Skills

Pages:20 pages33 min read

Author: Bryan Gormley, Nachum Gabler

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This issue briefing looks at the economic cost to Canada of being unable to fill all the demand for skills. When an employer is looking to fill a vacant job, what they are really looking for is a set of skills to complete a series of tasks. The unrealized value of skill vacancies in the Canadian economy hit $25 billion in 2020. Measured as a share of the economy, this unrealized value equalled 1.33 per cent of GDP. The six most highly valued skill vacancies are active listening, critical thinking, reading comprehension, speaking, monitoring, and coordination. Vacancies related to each of these skills currently cost the Canadian economy $1 billion or more annually in unrealized value owing to unfilled job vacancies. Providing valuations of these costs among the occupations allows policy-makers and educators to prioritize investments.

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This issue briefing looks at the economic cost to Canada of being unable to fill all the demand for skills.

Document Highlights

When an employer is looking to fill a vacant job, what they are really looking for is a set of skills to complete a series of tasks. The unrealized value of skill vacancies in the Canadian economy hit $25 billion in 2020. Measured as a share of the economy, this unrealized value equalled 1.33 per cent of GDP.

The six most highly valued skill vacancies are active listening, critical thinking, reading comprehension, speaking, monitoring, and coordination. Vacancies related to each of these skills currently cost the Canadian economy $1 billion or more annually in unrealized value owing to unfilled job vacancies.

Providing valuations of these costs among the occupations allows policy-makers and educators to prioritize investments.