Lost Opportunities: Measuring the Unrealized Value of Skill Vacancies in Canada
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.
Table of Contents
Valuing Skill Vacancies
Policies Should Focus on Skill “Sets”