Post-Secondary Education Gap in British Columbia – Forgoing up to $7.9 billion in GDP and over $1.8 billion in lost tax revenues annually

British Columbia’s economy is forgoing up to $7.9 billion in GDP and over $1.8 billion in lost tax revenues annually, because too few people have the education and skills needed to help businesses innovate and grow.
• Reliance on workers with post-secondary education (PSE) has grown in recent decades. In 1991–92, the share of jobs held by individuals with PSE and those without was evenly split. today, approximately 70 per cent of all jobs in B.C. are held by workers with PSE. By 2025, that is expected to rise to 77 per cent.
• B.C. employers have strong concerns about the future availability of highly educated workers in the face of an aging population and rising retirement rates.
• B.C.’s public PSE system will produce 421,000 skilled workers over the next decade. The rate of growth in demand for PSE-educated workers is outpacing the growth in supply, leaving a potential shortfall of 514,000 skilled workers in the province.
• B.C. employers are looking for employees with “soft skills” and competencies important for workplace success. Critical thinking and problem-solving skills are identified as the most challenging skills to find in new workers.

Chosen excerpts by Job Market Monitor. Read the whole story at  PSE Skills for a Prosperous British Columbia: 2016 Edition


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